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In a space dominated by established cryptocurrency projects, tides are turning as Bitcoin soars towards its previous all-time high. Interestingly, most Altcoins were either nursing losses or stagnant. Beyond prices, the recent bearish market has revealed cracks in many crypto projects, and both institutional and retail investors are reconsidering their options. Chainlink and Cardano are two Cryptocurrencies at the forefront of this mass exodus, and analysts track the flow of money into newer projects like Algotech (ALGT).
Chainlink has been at the forefront of the decentralized Oracle network space for years. Still, it is looking more likely to relinquish that position due to fierce competition from centralized oracles and layer-2 oracles.
With lower fees, more direct use cases, and much better adoption, centralized oracles have been the preferred option to Chainlink. This already makes the project dispensable, and newer developments from Polygon (Hermes) and Optimism through their layer-2 oracle solutions spell further doom for Chainlink.
Security has also been a major concern for a few years. Not counting the $325 million wormhole bridge of 2022 and the $34 million MEV theft of 2023, Chainlink has been forced to pay white hackers a few million for discovering bugs in its smart contracts.
Cardano is finally making some noise after years of being relatively quiet. The network has seen an increase in hosted smart contracts, and its development team, after redirecting focus to interoperability and stability through Plutus 3, has enjoyed increased DeFi development.
While these are positive signs for the network, the current Cardano price indicates otherwise. The major reason is that Cardano's development team has been extremely slow, and most of the promised upgrades have taken longer than expected.
The lack of trust in the future prospect of Cardano is why many investors are enticed by newer alternatives, especially one whose presale took the cryptocurrency market by storm, garnering $1.1 million in its first two days.
The cryptocurrency market has seen different trends. NFTs, gaming, oracles, and smart contracts have all been around bullish seasons. Now, the trend has shifted more into the space of algorithm and automated trading, and Algotech (ALGT) is one of the major names at the forefront of this development.
Created as a decentralized algorithm trading platform, Algotech leverages on new technologies like AI, Machine learning, and Data analysis to improve the trading space. It seeks to improve traders' performance by removing emotional involvement as much as possible.
Behind the Algotech (ALGT)infrastructure is the ALGT token. Its presale took the crypto world by surprise as it brought in over $1.1 million in its first two days, and with prices moving from $0.02 to $0.04, investors from both Cardano and Chainlink are enticed. Several analysts even predict the price to increase to $0.15 at the end of its presale, a whopping 275% increase. 2024 might just be starting, but it seems we already have a winner for the best presale in 2024.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
