Whole layer of cryptocurrencies on rise by end of year, despite poor performance of most popular assets
The cryptocurrency market is not ending on a high note, but at the same time, there are projects that are not losing their value as rapidly as the majority of assets. Despite having relatively lower capitalization, the momentum on those assets suggests that the recovery at the beginning of the year is still possible if investors gain exposure to less mainstream assets.
Who ends year on high note?
Most assets in a green zone are tied to centralized exchanges or different trading platforms. The only exclusion would be Toncoin – the underlying cryptocurrency of the Ton Network that has been rallying on the market in the last few weeks.
In the last 72 days, Ton gained over 60% to its value thanks to the variety of solutions and platforms the development of the project delivered, including phone numbers and handles for Telegram social chatting platforms.
Third place goes to Trust Wallet’s underlying token, which is gaining more traction on the market after the migration of funds toward self-custody, which increases the value of the token’s ecosystem.
The tendency on the market shows that most of the growth is being redistributed among assets that represent a certain use case: cryptocurrency exchange, cryptocurrency wallet or any other solution.
Dogecoin is at year low
Unfortunately for meme coin enthusiasts, Dogecoin is testing the local low and losing almost 60% of its value from the current peak. The tendency right now looks like Dogecoin will be continuously going down, gradually moving to 2022’s bottom.
The lack of demand for risk and the lack of support from Elon Musk and other influencers are two of the main causes behind the poor performance of DOGE. Additionally, previously announced use cases for Dogecoin and the development of the network, with the help of Vitalik Buterin, have not been delivered.
Ethereum’s issuance hits record
We have mentioned the lack of burning activities on the network for the last few market reviews, which is the main reason behind the depressed price performance of the second biggest cryptocurrency on the market.
Unfortunately, the situation became aggravated by the end of the year: the issuance of Ethereum since The Merge has almost reached 5,000 ETH, which means that the network’s activity is not recovering, and we are unlikely to see the positive price performance by the beginning of the next year.
From a technical perspective, Ethereum is moving in the local uptrend, which could be nothing but a correction in the prolonged downtrend. Despite the ascending nature of Ethereum’s movement in the last few days, until Jan. 5, we are unlikely to see any change in Ether’s performance on the market.