In this episode of BeInCrypto’s video news show, host Jessica Walker discusses our choices for December altcoins.
We’re back with our best altcoin streak on the BeInCrypto channel and this could be one of the strongest groups yet. We have Luna, we have metaverse tokens, as well as a few dark horses, so keep watching until the end to compare them all and make an informed decision on which altcoins you’re going to invest in December!
MOON tokens climbed nearly 17% on Tuesday this week after news that decentralized financial institution Terra passed its first proposal under new voting period settings. And it looks like another milestone in Luna’s 900% growth since July.
Let’s start with the big picture. The progress of Terra Network development activity has also been quite impressive lately. The same has been observed around its annual high, at the time of writing. Essentially, this means that the developers are constantly working to keep the project relevant. Not only for subsistence, but also for competition.
But why is this latest spike happening now? Well, it happened after Terra Luna announced that over 92% of participating stakeholders voted in favor of a proposal to provide a “community grant” to pay a developer working under the pseudonym Rebaz for ” pursue a massive redesign of TrackTerra “.
As the company explained in a Tweeter, this application will export Terra transactions to “popular tax software”. This will ideally ease reporting requirements as global governments establish new rules requiring cryptocurrency income to be reported to tax authorities for tax assessment.
Rebaz will receive a total of $ 42,680 in the form of 1,041 LUNA tokens for this work, which will take another month or two.
Tax reporting is set to become a bigger issue for cryptocurrency investors, and as Terra Luna notes in her report, there is currently only “one competitor for trackterra which is the tax on participations ”, and“ this solution is almost unusable… does not have support for many terra transactions nor is it open source.
For stablecoin investors in particular, this suggests that Terra Luna has a product that will soon be in high demand. That is why it is very likely that Terra Luna will continue to gain more and more fans.
Number two on our list is the MANA token of Decentraland, which probably isn’t too much of a surprise. It has jumped 300% over the past month. It is currently hovering about 20% below its all-time high at the end of October.
Decentraland is essentially a decentralized virtual world developed on the Ethereum blockchain. It allows users to buy and trade digital land through digital assets and then effectively monetize them. Users have full ownership of their virtual land and can perform multiple activities on the platform.
Decentraland even had its own meta-festival, the first of which was held October 21-24 and was a huge success, attracting 50,000 virtual attendees who claimed 11,204 unique non-fungible digital tokens (NFTs). The company also said it handed out 51,947 proof of attendance protocols in NTF form to participants.
Decentraland is one of the oldest metaverse projects on the market today. The Facebook rebranding event was the catalyst MANA needed to come out of obscurity. In addition, its development is commendable given the problems that the project has encountered since its creation.
Most investors might think that the platform went through a turning point towards the end of October, however, the reality is that there has been significant institutional demand for MANA since March of this year. The amount of funds held in Decentraland’s Grayscale Trust has increased by more than 50% since March.
Additionally, in the future, Decentraland plans to work on the interoperability of its metaverse with other crypto metaverse worlds. It will use an IPSME (Idempotent Publish / Subscribe Messaging Environment) protocol to achieve its objectives.
Most crypto analysts believe MANA has a bright future ahead of it and will continue to rally to new highs. Additionally, Decentraland will continue to gain traction as the ubiquity of the Metaverse grows over time. And while that feeling sounds nice and positive, the graph reflects the large number of people who believe it will come to pass.
At number three, we have Stacks, a Layer 1 blockchain project and its STX token. The reason we included this altcoin is that its price has just passed a critical level according to our analysis. Let’s see what this project is all about and do a bit of graphical analysis to find out where it’s heading next.
Stacks is a Layer 1 blockchain solution designed to bring smart contracts and decentralized applications (dApps) to Bitcoin (BTC). These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful, including its security and stability.
These dApps are open and modular, which means developers can build on each other to produce functionality that is simply not possible in a typical application. Since Stacks uses Bitcoin as a base layer, everything that happens on the network is settled on the most widely used, arguably the most secure blockchain in operation – Bitcoin.
The platform is powered by the STX token, which is used to power the execution of smart contracts, process transactions, and register new digital assets on the Stacks 2.0 blockchain. Stacks seeks to take what makes Bitcoin so powerful and expand it with additional functionality, without needing to fork or modify the original Bitcoin blockchain.
It does this by connecting directly to the Bitcoin blockchain through its Proof of Transfer consensus mechanism, which requires miners to pay in BTC to create new Stacks tokens. Additionally, STX token holders can also stack (not wager) their tokens to earn Bitcoin as a reward.
On top of that, Stacks was the first cryptocurrency to receive SEC qualification for a sale in the United States, allowing it to launch a $ 28 million Reg A + cash sale offer for its STX tokens in July. 2019.
Looking at the chart, we can quickly see that the price is currently trying to break the all-time high that was set about a month ago. There has been a 50% rush in the last couple of days and if the price does manage to break above the critical level we think it could be a runner in December!
Last on our list of the best altcoins to watch in December is GALA. He’s been on a tear recently and we thought he deserved a closer look. The bottom line about Gala Games is that it aims to take the gaming industry in a completely different direction, putting players back in control of their games.
Gala Games’ mission is to create ‘blockchain games that you will really want to play’. The project wants to change the fact that players can spend hundreds of dollars on in-game assets and countless hours spent playing the game, which could be taken away from them with the click of a button.
Players can own NFTs and influence game governance within the Gala Games ecosystem. The Founder’s Nodes voting mechanism allows players to influence which Gala games should develop and which games should get funding.
In addition to purchasing NFTs for specific games, Gala Games also uses GALA – its own utility token. So far, Gala Games has released a playable game – Town Star and an NFT collectible series called VOX. It plans to release more games in the future, like a fantasy RPG game, a sci-fi strategy game, and a tower defense game.
Since launching in 2019, Gala Games has grown to 1.3 million monthly active users and 26,000 NFTs have been sold, with the most expensive coin valued at $ 3 million. It’s easy to see why this altcoin is generating excitement, but the chart is a bit tricky on this one. This is a very, very young chart as it is only available from the beginning of November on most platforms. But we believe the explosive growth of around 1000% warrants a review.
Things seem to have slowed down over the past few days here, but if you notice there is a trendline here and it still hasn’t been broken. We believe that GALA could be ripe for a rebound with a lot of momentum, especially if the broad market continues to rise in December.
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