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The broader crypto market is trying to gain stability today as tokens are trying to gain back the losses. BTC trades around $55K, ETH after sliding below $4K yesterday has held back to the crucial support level today. Other top alts are faring well as they trade green on the charts.
As the broader crypto markets are roiled by volatility, crypto investor Tyler Swope is revealing his top altcoins.
OlympusDAO(OHM)
Swope informs his YouTube followers in a recent video that his favourite altcoin is OlympusDAO, a decentralised reserve money (OHM).
He mentions that OHM has become one of the most diversified non-protocol token treasuries in crypto in a short amount of time.The APYs [annual percentage yields] for staking are ridiculous, therefore OHM buyers are encouraged to HODL and stake.
The trader goes on to say that Olympus has sparked a DeFi revolution, as evidenced by the number of forks based on the protocol. OHM is the year’s most forked protocol, with the number of forks based on its code surpassing that of only three [other] projects: Bitcoin, Ethereum, and Uniswap. This is unequivocal proof that OHM has produced something unique he adds.
Mark Cuban, a well-known investor, has also taken an interest in Olympus, having purchased and staked OHM in July.
At the time of writing, OHM was trading for $727, down 4.9% for the day according to Coingecko.
REN
Next on Swope’s agenda is REN, an open protocol that allows decentralised applications to access inter-blockchain liquidity (DApps). REN is an Ethereum-based token that enables a protocol that allows cryptocurrency to be transferred between blockchains.
He says as the token has plummeted, he believes it is primed for a pump. He believes REN will reclaim its place among the top 100 cryptos, potentially even surpassing its March ranking. Reason being, REN announced the addition of Host-to-Host to their protocol.
He quotes Maximilian Roszko’s tweet and says that RenVM will go from supporting seven assets, largely legacy coins like BTC and DOGE, to being able to support the vast majority of the thousands of tokens in the crypto ecosystem.
He says that major interoperability is on the way for REN.
REN is currently trading at $0.9606 up by 7.6% in the last 24 hours.
WebChain(EWT)
Tyler concludes his investigation with a look at Energy Web Chain (EWT), an enterprise-grade blockchain network designed to meet the logistical needs of the energy sector. EWT, the platform’s native token, ensures network security and compensates validators.
Tyler points up two reasons why EWT is a good idea.
Energy Web’s validator code of conduct was recently amended, and it includes a section against apparent rent-seeking.
Validators who were looking for a place to live are no longer available. When the price rises, those who have been dumping a lot.
Also, By the end of the year, something significant is coming to Energy Web: staking. They offered a boost period for early stakers last week, with an APY of over 21%.