3 VIABLE CRYPTO COINS TO CONSIDER IN THE CURRENT BEARISH MARKET
It is impossible to discuss cryptocurrencies nowadays without addressing the elephant in the room: the crypto crash. The astounding devaluation has affected everything, including Bitcoin, which has gone from a high of 40,000 dollars to 19,000. VertoChain news..
Sales of Non-Fungible Tokens (NFTs) went from a record-breaking 12.6 billion dollars in January 2022 to just 1 billion in June. Even the stock markets like Nasdaq and Dow Jones fell hundreds of points within days. To better understand where things stand, we’ll assess a couple of cryptocurrencies before examining a new one.
Kusama (KSM) is 79th in the rankings with a fully diluted market capitalization of 468.2 million dollars. The native token KSM is available for 48 dollars. Both these values have decreased by just 1% in the last 24 hours. In the same duration, the volume of tokens traded in the market is 22 million, representing a sharp decline of 27%.
Defined as Polkadot’s wild cousin by its developers, Kusama is an experimental blockchain platform that offers an interoperable and scalable framework. KSM is built using Substrate, a blockchain creation kit. Through KSM, fast-paced projects can access a scalable, interoperable sharded network.
KSM is a testbed for developers who wish to introduce a new feature and implement their blockchain. Kusama has the advantages of having low barriers to entry for the deployment of parachains, as well as low bond prerequisites for validators. It is predominantly used by startups for experimentation.
Qtum (QTUM) just cracks the top hundred at 96th place with a token price of 2.75 dollars and a market cap of 296 million. Both these values have gone down by 0.7% only. In the same 24-hour span, the volume of tokens traded is down 12.2% to 41 million dollars. Like Kusama (KSM), the impact of the crypto crash is felt in the tokens traded daily.
Pronounced as quantum, Qtum is a proof-of-stake (PoS) smart contract, an open-source blockchain platform that enables value transfer protocol. QTUM combines the strengths of Bitcoin and Ethereum in one platform. Based on Bitcoin’s UTXO transaction model, QTUM has the additional functionality of smart contracts and dApps.
Qtum (QTUM) was announced in 2016 and released after an Initial Coin Offering (ICO) in 2017. It was initially issued as an ETH-20 token before the mainnet was launched, and QTUM converted to the blockchain.
Based on the numbers provided by DeFi Pulse, the value of decentralized finance passed the 100-billion-dollar mark recently. That is why the developers of VertoChain (VERT) have set their sights on providing users with an efficient DeFi platform because there is discernible demand for it.
Built using Binance Smart Chain (BSC), the VertoChain framework implements a proof-of-stake authority protocol that makes it convenient for users to perform seamless and cost-effective transactions. This mechanism ensures the network is not as busy, and the transaction costs are up to 35 times cheaper than BSC.
The title VertoChain is derived from two languages i.e., Latin and English. Verto is Latin for swap, and Chain is short for blockchain. VERT gives users the option of peer-to-peer (P2P) trading across 5 different blockchains: Binance, Ethereum, Solana, Avalanche, and Tezos.
In terms of governance, users have the advantage of full democratization prowess. Users can cast their votes and determine the future of VertoChain (VERT). The developers of VertoChain value the opinion of their token holders.
In addition, the functionality of VERT includes multi-chain farming, yield farming, and liquidity pools. The rates of all these features are market competitive. VERT will also feature an improved user experience.
The clearest indication of the ongoing crypto crash is that the volume of Kusama (KSM) and Qtum (QTUM) has diminished dramatically. Despite the decline, new cryptocurrencies are being launched daily. This is an encouraging sign and bodes well for the future of VertoChain (VERT).