Altcoins: The Dark Horses Set to Outrun Bitcoin

Cryptocurrency underdog, Altcoin outperforms Bitcoin
Algorand, GateToken, and more

Altcoin, the underdog in the cryptocurrency market, is expected to outperform Bitcoin.

According to the blockchain-specialized media BeinCrypto, three coins show a new uptrend.

First, Algorand (ALGO) is a secure and scalable decentralized platform for digital currencies and smart contracts. Silvio Micali, a Massachusetts Institute of Technology professor, developed it. It boasts a transaction speed of over 1,000 per second and is highly secure, having been built on modern cryptography.

Algo’s price has risen nearly 17% this year. Although its growth is still lagging compared to other coins, Algo has formed a ‘Golden Cross’ on the chart.

The Golden Cross is a bullish signal observed on price charts when the short-term EMA (Exponential Moving Average) crosses above the long-term EMA.

This event is considered a positive signal suggesting that the market could shift from a downtrend to an uptrend, indicating potential long-term growth.

As of 5:01 PM on the 4th, the price of Algorand is 342.7 KRW (approximately $0.29).

The second is Gatetoken (GT). This coin served as the primary utility token for the Gate.io exchange platform and was designed to activate various functions and services within the ecosystem.

GT holders can use the token to pay transaction fees, participate in token sales, access unique features and promotions, and enjoy discounts and rewards.

The coin has grown by 98.10% over the past month, reaching the $10 price level for the first time since May 10, 2021.

The last one, PancakeSwap (CAKE), is a decentralized finance (DeFi) platform that allows users to participate in cryptocurrency trading, earn rewards through staking and farming, participate in lotteries, and participate in governance decisions.

It operates on the Binance Smart Chain, emphasizing cost savings and quick processing.

CAKE grew by 48.54% until last February, but it’s still 89.42% lower than its ATH (All-Time High) reached in April 2021. This suggests that CAKE has a lot of room to grow.

CAKE is targeting its May 2022 high of $7.71, or 13,850 KRW (approximately $11.56).

As of 5:01 PM on the 4th, the price of CAKE is 5770 KRW (approximately $4.82).

Meanwhile, predictions suggest that the fourth halving of Bitcoin will begin at 1:13 AM on the 21st.

When the halving occurs, the mining reward is reduced by half, which relatively decreases the supply of Bitcoin.

As of 5:04 PM on the 4th, the price of Bitcoin is 95,879,000 KRW (approximately $80,000). It had reached a record high of 100 million KRW (approximately $83,500) last month but has since fallen.