With multiple thriving crypto projects in the market, you might find yourself focusing on undiscovered and new coins. It is vital to consider some old favorites.
August seems a crucial month for Ethereum (ETH), the reason the leading alternative crypto earned the first spot on my list.
Most market analysts believe that this is the best month to balance your cryptocurrency portfolio. Ideally, your cryptocurrency savings should represent about 10% of your overall investments.
If you want to explore alternative assets, you may enjoy increased returns. But, beware of the magnified risks. Keep in mind that crypto is a risky game, with most coins falling in no time. That is why you need to weigh your decisions when investing in cryptocurrency.
You may consider these alternative coins in August
Ethereum
ETH plans to launch the awaited London hard fork on 4 August.
A hard fork translates to a substantial change to the network’s programming. This upgrade makes old versions outdated.
Meanwhile, do not confuse the London fork with the massive ET2 upgrade. The Eth2 update will solve some of Ethereum’s issues, such as sustainability and scalability problems.
Vitalik Buterin, ETH’s creator, recently revealed that the ETH2 complete upgrade might be ready for launch in 2022.
Meanwhile, the hard fork is essential in improving transaction speeds and stabilizing fees. However, the upgrade will reduce mining revenues.
Algorand
Different programmable blockchains seem to gain the spotlight after Ethereum’s Eth2 delay until 2022. Although many assets fall here, Algorand (ALGO) seems to boom in the coming sessions. Remember, ALGO is cheaper, faster, and environ-friendly than ETH.
According to its official website, ALGO can facilitate 1,000 transactions every second at the moment and plans to reach 46,000 by the end of 2021.
Meanwhile, ETH can process 15 transactions per second, expecting to rise to 100,000 after the Eth2 launch. Also, ALGO has already worked on its smart contract functionality.
Enjin
Crypto enthusiasts seem to shift their attention to NFT and gaming cryptos after the recent Axie Infinity (AXS) meteoric surges. NFTs are digital collectible. Enjin users can create, own and play with these tokens.
Earlier in January, the coin partnered with Minecraft and Microsoft to design discrete NFT heroes for gamers.
Moreover, Enjin has committed to sustainability. Also, it is a worthy option as far as the environment is concerned.
With the current market conditions, check the above altcoins while navigating the crypto market this August.
