In this episode of the BeInCrypto video news show, host Jessica Walker looks at our picks for March’s Top 5 Altcoins. In this new monthly segment, we look at current market standings, notable updates, and things to look forward to about your favorite altcoins!
This month’s Altcoin picks are Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Binance Coin (BNB), and Dogecoin (DOGE).
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Ethereum (ETH)
Current Price: $1,576
Market Cap: $181 billion
Market Cap Rank: #2
Amongst other altcoins, ethereum (ETH) is the most prominent altcoin. Recently, Ethereum had been suffering from high gas prices, which saw users flee to other smart contract platforms listed here. However, gas prices finally fell to $11.21 on Feb. 28, which is a marked decline from $38.21 on Feb. 23. Currently, an average transaction on ETH costs around $2.50.
Additionally, ETH mining revenues hit $1.37 billion for the first time in history in February. This figure is 65% higher than the $829 million earned in January. While transaction fees accounted for 53% of the total amount, 47% came from block subsidies. Mining activity also saw a 16% increase, as the Ethereum network’s hash rate continued to grow.
Cardano (ADA)
Current Price: $1.17
Market Cap: $37 billion
Market Cap Rank: #3
Amongst the altcoins, ADA has been on fire recently, which we spoke about at length in our last video. While most other coins saw massive liquidation last week, ADA actually achieved a new all-time high. This bump raised it to #3 in terms of market cap.
Additionally, ADA received its Mary hard fork upgrade earlier this week. This is the first of two upgrades that will see ADA transition from its current Shelley era to the Goguen era, which will enable smart contracts, and other decentralized applications.
Polkadot (DOT)
Current Price: $36.32
Market Cap: $35 billion
Market Cap Rank: #6
DOT has often been paired with ADA since both have been increasingly attractive altcoin alternatives to ETH due to Ethereum’s high gas prices, which we discussed in another video. This past week, Dubai-based crypto investment fund FD7 Ventures announced it would be selling $750 million worth of Bitcoin to purchase more ADA and DOT. A few days later, the company established a mini fund of $250 million to develop ADA and DOT ecosystems.
Binance Coin (BNB)
Current Price: $240
Market Cap: $37 billion
Market Cap Rank: #4
In February, the price of BNB rose an astronomical 729%, from opening at $44.37 on Feb. 1 to achieving a high of $368 on Feb. 19. The price level took a hit during last week’s sell-off, but it is still trading strong at around $240-ish.
BNB’s popularity comes from the success of Binance’s Smart Chain (BSC) as an alternative to ETH. The rise in demand indicated by the price hike suggests it may be difficult for ETH to retake its place as the top platform for decentralized exchanges (DEX). The increased use cases of BSC led BNB to become one of the prominent altcoins.
Dogecoin (DOGE)
Current Price: $0.05
Market Cap: $6 billion
Market Cap Rank: #15
This week, DOGE received its first upgrade since Oct 2019, which focused on synchronization speed and reduction in the “default mempool expiry time.” This came after the coin achieved a new all-time high last month. In the coming months, DOGE will be listed in cryptocurrency ATM operator CoinFlip’s network of 1,800 ATMs across the United States.
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