Different cryptocurrencies are witnessing different actions and developments that bewitch their destiny in the industry. Here are four cryptocurrencies that Crypto YouTuber Lark Davis thinks have great potential this month.
According to data from on-chain market intelligence firm Glassnode, the balance of Bitcoin on exchanges has reached a three-year low. This, according to Davis, indicates an increase in buying the cryptocurrency for long-term hodling rather than selling in a panic.
Additionally, Bitcoin's regulated dormant flow historically shows strong rebounds whenever the digital asset hit a record low.
Even more, last week marks the second week of inflows ($ 19 million) to institutional crypto funds after a persistent five-week drain. Bitcoin led gains after multi-asset funds, with inflows of $ 22 million.
Solana is working on solving her performance issues, with updates that will be launched in the next four or five weeks. Co-founder Anatoly Yakovenko stressed that solving these pain points is the current priority for network developers and validators.
The leading NFT market OpenSea has reportedly plans to support Solana's NFTs. Solana has one of the most robust NFT networks after Ethereum, with the advantage of relatively cheaper gas tariffs than the latter. The OpenSea move will therefore bring massive liquidity to Solana's NFT space.
Other ecosystem developments include the recent $ 109 million raised from the Solana-based Phantom portfolio to expand its capabilities on the network. Major US exchange Coinbase has also, for the first time, listed project tokens based on Solana ORCA and FIDA - increasing network access and also liquidity for the entire ecosystem.
Although the organization's token has yet to be launched, BreederDAO has great potential due to the use cases it presents, notes Davis. The platform streamlines NFT production and increases access to in-game assets of play-to-earn NFT games. BreederDAO also plans to offer on-chain expertise to such games, as well as boost the digital economy. So far, the platform has provided over 100.000 NFTs and has over 50 partners, including the popular Ethereum-based NFT game Axie Infinity. Its institutional lenders include lead venture capitalists Andreesen Horowitz and Delphi Digital.
In Q4, 2021, Avalanche had an average of 475K daily transactions (about 40% of Ethereum), according to the crypto Messari database. The network also saw the fastest growth rate of Total Locked Value (TVL) over the same period, with +2,75 percent of TVL dominance. These reports indicate rapid network adoption, especially by projects that are sensitive to fees or who want to maintain EVM compatibility.
Avalanche has now burned over 700.000 AVAX tokens from transaction fees - a boon to its deflationary capabilities.