In this episode of BeInCrypto’s Video News Show, host Jessica Walker presents our picks for December’s altcoins.
We are again with our prime altcoins collection on the BeInCrypto channel and this might be one of many strongest teams but. We’ve received Luna, we’ve received metaverse tokens, in addition to a few darkish horses, so hold watching until the top to evaluate all of them and make an knowledgeable resolution about which altcoins you’re going to spend money on December!
LUNA tokens soared almost 17% on Tuesday this week upon information that the decentralized monetary establishment Terra has handed its first proposition beneath new voting interval parameters. And this appears identical to one other leg in Luna’s 900% progress since July.
Let’s begin with the massive image. Terra community’s state of growth exercise has additionally been fairly spectacular, of late. The similar was seen revolving round its yearly excessive, on the time of writing. This primarily implies that builders are always working in direction of retaining the venture related. Not solely for sustenance, however for competitors too.
But why is that this newest spike taking place now? Well, it got here after Terra Luna introduced that greater than 92% of stakeholders taking part voted in favor of a proposal to subject a “neighborhood grant” to pay a developer working beneath the deal with Rebaz to “proceed with a large overhaul of MonitorTerra.”
As the corporate defined in a tweet, this utility will allow Terra transactions to be exported to “common tax software program.” This will ideally ease reporting necessities as world governments set up new guidelines requiring that cryptocurrency earnings be reported to tax authorities for tax evaluation.
Rebaz might be paid a complete of $42,680 within the type of 1,041 LUNA tokens for this work, which is able to take one other one or two months to full.
Tax reporting is about to grow to be a much bigger downside for cryptocurrency buyers, and as Terra Luna notes in its report, there’s presently solely “one competitor to trackterra which is stake tax,” and “this answer is sort of unusable … doesn’t have assist for many terra transactions and can also be not opensource.”
For buyers in stablecoins specifically, this means that Terra Luna has a product that can quickly be in nice demand. That’s why it’s very probably that Terra Luna will proceed gaining increasingly more followers.
Number two on our listing is the MANA token of Decentraland, which probably isn’t too much of a surprise. It has surged 300% during the past month. It is currently hovering roughly around 20% below its all-time high price in late October.
Decentraland is essentially a decentralized virtual world developed on the Ethereum blockchain. It enables users to purchase and trade digital land through digital assets and then effectively monetize them. Users have complete ownership of their virtual land and can carry out multiple activities on the platform.
Decentraland even had its own meta-festival, the first of which took place between October 21 to 24 and was a huge success, attracting 50,000 virtual attendees that claimed 11,204 unique digital non-fungible tokens (NFTs). The company also said it gave out 51,947 proof-of-attendance protocols in the form of NTFs to participants.
Decentraland is one of the oldest metaverse projects in the market today. The Facebook rebranding event was the catalyst that MANA needed to burst out of obscurity. Moreover, its development is commendable considering the problems that the project has encountered since its inception.
Most investors might feel that the platform went through a watershed moment late in October, however, the reality is that there has been significant institutional demand for MANA since March this year. The amount of funds held in Decentraland’s Grayscale Trust has grown over 50% since March.
Additionally, in the future, Decentraland has plans to work on the interoperability of its metaverse with other crypto metaverse worlds. It will be using a protocol in IPSME (Idempotent Publish/Subscribe Messaging Environment) to achieve its goals.
Most crypto analysts believe that MANA has a bright future ahead and will continue rallying to new heights. Moreover, Decentraland will continue to gain more traction as the ubiquity of the metaverse grows over time. And if this sentiment sounds nice and positive, the chart reflects the sheer number of people who believe that it will come true.
At number three we have Stacks, a layer-1 blockchain project and its STX token. The reason we’ve included this altcoin is that its price has just passed a critical level according to our analysis. Let’s see what this project is about and do a bit of chart analysis to uncover where it’s headed next.
Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (dApps) to Bitcoin (BTC). These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful, including its security and stability.
These dApps are open and modular, meaning developers can build on top of each other’s apps to produce features that are simply not possible in a regular app. Since Stacks uses Bitcoin as a base layer, everything that happens on the network is settled on the most widely used arguably the most secure blockchain in operation — Bitcoin.
The platform is powered by the STX token, which is used for fueling the execution of smart contracts, processing transactions and registering new digital assets on the Stacks 2.0 blockchain. Stacks looks to take what makes Bitcoin so powerful, and extends it with additional functionality, without needing to fork or change the original Bitcoin blockchain.
It does this by connecting directly with the Bitcoin blockchain through its proof-of-transfer consensus mechanism, which has miners pay in BTC to mint new Stacks tokens. Moreover, STX token holders can also stack (not stake) their tokens to earn Bitcoin as a reward.
On top of this, Stacks was the first cryptocurrency to receive SEC qualification for a sale in the United States, allowing it to launch a $28 million Reg A+ sale cash offering for its STX tokens in July 2019.
Upon viewing the chart and we can quickly see that the price right now is trying to break the all-time high that was set about a month ago. There has been a 50% rush in the last couple of days and if the price manages to breach the critical level, we think this could be a runner in December!
Last on our list of top altcoins to watch in December is GALA. It’s been on a tear recently and we thought it deserves a deeper look. The main thing about Gala Games is that it aims to take the gaming industry in a completely different direction, by giving players back control over their games.
Gala Games mission is to make “blockchain games you’ll actually want to play.” The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours spent playing the game, which could be taken away from them with the click of a button.
Players can own NFTs and influence the governance of games within the Gala Games ecosystem. The Founder’s Nodes voting mechanism allows players to influence what games Gala should develop and what games should get funding.
Besides buying NFTs for specific games, Gala Games also utilizes GALA – its own utility token. So far, Gala Games has released one playable game – Town Star and an NFT collectible series called VOX. It plans to release more games in the future, such as a fantasy RPG game, a sci-fi strategy game and a tower defense game.
Since launching in 2019, Gala Games has grown to 1.3 million monthly active users, and 26,000 NFTs have been sold, with the most expensive piece valued at $3 million. It’s easy to see why there’s enthusiasm around this altcoin but the chart is a bit tricky on this one. This is a very, very young chart as it’s only available from the start of November on most platforms. But we think the explosive growth of around 1,000% warranted a review.
Things do seem to have slowed down in the last several days here, but if you notice, there is a trendline here and it still hasn’t been broken. We think GALA could be ripe for a rebound with plenty of momentum, especially if the broader market continues upwards in December.
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