If you thought that the total valuation of the cryptocurrency markets cannot plunge lower, you were mistaken, as another week characterized by red numbers is behind us. All the top 10 cryptocurrencies excluding stablecoins, have lost value towards USD throughout the past week, which pushed the total market capitalization at the end of week 24 down to as low as $1.45 trillion. Hope that we see more green numbers in Q3. But if you want to see profit already at the end of week 25, these three coins are, in our opinion, your best bet.
1. Ethereum (ETH)
Ethereum is an open-source distributed blockchain that pioneered smart contract functionality. It operates as a decentralized virtual machine which can execute scripts. The smart contracts operate in a fast, immutable and trust less manner, while the speeds and capabilities of the Ethereum blockchain are going to further increase when Ethereum 2.0 is fully launched. Ethereum’s native asset Ether (ETH) is currently the second-largest cryptocurrency by market capitalization. Although it can also be used as a currency for transactions between different nodes, it is more commonly used to execute smart contracts. The Ethereum blockchain also hosts a number of ERC20 tokens with different utilities – these include Exchange tokens (BNB, OKB, HT, UNI), DeFi tokens (LINK, MKR, COMP, SNX, ZRX…) and several stablecoins such as USDC, DAI, TUSD, and USDT.
London Upgrade Scheduled to hit the Ropsten Testnet on June 24
The much-anticipated London upgrade, which features several important EIPs is scheduled to go live on Ethereum testnets. London upgrade will be deployed on the Ropsten testnet at block 10499401, which is estimated to be added to the chain on June 24. Goerli and Rinkeby will receive the upgrade 6 and 13 days later respectively. Mainnet London launch date remains to be determined. The team also noted that the Kovan test network will be upgraded at a later date, likely once the upgrade will already be running on Mainnet.
The London upgrade includes 5 Ethereum Improvement Protocols (EIPs): the EIP-1559, which will make some changes to the fee market for ETH 1.0, EIP-3198 that will introduce an opcode that would give the EVM access to the block’s base fee, EIP-3529 that will remove gas refunds, EIP-3541 that implements a rule about rejecting new contracts starting with the 0xEF byte, and EIP-3554 that will delay the difficulty bomb to December 1, 2021. In a world where several prominent industry insiders believe that Ethereum will outperform Bitcoin, pushing forward with continued development is crucial to achieve that goal.
2. Binance (BNB)
Binance Coin (BNB) was originally launched in 2017 as an ERC-20 token sold through an initial coin offering (ICO). In April 2019, the Binance Chain was launched, and all the ERC-20 tokens were replaced with the BNB coin, which became the native cryptocurrency of the new blockchain. Binance Chain is still completely centralized, with Binance having complete control of block management. Binance users who utilize BNB to pay for trading, withdrawal and listing fees can enjoy significant discounts. While this used to be pretty much the only use case of BNB, the coin has a far greater utility now as it allows users to pay for gas fees, stake BNB, as well as participate in DeFi, liquidity pools, and DEX trading.
Binance NFT Marketplace Goes Live on June 24
The famous cryptocurrency conglomerate Binance is soon expanding their range of offered services by launching a Binance NFT marketplace. The platform for buying and selling digital art pieces will go live on June 24. To kick off the NFT platform, Binance is presenting the “100 Creators” program, an NFT drop event that will feature content from 100 artists and creators, including Allen Iverson, Atletico Mineiro, Dynamo Kyiv, and the Ugandan National Museum. The full list of participating artists can be found here. The marketplace will support visual art content as well as unique digital collector’s items from gaming, sports, and music industries. In addition, BNB holders are already in expectation of the BNB quarterly burn, which is conducted at the end of each quarter. Judging by historical burn dates, the Q2 2021 BNB token burn should take place sometime around July 15.
3. CargoX (CXO)
The CargoX Platform is an Ethereum-based blockchain document transfer platform. The project aims to revolutionize and digitalize the logistics industry and its platform is already being utilized by the Egyptian Customs Authority. While the platform was developed with the shipping sector in mind, it can also be used in financial, manufacturing, trading, energy, services companies, and even governmental agencies. CargoX’s solution enables a fast, secure, and auditable way to transfer original documents as well as ownership of these documents. In addition, it facilitates distributed teamwork even with assets that would normally have to be handled manually in the corporate office environment, which proved to be extremely useful during the COVID-19 pandemic.
CargoX’s platform processes more than 100 documents a day
The project, which pioneered a Smart Bill of Lading (B/L) already has a fully functional product and platform and is burning 100 CXO tokens per every document processed through their platform. Recently, the platform is processing record number of documents. On Wednesday, June 16, CargoX processed more than 100 documents (141 to be exact) for the first time in the history. The day after, already more than 200 smart documents have been sent using the platform. The high number of documents will likely lead to a large CXO burn, which could boost the token’s appreciation. In addition, from July 1 every importer into Egypt will be obliged to register the products he is importing through the Advance Cargo Information System, which uses CargoX platform as its backbone. This will, without a doubt, further boost the number of documents that get processed every day. Furthermore, the project is also suited for land and air freight and is looking to make a breakthrough to the Asian markets. CXO is currently trading at $0.386596 per token – a price, which could look absurdly low in a few years.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.