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The crypto world is possibly experiencing a new bullish season, with Algorand, Litecoin, and Monero among the key players
The beginning of the year has been characterized by being colored green for a number of digital currencies, some of them are flash fires but others have solid foundations and particularly favored by analysts
Price analysis of Monero, Algorand and Litecoin
Among the most interesting names in the crypto universe are Monero, Algorand and Litecoin.
A look at the current market value and the aforementioned crypto assets will help us understand the trends and what insiders expect.
Monero (XMR)
The quintessential security crypto touches 161.60 euros, rising 0.36%.
The currency also performed well in the last six months, recovering 17% of its value and returning to December 2021 levels.
The digital currency focuses on privacy protection, decentralization, scalability, and fungibility.
In 2014 the crypto was called BitMonero but over time it has opted for a smarter name such as Monero precisely.
Monero (XMR) is based on a proof-of-work (PoW) blockchain
The crypto uses all possible techniques to keep users’ choices anonymous and is open source.
XMR has not always enjoyed the best of health, and its value has declined greatly over time except to recover recently.
InvestorsObserver Sunday gives XMR a neutral rating
Algorand (ALGO)
The Web3 facilitator and accelerator has appreciated 14.28% this week.
Since yesterday the digital currency has risen an additional 2.66% touching €0.22 but we are still far from the all-time high.
As of today there are 7,196,637,407.002 ALGO in circulation.
Algorand provides scalability and security and this makes many developers interested in the crypto.
Algorand (ALGO) is cost-free since it is based on Proof-of-Stake (PoS).
Transaction fees in Algorand are also lower when compared to Bitcoin, making the currency very attractive to investors.
According to insiders, despite an underwhelming 2022 for the entire cryptocurrency sector this year ALGO could give us an exploit.
Litecoin (LTC)
Created to counter the overwhelming power of BTC, Litecoin made its appearance in the crypto world in 2011.
LTC is characterized by speed of operations and security and today it is essentially breaking even compared to yesterday at €80.44.
In recent months, the digital currency has presented a good recovery (+47.25%).
Litecoin’s trading volume is up 114% and the market cap is up 8%, suggesting optimism among investors.
Analysts are hoping for a 2023 rebound and believe that Litecoin (LTC) can bring joys to clients’ portfolios this year.
It is too early to tell whether or not we can talk about a bull market should the trends be confirmed, and many analysts agree to discount these hopes.
In the meantime, BTC has also resumed its pre-pandemic levels by returning above $20,000.
Whether the market bottom was in November is a matter of debate, but the fact remains that the most attentive investors agree that there is a lot of scope for 2023.