5 Best Altcoins to Invest in Now November 16 – Immutable, Cardano, Algorand

Discover today’s five most promising altcoins, including Immutable, Cardano and Algorand, presenting their market dynamics and growth potential.

The leading cryptocurrency, Bitcoin, is priced at $36,695, representing a 1.48% gain in the past day. Bitcoin’s dominance in the market rose slightly by 0.16% and now stands at 50.48%.

5 Best Altcoins to Invest in Right Now

These figures indicate a steady movement in cryptocurrency, with moderate changes in market capitalization, trading volume, and Bitcoin’s value. This indicates continued interest from investors, which contributes to the market’s overall stability and growth.

1. Invariant X (IMX)

Immutable recently announced a significant upgrade to its layer-2 blockchain, the Immutable zkEVM Testnet. This involves a switch from its original EVM client, Polygon Edge, to a Geth-based client, which aligns the network more closely with Ethereum. The goal is to leverage Ethereum’s updates and ensure seamless compatibility with its tools.

Additionally, IMX’s goal is to enable Immutable zkEVM to support multiple primary Ethereum clients. This diversity strategy aims to fortify the network against errors and vulnerabilities at the client level.

In terms of financial performance, Immutable X has shown remarkable growth over the past year. Its price rose by 188%, outperforming 89% of the top 100 crypto assets, including Bitcoin and Ethereum. The token has consistently traded above its 200-day simple moving average. In addition, it has shown positive performance compared to its token sale price.

In the past 30 days, Immutable X has experienced 21 days of positive price movement, accounting for 70% of the period, indicating an upward trend. It also shows high liquidity, evident from its market capitalization.

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Immutable, the leading web3 gaming platform, joins forces with Ubisoft’s Strategic Innovation Lab to create a new gaming experience to further unlock benefits for players through the power of web3.

This is another important… pic.twitter.com/x3XvHwP0Zd

— Immutable (@Immutable) November 9, 2023

In terms of supply, Immutable X has a circulating supply of 1.25 billion IMX out of a maximum supply of 2.00 billion IMX. The annual supply inflation rate is 84.24%, which created 572.35 million IMX last year. Furthermore, by market capitalization, Immutable X holds the #2 position in the Layer 2 sector.

2. Internet Computer (ICP)

Internet Computer (ICP) has seen remarkable shifts in its performance over the past year. Its price has increased by 20%, indicating a significant increase in value. In comparison, it has outperformed 52% of the top 100 crypto assets during this time. Additionally, it is currently trading above the 200-day simple moving average, suggesting a positive trend.

One important highlight is its positive performance compared to its token sale price. Moreover, it has experienced 17 green days out of the last 30, accounting for 57% of the period, showing intermittent growth. The token is trading near its cycle high, indicating a favorable market position. Its liquidity, evidenced by the robust market capitalization, ensures smooth transaction flow.

As of the latest data, ICP is valued at $4.70, with a 24-hour trading volume of $111.62M and a market cap of $2.11B. Notably, it reached a high of $497.71 on May 10, 2021, and an all-time low of $2.86 on September 22, 2023. The current market sentiment is bullish, reflected by a Fear and Greed Index of 70, indicating investor confidence . .

It is imperative to note the current circulating supply of ICP, which stands at 449.25M out of a maximum supply of 488.51M. The annual supply inflation rate is 64.30%, which created 175.81M ICP within the last year. In the Tier 1 sector, Internet Computer maintains its position at #20 based on market capitalization ranking.

3. Cardano (ADA)

Cardano, currently 6th in the Layer 1 sector, has shown remarkable price movements over the past year. In the past year, Cardano’s price has risen by 15%. However, it is worth noting that during this period it only outperformed 51% of the top 100 crypto assets. This therefore indicates a moderate comparative performance.

As of the latest data, Cardano is trading at $0.384319, experiencing an increase of 4.49% in the last 24 hours. This surge adds to its bullish sentiment in terms of price prediction. Moreover, it is supported by the Fear & Greed Index, which stands at 70 (Greed).

From a technical analysis perspective, Cardano is trading above the 200-day simple moving average, indicating a positive momentum trend. Furthermore, Cardano has seen 21 green days in the last 30 days. It accounts for 70% of the observed trading period, suggesting a recent uptrend.

🏆 Cardano Summit 2023 Awards

🎊 Congratulations to the winners in the Developer or Developer Tools category

👏 @txpipe_tools 👏 @StricaHQ #CardanoSummit2023 #CardanoCommunity pic.twitter.com/jcVxOBm4s8

— Cardano Foundation (@Cardano_CF) November 9, 2023

Based on historical price points, Cardano peaked at $3.10 on September 2, 2021. Conversely, its lowest recorded value was $0.017354 on October 1, 2017. Since its ATH, the lowest price observed was $0.223375 (cycle low), and the highest ADA price after that cycle low stood at $0.409089 (cycle high ).

In terms of market cap and supply dynamics, Cardano currently has a circulating supply of 33.82B ADA out of a max supply of 45.00B ADA. Likewise, it has a market cap of $13.00 billion and a market dominance of 0.91%.

4. Bitcoin ETF Token (BTCETF)

The Bitcoin ETF Token project emerged to capitalize on the potential approval of a Bitcoin Exchange-Traded Fund (ETF). It aims to create a single token to increase investors’ exposure to this development. Even with the launch of an ETF, experts predict potential gains from Bitcoin to be around 1 to 3 times its current value.

Grayscale’s move with a $ETH futures #ETF could be a chess game to secure a spot for an #EthereumETF approval.

Bloomberg analyst James Seyffart sees this as a ‘Trojan horse’ tactic.

How do you see this regulatory chess match? #BTCETF has now raised over $800K too!🚀 pic.twitter.com/DW2DclMzOu

— BTCETF_Token (@BTCETF_Token) November 16, 2023

So far, BTCETF has raised $868,796 of its $1,310,400 funding goal, indicating significant buyer interest. This rising interest could position the coin as a potential investment option. In particular, there is a limited 4-day window to a potential price adjustment.

In summary, the Bitcoin ETF Token project is centered on the expected ETF approval for Bitcoin, which provides a clear strategy for potential returns. Its current status shows considerable interest from investors.

5. Algorand (ALGO)

Quantoz Payments, a Dutch blockchain firm Quantoz subsidiary, recently obtained an electronic money institution (EMI) license from the Netherlands Central Bank. This milestone empowers them to issue EURD, a regulated euro legal tender, on the Algorand network. The EURD will be available across the European Economic Area by the end of the year.

EURD’s launch aims to facilitate payments to internet-connected device avatars and strengthen the Web3 economy. It is designed to enable economically viable microtransactions, to potentially compensate sensor data and facilitate machine-to-machine transactions.

In addition to being a regulated digital euro, the EURD demands robust privacy measures. Additionally, it aims to cover transaction fees and offer programmability for improved efficiency.

Algorand, the platform where EURD will be issued, is trading above its 200-day simple moving average. It boasts 20 positive days out of the last 30 (67%) and enjoys high liquidity on Binance.

Furthermore, Algorand’s current statistics show a trading price of $0.140899 and a 24-hour trading volume of $156.05M. It also has a market capitalization of $1.13 billion and a market dominance of 0.08%. Over the past 24 hours, its price has increased by 1.28%.

In terms of sentiment, Algorand’s price forecast is currently neutral, and the Fear & Greed Index reflects a level of 70 (Greed). Its circulating supply stands at 8.01B ALGO out of a maximum supply of 10.00B ALGO. It also has an annual supply inflation rate of 12.73%, creating 904.33M ALGO in the past year.

In summary, market cap rankings show that Algorand holds #11 among Proof-of-Stake coins, #3 in the Algorand Network sector and #26 in the Layer 1 sector. This ranking, along with the positive market sentiments, makes ALGO a coin worth watching.

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