Our experts talked about trends in the cryptocurrency market. And pointed out several altcoins worth paying attention to

Start of 2023 was positive not only for Bitcoin supporters, but also for almost the entire cryptocurrency market. The leading coin has risen in price by 36 % since the beginning of January. And some alternative coins rose in price by tens of percent.

However, not all assets linger at their peak values after significant growth. Often tokens both reach new ATH and fall off.

Our experts told us what affects altcoin rates. And which coins look promising at the moment. And also what risks an investor who wants to invest in cryptocurrencies may face.

Promising altcoins

Cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Monero (XMR) have the best long-term growth prospects among altcoins. At the moment, it is worth investing only in those assets that can grow in value over the long term.

Of altcoins worth considering for purchase, tokens related to artificial intelligence (AI) may be worth considering. He noted that the trigger news for this area was a statement from Bill Gates. Who said that AI is “a really big deal” and that AI projects are revolutionary.

Another trigger for the increased attention to tokens related to AI. Our expert pointed to a post by Elon Musk. The billionaire wrote on Twitter that 2023 will be the year of AI. However, such statements are partly provoked by the emergence of ChatGPT neural network. Although it does not meet the criteria of general artificial intelligence, it has created a lot of hype in a market.

In the opinion of our expert, it is worth looking at Ocean Protocol (OCEAN) and Fetch (FET) tokens. However, FET is already trading at local highs. And in order to enter it will be necessary to wait for its correction first. Which is likely to happen in February, our specialist warned.

Ocean Protocol is a data trading platform. Including those used in the work with artificial intelligence. The main goal of the Ocean network is to create a global data supply chain for AI. The OCEAN Protocol token rose 125% in a month, from $0.16 to $0.36. The current price is 81% below the all-time high of $1.93 shown in April 2021.

Fetch is a project to build a decentralized “economic Internet” infrastructure based on artificial intelligence and machine learning. The goal of the project is to optimize the use of resources, to automate processes. As well as the development of algorithms for collective learning of Internet of Things (IoT) devices. The FET token went from $0.095 to $0.28 in a month, up 194%.

Risky investments

Because there are no fundamental prerequisites for a long-term bullish cycle in crypto market yet. The current growth of altcoins is accompanied by high volatility. Our expert noted that this is the reason for their recent growth. We should expect the same significant correction in the next couple of weeks.

At the same time, the expert reminded that altcoins always have risks – it is even more risky asset than Bitcoin. When the market is nervous because of macro signals from regulators. The first thing investors do is to sell such excessively risky assets.

Our experts told how anonymous cryptocurrencies are affected by stricter regulation. And their delisting from CEX exchanges, as well as prospects for such projects.

Main goal of anonymous cryptocurrencies is to ensure confidentiality of financial transactions. However, with such coins, scams and financial manipulation of cryptocurrencies have increased significantly. Cybercriminals often use these tokens to conceal movements of stolen funds.

In this regard, governments of different countries have a negative attitude to anonymous cryptocurrencies. And they take various measures to limit their use. Some cryptoplatforms are also refusing to work with confidential tokens. Thus, one of the recent negative events was the delisting of Monero (XMR) and another six tokens from this category on major cryptocurrency exchange Huobi.

Trend on delisting of anonymous cryptocurrencies increases

Currently, we are seeing a steady trend towards increased regulation of cryptocurrency. And also drive for large CEX exchanges to get as many licenses as possible in different jurisdictions.

And understanding of anonymous coins by financial regulatory authorities of leading economies is very negative. Anonymous coins are seen as a threat, a tool for scammers. And as a consequence, we see a “world war” against anonymous cryptocurrencies, our experts note.

Demand for anonymous cryptocurrencies is growing

After starting sanctions war between Russia and the West, interest in confidential cryptocurrency increased rapidly. This was due to their ability to circumvent restrictive regulations.

Our expert pointed out that in Q2, anonymous coins showed outperformance compared to the market as a whole.
Whether delisting from exchanges will affect prices of these coins, now it is difficult to say. Such actions by regulators could have collapsed prices in 2017. But now the market has become less susceptible to such news for many reasons.

Given the fact that these cryptocurrencies remain in high demand. Including due to sanctions that have reached cryptocurrency market as well. And wait for a fall in prices for XMR and other anonymous coins from these events should not be our experts’ opinion.

Anonymous cryptocurrencies may lose their capitalization, but not their real value.

Huobi stopped trading 7 tokens. And asked users to cancel all open orders for these cryptocurrencies, Crypto-Upvotes expert review

Cryptocurrency exchange Huobi Global will delist seven anonymous cryptocurrencies. The list includes Monero (XMR), Dash (DASH), Decred (DCR), Firo (FIRO), Verge (XVG), ZCash (ZEC) and Horizen (ZEN). Trading of these tokens was terminated on September 6 on this platform. Which was announced on this platform’s blog on September 12. Huobi team asks users to cancel all open orders for these cryptocurrencies in a timely manner.

Anonymous cryptocurrencies – these are cryptocurrencies that hide transactions in blockchain. In order to preserve anonymity of transaction participants and traces of their actions. Withdrawal function in these tokens continues to function for now.

According to Coingecko, centralized exchange Huobi Global, founded in 2013, ranks 8th by trading volume ($816 million). Cryptocurrency exchange features about 630 assets and more than 1,000 trading pairs.

Also in early August, a largest cryptocurrency Monero (XMR) mining pool named MineXMR announced its closure. Platform team asked miners to reconfigure their equipment to other pools by August 12.

Effects of rejection of anonymous cryptocurrencies

Unfortunately, more and more CEX exchanges are delisting anonymous cryptocurrencies. This is due to the fact that many CEX exchanges must follow the rules of international regulatory organizations. And the internal rules of the country in which they are located.

Most likely, we are facing the start of a global confrontation between cryptocurrency exchanges and anonymous cryptocurrencies. Because tensions have long been brewing between blockchain ideologues and traditional traders. Real cryptocurrency followers follow original ideals of technology and privacy. And traditional traders have come into cryptocurrency world only out of profits.

Perhaps we will soon see what you might call a “hardfork” of blockchain industry. When some currencies will simply become digital money, reminiscent of the usual fiat money of any country.
And part of the investors will use only real cryptocurrencies. Which maintain privacy and security.

Perhaps in the near future we will see new DEX platforms. Which will not follow general rules. And will stick to real cryptocurrency goals. Because cryptocurrencies were not created just to replace ordinary fiat money. Their purpose was security, anonymity, and decentralization. So that no country in world could control these funds. Who will win – regular traders or real cryptocurrency users. We will know in the next few years.

Crypto platform MineXMR asked Monero miners to switch to other platforms by August 12

Monero (XMR) cryptocurrency mining pool named MineXMR announced its closure. Platform team asked miners to reconfigure their equipment to other pools by August 12.

MineXMR mining pool is largest pool in Monero network. As of August 1, about 9.5 thousand miners remain on the platform. And the pool’s Hashrate is 1.08 Gh/s . At the same time the total Hashrate of XMR network is about 2.6 Gh/s.

Platform team does not name any official reason for closing platform. Members of Monero community expressed dissatisfaction with MineXMR pool back in February. And called to boycott this platform. Users’ concerns were raised by fact that pool took control of almost 48% of Hashrate Network. This worried anonymous cryptocurrency community. Because of close possibility of 51% attack on XMR ecosystem on the side of pool management. This is an attack in which owner of more than half of network processing power can manipulate blockchain data.

Monero (XMR) cryptocurrency was created in 2014. Coin protocol includes mechanisms that make blockchain completely anonymous. Currently, Monero is a largest confidential coin with a market capitalization of $2.8 billion.

Our Crypto-upvotes experts noticed that due to high anonymity of this coin. So many financial regulators of different countries impose bans on its circulation. Therefore, our team can fully recommend this project for long-term investment.