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 $10,000. 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 biggest 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
Ethereum (ETH) - CoinGeko Number #2
The longstanding number 2 in the crypto space, and considered by many the only other coin that can be compared to Bitcoin instead of altcoins, Ethereum is a decentralised blockchain platform which allows for a peer-to-peer secure network that executes and verifies application code. These are known as smart contracts, and allow users to transact with each other without the need for a trusted central authority. Developed by Vitalik Buterin in December 2013, the platform also contains a crypto asset called Ether (ETH). This is the main token of Ethereum and it is used to secure the network via staking. The platform moved from Proof of Work to Proof of Stake in 2022 and this updated its consensus algorithm. The popularity of Ethereum is based off its extremely flexible platform which allows users to build decentralized applications using the native Solidity scripting language and Ethereum Virtual Machine. Ethereum’s large user base encourages developers to deploy their applications on the network, which further reinforces Ethereum as the primary home for decentralized applications like DeFi and NFTs.
It has a circulating supply of 120 Million and a total supply of 121 Million.
Currently is has a market cap ranking of 2 and this is backed by its market cap value of $152,993,424,754.
The current trading price for ETH is $1,269.36, which is down about 73.9% from its all time high of $4,878.26 on 10th of November 2021.
As per the image below, if ETH managed to increase to a market cap at the same level as Bitcoin, it would be worth:
Verdict:
There has been a lot of talk recently over Ethereum, mainly those who staked their ETH for 2.0 waiting and wondering when they will get access to their funds. Of course the main reason all the locked up ETH was not made available for withdrawal immediately was to ensure the network does not see a collapse, which would have crashed the ETH value even further. However, it has not stopped the rumblings regarding what this means once the ETH will be unlocked. That will remain to be seen, but what is of importance to note is that the "merge" was only really the beginning for Ethereum. These are required to get the "sharding" up to the desired effect for the network, meaning scalability and execution of Ethereum will be pushing to the forefront once again. That is because these Shard chains will expand Ethereum's capacity to process transactions and store data on the blockchain. These will happen in multiple phases, sometime in 2023-2024, and assuming they are successful, it should result in even further value for Ethereum. Analysts are quite bullish on the long-term of ETH, assuming Ethereum can get through its upgrades then the outlook is very positive. Emerging from crypto winter ETH should be pushing towards higher levels and even potentially breaking its ATH of November 2021, meaning it is definitely one to watch and could be an excellent long term investment.
Lido Staked Ether (STETH) - CoinGeko Number #12
As previously mentioned in Coins / Tokens under $10 - Part 2 Lido DAO is the liquid staking platform which allows users to stake their ETH without locking the asset. What they get in return in stETH as a representation of the staked ether in Lido, which is a combination of the value of initial deposit plus staking rewards minus penalties. The stETH balances are issued at a 1:1 of the ETH which is staked, and the stETH token balances are updated when the oracle reports changes in total stake every day. This token can be used the same as ETH, meaning users can earn ETH staking rewards whilst benefiting from access and rewards across decentralised finance products. The stETH tokens are minted upon deposit and burned when redeemed.
It has a circulating supply of 4.8 Million and a total supply of 4.8 Million.
Currently is has a market cap ranking of 12 and this is backed by its market cap value of $6,041,086,306.
The current trading price for STETH is $1,256.69, which is down about 73.9% from its all time high of $4,829.57 on 10th of November 2021.
As per the image below, if STETH managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
Similar to ETH, a lot will depend on what happens with Ethereum to ensure the future of stETH is viable. In terms of Lido itself, I have covered that in a previous article, the Coins / Tokens under $10 - Part 2. While LidoDAO took a hit when FTX crashed, it has weathered the storm and looking to push itself on from here. Ethereum will be looking to improve its network over the coming years, as mentioned above, and in doing so it will hope to increase the value of ETH. As stETH is tied to the value of ETH, it is as important to consider the long term of Lido as it is to consider the value of ETH. All in all it seems positive, and analysts are as positive on stETH as they are on ETH. With Lido being the biggest staked of ETH it will have a test to overcome once the staked ETH are released for withdrawal, and this could be a moment of fear for their long-term if too much is withdrawn too soon. Therefore it is definitely one to watch and if you own ETH in the form of stETH then it will be important to keep an outlook on the progress of both ETH and Lido.
PAX Gold (PAXG) - CoinGeko Number #76
Pax Gold (PAXG) is a digital asset. Each token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company. It is an ERC-20 token on the Ethereum blockchain, PAXG can easily be moved or traded anywhere in the world. Paxos itself is a trust company and custodian, regulated by the New York State Department of Financial Services. PAXG is also approved and regulated by the DFS and fully-backed by allocated gold held in the most secure, leading vaults in the world. The PAXG coins was created in 2018 and is the only gold token that you can redeem for LBMA-accredited Good Delivery gold bullion bars.
It has a circulating supply of 270 Thousand and a total supply of 270 Thousand.
Currently is has a market cap ranking of 76 and this is backed by its market cap value of $480,250,200.
The current trading price for PAXG is $1,780.60, which is down about 20.6% from its all time high of $2,241.37 on 17th of May 2021.
As per the image below, if PAXG managed to increase to a market cap at the same level as Bitcoin or Ethereum, it would be worth:
Verdict:
This is one of the more interesting project in the overall list, not due to its amazing technology or future development, but purely because it is a token issued against a physical object of desire; gold. In these times of uncertainty with crypto winter hanging over us, gold-backed tokens, which are less expensive than gold, should be a high sought after commodity. They have higher returns and are simpler to buy than traditional gold, yet have never really taken off in the crypto market. A lot could be fear of whether or not it is actually backed by gold, but PAXG is certainly one of the few which has survived the test of time and backed itself with actual gold. The safer bet with gold backed assets such as PAXG is that they are more likely to survive in a market downturn compared to other tokens which can crash. The flip side is they are unlikely to experience a "moon-shoot" similar to other tokens and projects out there. To invest in this would be similar to investing in gold, and knowing it is likely to be a less volatile asset overall. Definitely one worth looking into for those who are less interested in the risk associated with traditional crypto.
That's it for Coins / Tokens under $10,000 in the top 100 on Coin Gecko, and that concludes the "Let's Look at Crypto Series." While their standing may have altered since this was written, these are some of the main players in the crypto space for the upper range of prices. There are thousands of other crypto tokens and coins further down the list, and while I will not delve into them, there is certain to be some gems hidden amongst the masses. I hope you enjoyed my articles and keep an eye out for more interesting stories on Crypto down the line. Have a wonderful 2023 and feel free to give me a follow.
*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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