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The complete devastation of Earth (CRYPTO: LUNA) network last month led to the erasure of two of the top 20 cryptocurrencies by market cap — LUNA and UST. Indeed, all is not well at the moment in the crypto sphere. Token prices continue to decline, with few signs of recovery materializing recently.
That said, this week has started well. Many cryptocurrencies received a bump in bullish sentiment to start the week, with news of a date set for the next Ethereum (CRYPTO:ETH) setting the stage for an altcoin rally.
Now, not all altcoins have seen the same kind of enthusiasm as Ethereum. Indeed, in many ways, some altcoins seek to disrupt Ethereum’s market share. So, choosing which Ethereum alternatives might thrive as we look forward to August might not be as easy as you think.
That said, here are two altcoins that I think have a chance to outperform in the coming months.
Top altcoins: gimbal
gimbal (CRYPTO:ADA) is one of the fastest growing and most popular altcoins in the market right now. This is largely due to the underlying blockchain infrastructure behind Cardano. A proof-of-stake blockchain enabled by a smart contract, Cardano has become one of the most environmentally friendly investments a crypto investor can make.
Cardano’s blockchain is very open, providing an inviting environment that generates significant developer interest. The native blockchain cryptocurrency, ADA, has lost around two-thirds of its value since the start of the year. However, for investors looking for long-term capital appreciation, this lower base could be a setup that offers higher returns over time.
Like Ethereum and other blockchains that are undertaking major upgrades, Cardano has its upcoming hard fork Vasil, which is a catalyst that many believe could take Cardano higher through the end of the year. Time will tell how smooth this rollout will be. However, an even more efficient blockchain could tip the scales in favor of this growth altcoin.
Binance Coin (CRYPTO: BNB) is the native token of the Binance exchange. The largest crypto exchange in the world, Binance is an incredibly important centralized figure in terms of crypto infrastructure.
As a result, recent headwinds related to fines from the Dutch central bank and concerns about the overall stability of the crypto sector following fallout from other centralized exchanges such as Voyager have caused the price of this token to drop quite sharply. That said, despite being around 50% down year-to-date, BNB is actually one of the best performers in the crypto sector this year.
Much of this has to do with Binance’s impressive numbers of users and trading volumes. As the crypto exchange of choice for most global investors, the value of the BNB token is a pretty decent indicator of overall investor interest in this sector. For those who believe the crypto will be successful in the long term, BNB may become attractive at these levels.
Both Cardano and Binance Coin are tokens that some hair investors will have to deal with in the short term. However, those looking for altcoins that can outperform in August and beyond may want to take a look at these two options right now.