Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I will be continuing the series where I take an in-depth look at a select number of Coins / Tokens, this time under $1,000. With the year 2022 almost coming to an end I feel it is as good a time as any to see which are the most interesting coins within this bracket, in the hopes they could become some of the bigger players in 2023 and beyond.
This article was done with the coin value as of the 15th of December 2022 and prices may have varied since then.
You can find the previous part(s) to the series here:
Coins / Tokens under $10 - Part 1
Coins / Tokens under $10 - Part 2
Binance Coin (BNB) - CoinGeko Number #5
BNB is the native token of the Binance exchange. It can be used to pay for goods and services, settle transaction fees on Binance Smart Chain, participate in exclusive token sales and more. Users can benefit from saving up to 25% on trading fees with Spot and Margin Trading, while Futures trades can also see a 10% reduction in fees by paying with BNB. It was launched in July 2017 and BNB also uses an Auto-Burn system to reduce its total supply to 100 Million BNB. The BNB Auto-Burn mechanism adjusts the amount of BNB to be burned based on BNB’s price and the number of blocks generated on BNB Smart Chain (BSC) during the quarter.
It has a circulating supply of 160 Million and a total supply of 163 Million.
Currently is has a market cap ranking of 5 and this is backed by its market cap value of $42,938,788,381.
The current trading price for BNB is $263.50, which is down about 61.6% from its all time high of $686.31 on 10th of May 2021.
As per the image below, if BNB managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
There is certainly a lot of FUD surrounding Binance and therefore BNB at the moment. CZ has maintained a strong stance that Binance is fully solvent and has no worries about going down a similar route as FTX. They have been under increased pressure due to large volumes of withdrawals from the exchange, with the worlds largest CEX feeling the effects possibly to a greater extent than other CEX's. It has not stopped Binance though, as the cryptocurrency exchange's American version, Binance.US, is primed to acquire the assets of bankrupt crypto lender Voyager Digital for $1.022 billion. This is another strong stance from the company in the face of adversity, and analysts agree that Binance looks set for some good years ahead. While the crypto winter has dragged all coins down, and then may fall further, their is a strong likelihood that BNB will emerge as one of the strongest exchange tokens in the next bull market. It already was the most valuable exchange token but when users need to flood back to exchanges Binance is poised to be the go to choice. Investing in BNB would likely be a smart option, as it will most likely increase in value while also offering discounts on the services available on the exchange.
Monero (XMR) - CoinGeko Number #26
Monero is a cryptocurrency which has been around since April 2014 as a fork of Bytecoin and is a grassroots movement with no pre-mine and no VC Funding. The popularity of Monero is the fact it is capable of processing transactions while all the while doing so in an anonymous fashion. Monero transactions are un-linkable and untraceable, meaning all coins sent to a recipient are rerouted through an address that is randomly created to be used specifically for that transaction. This differs from Bitcoin, where the recipient of the coins has the coins transferred to an address which they have to divulge to the sender, meaning the sender can see how much crypto the recipient has in their wallet once they have knowledge of the fund recipient's public address. The Monero ledger doesn’t record the actual stealth addresses of the sender and recipient, and the one-time created address that is recorded is not linked to the actual address of either party, resulting in anyone examining Monero’s opaque ledger being unable to track down the addresses and individuals involved in any past or present transaction.
It has a circulating supply of 18 Million of an infinite supply.
Currently is has a market cap ranking of 26 and this is backed by its market cap value of $2,662,616,157.
The current trading price for XMR is $147.32, which is down about 72.8% from its all time high of $542.33 on 9th of January 2018.
As per the image below, if XMR managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
Earlier in the year concerns were growing around Monero, as Huobi was one of a number of exchanges which delisted the asset due to regulatory pressure. While it delisted a number of other privacy coins, XMR has also been synonymous with privacy and sending coins without being traced. It has not deterred the coin, with plenty of patches and updates being released since. While there have been talks out of Europe and the US for the need to regulate and ensure there are basically no privacy coins such as XMR, I just cannot see a future where it does not exist and serve a function. Analysts seem to have a similar outlook, with many predicting good things ahead for XMR. While it is still a long way away from its ATH of 2018 and did not break that in the 2021 bull run, there is still optimism it will rise again from its current levels. However, there is of course some bleak days ahead, it is expected to push towards those ATH levels again over the next couple of years, especially in another bull run. A great crypto and well worth learning more about if nothing else. One to watch.
Bitcoin Cash (BCH) - CoinGeko Number #29
Developed in 2017 as a fork from Bitcoin, BCH enables peer-to-peer payments between individuals in the digital realm. It aims to fulfil the original promise of Bitcoin as "Peer-to-Peer Electronic Cash" with low fees and reliable confirmations. BCH has unrestricted growth, global adoption, permissionless innovation, and decentralized development in an attempt to create and provide a sound money accessible to the whole world. It also offers more privacy and anonymity than traditional payment systems like bank transfers and credit card payments
It has a circulating supply of 19 Million and a total supply of 21 Million.
Currently is has a market cap ranking of 29 and this is backed by its market cap value of $2,082,903,544.
The current trading price for BCH is $108.19, which is down about 97.1% from its all time high of $3,785.82 on 20th of December 2017.
As per the image below, if BCH managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
Some interesting news that emerged regarding BCH was that Coinbase Wallet will no longer support its use from early December 2022. This was cited as being due to low usage, and was done in conjunction with three other cryptos. They will no longer be useable along with their associated networks, although it specifically refers to Coinbase Wallet. It was a big move and highlighted how those assets are deemed no worth the time or space on the wallet, which could be a long term signal that these coins are on a final decline. Of course the diehard users will claim otherwise, but it is always a red flag when one of the most popular exchanges delists coin or makes their network unavailable in the exchange wallet. In terms of the longterm outlook, analysts are unanimous in their view that they expect the value of the coin to continue falling, with bearish outlooks for the years ahead. While their may be the potential of a rally along the way in any bull market, it was telling that the coin did not break, or even come close to breaking, its ATH price from 2017. It is not one I would be rushing out to recommend and certainly there are more viable and valuable coins out there.
Quant (QNT) - CoinGeko Number #30
QNT is the main token used to power Quant Network's OVerledger, which is a brand of enterprise software solutions. The token is an ERC-20 Ethereum token, and the aim is that Quant will connect public blockchains with private networks. The overledger was created and designed to act as a gateway for any blockchain-based project to access all other blockchains, and does so by connecting an application to other applications in the same blockchain ecosystem. Quant Network also allows developers to create so-called "mDapps" which are Dapps that enable decentralized applications to operate on multiple blockchains at once. They work with banks, asset managers and other financial institutions who typically have international operations, and use their technology to onnect them with fintech developers who support them. Quant was created by Gilbert Verdian in 2015, and the protocol raised over $11 million during a successful initial coin offering in April 2018. It is important to note that Quant does not exist as a blockchain network, instead it uses an API network (Overledger) which allows one to connect to different blockchains.
It has a circulating supply of 14.6 Million and a total supply of 14.6 Million.
Currently is has a market cap ranking of 30 and this is backed by its market cap value of $1,778,545,955.
The current trading price for QNT is $122.30, which is down about 71.4% from its all time high of $427.42 on 23rd of August 2018.
As per the image below, if QNT managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
Increased interoperability between blockchain networks and the release of Overledger 2.0.5 saw a surge in the value of Quant back in August of 2022, albeit the token has realigned like the rest of the market since. However, there are positive vibes emerging from Quant. A lot of comparisons have been made between Quant and other cryptos such as Polkadot and Cosmos, and while they made be able to handle similar functions, it is important to note that Polkadot is a Layer 0 blockchain, while Cosmos exists as a platform for blockchains to build on. As for the analysts, they are leaning towards the bullish side overall in the longterm, even though the current market is indicating a bearish sentiment. The value of Quant has dropped in the last week, although this is no different from the rest of the market. The longterm look for the token is expected to be good, with predictions placing it at the $1,000 mark and beyond in the next decade. This would be quite the increase above its ATH, although that was in 2018 and it was notable that the token did not surpass that value in 2021. Even so, many are backing it to become one of the main players once the crypto winter ends, and I certainly think it has a bright future ahead. Something of worth to note is that Quant is helping to create UK’s digital pound, so this is definitely a project worth watching.
Maker (MKR) - CoinGeko Number #70
Maker is the native coin of Awesome Maker DAO, which is a community-driven project and was designed to be a resource people who can familiarize themselves with Dai and MakerDAO in general. It was started in 2014, with the MKR token created in 2017. The main function of Maker DAO is to act as a peer-to-contract lending platform which enables over-collateralized loans by locking Ether in a smart contract and minting Dai in return. Dai is a stablecoin pegged to the US dollar. Its goal is to create a permissionless credit system that would allow users to take out loans collateralized by cryptocurrency.
It has a circulating supply of 900 Thousand and a total supply of 978 Thousand.
Currently is has a market cap ranking of 70 and this is backed by its market cap value of $535,435,112.
The current trading price for MKR is $594.36, which is down about 90.6% from its all time high of $6,292.31 on 3rd of May 2021.
As per the image below, if MKR managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
Having recently celebrated their 5th birthday on the 18th of December 2022, MakerDAO is continuing to develop and push ahead through the crypto winter. It has also successfully seen the December 8th Executive Vote pass which brought new changes to the Maker Protocol, including Parameter changes from the latest proposal of the MakerDAO Open Market Committee and an increase in the DAI Savings Rate from 0.01% to 1%. Analysts are extremely bullish on MKR, seeing it as a safe and sound investment going forward. A lot of this could be attributed with the fact that CEX's have taken a large hit in the recent weeks and months, while DeFi has looked to take advantage of this with users flocking to the decentralised protocols to store their coins. Although its ATH from May 2021 seems a long way away and is unlikely to be reaching again anytime soon, there is plenty of scope for growth with the token. With increased usage and popularity not dwindling, the likelihood is that MKR will continue to grow while also seeing increased desire for its stablecoin Dai. This could become a huge factor in the next bull run and see MKR pushing right back up into the thousands of dollar values.
That's it for Coins / Tokens under $1,000 in the top 100 on Coin Gecko. While their standing may have altered since this was written, these are some of the main players in the crypto space for the more higher prices. There are thousands of other cryptos further down the list, and while I will not delve into them, there is certain to be some gems hidden amongst the masses.
*Finally, this is not financial advice and I am not advocating for anybody to invest, or not to invest, in any of the above.*
Have a great day.
Peace. CryptoGod-1.
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