The cryptocurrency market is highly unpredictable; it is like an uncontrolled roller coaster ride. This time it is up but the next minute it could come tumbling down like a helicopter that has lost its rotors. The prices have been fairly bullish since the beginning of the week after the extended declines that dominated in the previous week. However, the same market is not only bleeding as I write this article, but it is drowning in the sea of red. On the bright side, it is the best time to buy various coins while the prices are low. Furthermore, the biggest dilemma for investors comes when they have to pick a coin to buy. Therefore, this article will explore a couple of the best coins with the potential to retrace to higher levels especially after the current overarching declines.
This altcoin is ranked the 61st cryptocurrency in the market and has a market capitalization of $166,900,194. It is trading at $1.60 at the time of writing, besides, it has a circulating supply of 104,253,979 KMD.
Komodo (KMD) is a platform that has been developed to improve the anonymity status of cryptocurrencies in the market. In short, it is a privacy-focused coin which works on the concepts of zero-knowledge of proofs along with Delayed Proof-of-Work (dPoW). The founders of Komodo developed it using the concept of Zcash, similarly, it is a larger version of BitcoinDark digital asset.
The crypto was founded by SuperNET blockchain and it focuses on constantly improving decentralized trading. In addition to that, it integrates zk-SNARK; a protocol that is used in Zcash to ensure high efficiency. It was the first coin to change the way funds are raised for crypto projects in the industry by using a decentralized Initial Coin Offer (dICO). The platform has a total of 200 million KMD coins, but 100 million of this already pre-mined. The remaining 100 KMD will are mined using the Proof-of-Work (PoW) concept.
The platform has also designed a reward system for all token holders. 5% annual percentage rate (APR) is relayed back to the holders until the platform reaches the maximum supply of 200 million KMD. The token, KMD can either be used for trading or as a utility token on the Komodo (KMD) platform. As a privacy-focused coin, it has the potential to scale to higher highs as investors move to accommodate anonymous coins.
VeChainThor (VEN), on the other hand, is exchanging hands at $2.8, besides it is down 11% in the last 24 hours. It is the 17th cryptocurrency on CoinMarketCap with a market capitalization of $1,541,670,113. The crypto has a total supply of 873,378,637 VEN tokens while the total circulating coins are 547,497,243 VEN.
This project has recently rebranded from VeChain to VeChainThor to mark the launch of its mainnet. It is a platform that has been designed to revolutionize product chain management systems while employing blockchain technology. It is one of the few projects in the market that are offering blockchain as-a-services to various industries. VeChainThor specifically deals with supply chain management for products in different industries. It is making it easy for companies to track the position of products even in transit and relay the same information to their customers.
VeChainThor (VEN) blockchain as a service is able to record all information concerning products, however little the data is. Using the Distributed Ledger technology, this information is relayed to relevant parties who track the quality and even history of products for better service delivery and product management. The company has already made strategic partnerships with companies in several industries including but not limited to agriculture, liquor as well as luxury goods.
To expand its horizon the platform has released its mainnet, which is currently being tested on GitHub. The blockchain has been created with the real world in mind to ensure that the project solves real-world problems. This is what will help the platform grow to become one among the major cryptocurrencies in the industry. It also integrates the future of technology by using the Internet of Things. Moreover, it will support the development of other decentralized applications as well.