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While the overall cryptocurrency market is experiencing a negative trend, Bitcoin (BTC) and altcoins are struggling to make decisive moves in both directions. In this regard, investors are eagerly awaiting a potential catalyst that could take the market to new highs. Despite the general decline in the market, there are still opportunities for those looking to enter the cryptocurrency market. We have compiled three altcoins that appear to offer visible buying opportunities and have shown signs of possible price rallies supported by strong fundamentals, which could lead to similar moves in the medium and long term.
XDC Network (XDC)
XDC Network (XDC), a hybrid Blockchain network that combines the transparency of public Blockchains with the speed and security of private networks, was one of the standout altcoins last week. The altcoin is currently in an upward trend and seems to be holding onto the gains it made during the recent short-term market rally.
Indeed, XDC Network offers an investment opportunity considering its valuable partnerships, collaborations, and integrations that continue to pave the way for the adoption of its native asset, XDC, in the real world. Notably, the recent collaboration with R3, a leading enterprise Blockchain aiming to provide Blockchain solutions to businesses, can be cited as a significant example. As the utility and practical applications of XDC expand, an increase in demand for XDC can be expected.
Cardano (ADA)
Cardano (ADA), one of the most promising altcoin projects in the market, has shown significant developments in its development activities and measurements on the chain during a relatively stagnant period in the overall market. According to data provided by the on-chain analysis platform Santiment, Cardano experienced a significant increase in trading volume as of September 4, reaching the highest level since April.
The platform highlighted that this increase in trading activity reflects an increasing utility that can potentially drive price increases for ADA, especially when combined with the platform’s social dominance. Furthermore, the number of new unique wallet addresses created on the Cardano network on August 30 increased by 6% since April 1, reaching 4.26 million wallets as of August 29.
Stellar Lumens (XLM)
Stellar Lumens (XLM), a peer-to-peer (P2P) decentralized network, has been on an upward trend in recent days. Its rise is driven by expectations of significant partnerships, such as being considered a potential catalyst for the Blockchain side of the FedNow Payment System. FedNow, an instant payment system developed by the Federal Reserve, aims to bridge the gap between traditional banking and decentralized finance (DeFi).
If Stellar Lumens is chosen as a Blockchain solution for this service, the value of XLM is expected to continue to rise. Such a high-profile partnership will likely further increase interest in the altcoin. Additionally, the Stellar Lumens developers have hinted at a significant announcement planned for the upcoming week, adding to the uncertainty of the nature of this news and its potential impact on XLM.
