New analysis from BELOBABA, this time on cryptocurrencies from 11 to 20, through its Chief Investment Officer (CIO) Jesús Sánchez-Bermejo. Both fundamental and technical to give us another point of light, outside of the usual first positions of bitcoin and other crypto in top positions.
Del top 11 al top 16, #Polkadot (DOT) , #Tron ( $TRX ) , #Chainlink ( $LINK ) , #Toncoin (TON) , #Polygon ( $MATIC ) y Internet Computer (ICP), son todas blockchains.
The top 17 is the strange one, since Shiba Inu (SHIB), is a meme coin. Shiba Inu is the original Japanese dog breed used as a Dogecoin symbol. In 2020, an anonymous person or group named Ryoshi created a token named after the animal to continue the dog meme cryptocurrency series.
Top 18 DAI (DAI) is a stable cryptocurrency that aims to maintain its value as close to the US dollar as possible (it is therefore a stablecoin) through an automated system of smart contracts on the Ethereum blockchain.
And finally, the top 19 and top 20 are "old guard" cryptos, since they have been trading in high positions for years (within the short crypto history).
Top 19, Litecoin (LTC), was considered the "crypto silver", since it also has its halving, although there are many more coins than in bitcoin. Litecoin is a cryptocurrency and open source software project published under the MIT license inspired by and virtually identical in technical aspect to bitcoin.
Top 20 and last on this list is Bitcoin Cash (BCH) which is a cryptocurrency classified as a derivative cryptoasset and open source project that has its origins in the split of the Bitcoin network on August 1, 2017.
Below is the list and its "market cap" updated as of today, January 9, 2024
Why are there so many cryptos that are blockchains in the first top1 to top 20 positions, since the top 1 and top 2, and many more, are also:
Blockchain fees are an integral component of the decentralized ecosystem and play a crucial role in incentivizing network participants and ensuring the smooth functioning of blockchain transactions. Let's look at the concept of blockchain fees, their purpose, and the factors that influence their variability.
What are Blockchain fees?
Blockchain fees, often referred to as transaction fees, are charges associated with processing and validating transactions on a blockchain. These fees serve as incentives for miners or validators to include transactions in the next block and contribute to the security and efficiency of the network.
Purpose of Blockchain Fees:
Incentivize miners/validators: Blockchain fees incentivize miners (in proof-of-work systems) or validators (in proof-of-stake systems) to prioritize and include transactions in the blocks they generate or validate.
Spam and Attack Prevention: Fees act as a deterrent to spam transactions and denial of service attacks by ensuring that participants have a legitimate reason to submit transactions.
Factors influencing Blockchain fees:
Network Congestion: During periods of high demand, network congestion can occur, resulting in increased fees as users compete to have their transactions processed quickly.
Block space availability: On blockchains with limited block space, fees increase when users want to secure a spot on the next block. This is common in blockchains like Bitcoin with limited block size.
Transaction size: Larger transactions, measured in kilobytes, require more computing resources to process, resulting in higher fees. This is common in transactions with many inputs and outputs.
Fundamental Analysis of the top 11 to top 20 crypto
Basically we could say that in general, in the long term, blockchains must scale in their price, since they are cryptos, which generate benefits, compared to other cryptos, utility tokens that in many cases do not have these constant benefits such as They are the usage fees. Therefore, cryptos referring to blockchains should always be in high positions and those that are already there should never drop below the top 50, understanding that in the future, other cryptos, due to different circumstances, could also rise in their price and market capitalization.
Regarding SHIB, it will depend on the "meme coins" trend. There are other memes, and speculation, in general, is what drives its price, since the real functions in many cases, regarding its use, are not clear in the long term.
Technical analysis
In this case, I am going to technically analyze a particular cryptocurrency, which is Polkadot, (DOT).
After the double top with the final figure in M of the year 2021, the price dropped sharply in the crypto winter, making a bullish turn figure, with an upward break in October 2023. These types of figures are very common in the crypto world . Its observation and attack can be very useful to the experienced investor, who already knows something about cryptos.
In the short term, DOT has reached a relevant target around $9.50. The 6.30/50 USD zone is a vital zone in this short term as support (great volatility, never forget volatile crypto movements) and could be preparing with this new LH (low high, ascending minimum) a consolidation zone for , then attack the new resistance again, since for the future, it should target areas of 14 USD or a nearby price. And then keep going up. But before running, he must walk, and yes, he does it fast. 2024 will be a very interesting year for DOT, and in general, for all cryptos referenced to blockchain (remember transaction fees).
This content is for informational and educational purposes. There is no consumer protection. Your capital is subject to risks. It is not a recommendation to buy or sell crypto assets. Do your own research or contact your trusted financial advisor.
