The start of a new month has triggered crypto traders and investors to head on a rigorous hunt for digital assets. The first month of the year was expected to bring virtues to the space. Has been rather bland for the majority of the digital assets in the market. As a result of which folks from town are curious about the second month of the year.
The triggered buyers and merchants from the business are now shrewd enough to analyze the potential digital assets for the month. In an ocean of opportunities, the liking for mainstream cryptocurrencies never goes out of trend. Successively, BTC, SOL, AVAX, and Theta have surfaced as potential runners for the prevailing month.
Are Mainstream Cryptocurrencies Inevitable?
Bitcoin (BTC):
The star crypto Bitcoin is never off-radar in talks prevailing around the crypto market. Bitcoin’s balance on exchanges has hit a 3-year low, which sheds light on the interest of people placing buy orders. Investors have been moving their holdings from exchanges to cold wallets. Moreover, smart money, retailers, and whales have been flocking in with purchase orders.
According to the dormancy flow chart, Bitcoin has seen major reversals from crucial zones. And Bitcoin has bounced off every single time, based on past experiences. Bitcoin has surfed the death cross in the recent past, pretty well which has instilled faith amongst Bitcoiners. Moreover, BTC has been holdings its dominant firm in contrast to that of Ethereum.
Solana (SOL):
February remains crucial for Solana, as a number of major network upgrades would be rolling out. Which would counter the performance issues of the network, which has been the need of the hour. The upgrades are expected to flock in by the end of the month. In addition, NFTs are the network’s prominent strengths, which have helped the network emerge as a top-tier protocol for NFTs.
Some of the much-talked-about NFTs from Solana’s stable are Galactic Geckos Space Garage, Boryoku Dragons, Aurora Project, amongst others. Moreover, the latest updates revolve around Solana Pay, alongside Phantom’s fundraising. And Coinbase accepting ORCA and Bonfida for inbound transfers could enrage the bulls.
Avalanche (AVAX):
The fourth-quarter report coming in from Messari suggests that the network has concluded the Q4 with an average of 475k transactions per day. The average daily transactions of Avalanche is almost 40% of Ethereum’s 1.25 M average. Moreover, Avalanche has been welcoming newer projects for EVM compatibility, whilst enticing fee-sensitive users.
In succession, Avalanche’s TVL has grown at the fastest rate amongst fellow Layer-1, and Layer-2 rivals. The protocol holds a dominance of 2.75% in TVL of the aggregate $240 B TVL of the crypto industry, which has grown about 40%. In addition, the firm has burned over 700k AVAX coming in from transaction fees.
Theta Network (THETA):
Theta network has been escalating at a brisk pace off-late, in a recent overwhelming update. It has seen a user buying home a million Theta, which is one of the major purchases the protocol has welcomed. In addition, the ThetaDrop NFT marketplace is now live, so is the TDROP token. NFT liquidity mining is live on ThetDrop, the platform that lets users earn TDROP as an incentive for transacting on the platform.
Moreover, the ecosystem is venturing into decentralized video streaming with Theta Video API, which has caught the interest of the public. The staking initiative, blockchain gaming are some of the other USPs of the network.
Summing up, the aforementioned digital assets alongside the playing catalysts could help the cryptos propel in the near term. Despite the business sprawling towards diverse applications, mainstream cryptocurrencies that includes Layer-1s and Layer-2s hold distinctive prominence in the business. That said, the assets could hop onto the bulls this February considering the catalysts in the picture.
