The cryptocurrency market is off to a strong start in September. The overall cryptocurrency market capitalization has soared to $ 2.26 trillion fueled by a rally in Bitcoin (BTC) and the altcoin space. Altcoin Daily has created the top cryptocurrencies that have the potential to outperform even further this month.
1. Bitcoin (BTC)
A large part of the market remains bullish on Bitcoin. As of now, BTC faces strong resistance at $ 50,000 levels retesting these levels for the second time in just 10 days. Bitcoin has faced a strong rejection of $ 50,000 and is currently trading at $ 49,948 with a market capitalization of $ 939 billion.
Recently, cryptocurrency exchange Coinbase saw significant outflows. The Bitcoin balance on Coinbase is now at a four-year low.
Furthermore, Bitcoin address activity has seen a strong rebound in the market. For the first time in the last two months, there were 1 million addresses interacting on the Bitcoin blockchain, informs Santiment. Therefore, Bitcoin remains one of the best options for most investors.
2. Cardano (ADA)
Cardano (ADA), the world's third-largest cryptocurrency, hit a new all-time high of $ 3 on Thursday, September 2. Cardano has had a steady bull run this year.
Cardano is set to undergo a major network update before this month, on September 12. The Cardano blockchain will undergo the Alonzo fork update next week. This will bring the long-awaited smart contract functionality to the grid. Therefore, this euphoria may further drive ADA prices further.
3. Polkadot (DOT)
The cryptocurrency Polkadot (DOT) has also seen a strong rally that has broken above the $ 30 levels recently. The recent price spike comes just before the second round of parachains auctions. Its Canarian network Kusama has also recently registered a similar rally.
Parachains are the main PVUs of the Polkadot blockchain, allowing user customizations based on use cases while feeding them to the main blockchain later on. Additionally, DeFi lending platform CREAM Finance recently announced that they will be integrating with Polkadot's blockchain network through Moonbeam.
This will allow CREAM Finance to bring its loan and loan services to Moonbeam, a smart contract platform on the Polkadot blockchain. Thus, Polkadot and Kusama users will be able to access CREAM services and participate in the crypto loan ecosystem. This is certainly one of those promising projects to watch out for this month.
4. Solana (SOL)
When we talk about some of the best performing cryptocurrencies, we can't forget about Solana. Right at the time of writing, Solana (SOL) has achieved another 24% increase, trading at its all-time high of $ 145. With this, Solana rises to become the seventh largest cryptocurrency by market capitalization toppling Dogecoin (DOGE).
Dubbed as the Ethereum killer, Solana has the proof-of-stake consensus model that offers high scalability. The platform has gained great popularity in recent times. The massive price rally in SOL comes amid strong trading volumes on Defi protocols hosted on the Solana blockchain.
According to data from DeFi Llama, the total locked value (TVL) in Solana has touched $ 4 billion. The creators of the Solana blockchain claim that their system is the fastest in the world. Also, its native stablecoin UXD has recently raised $ 3 million.
5. Polygon (MATIC)
Amid strong development activity, the Polygon blockchain network has been in the news throughout 2021. The Polygon protocol serves as a Layer 2 solution on Ethereum that offers a framework for building and connecting multiple networks of Ethereum compatible blockchains.
The main news is that the world's largest publicly traded exchange Coinbase (NASDAQ: COIN) is integrating Polygon into its platform. Coinbase will integrate Polygon into the Coinbase Wallet app, as well as the Coinbase Wallet extension. The recent Polygon integration will also help Coinbase users easily access decentralized finance (DeFi) and non-fungible tokens (NFT).
Polygon's native cryptocurrency MATIC is currently trading around $ 1.50. The price of MATIC has risen 150 times since the beginning of 2021.
6. Arbitrum (ARB)
This is another scaling solution from Etheruem that makes solid moves in the DeFi space. In a very short time, the Arbitrum network has already exceeded $ 20 million in total. With its recent public release, there is a ton of money flowing into Arbitrum.
As a result, Arbitrum (ARB) has posted hockey stick growth with the price of ARB skyrocketing 300% over the last week. Arbitrum is an Offchain Labs product built using optimistic rollup technology to bring scalability to the Ethereum blockchain network.
7. VeChain (VET)
Thor's mainnet on the VeChain blockchain has reached a major milestone of 10 million blocks without any major downtime.
The VeChain supply chain platform has seen constant business use by some of the major retail giants such as Walmart. Last year, in June 2020, Vechain partnered with a Walmart subsidiary in China. Additionally, it has also seen strong government adoption from counties such as China and San Marino.
VeChain has some major infrastructure updates ahead of it on its roadmap. This includes the introduction of Proof-of-Authority (PoA) 2.0 along with more partnerships, use cases, community DApps, and much more.
Well, the altcoin space has really been doing quite well as of late. Stellar Lumens (XLM) has recently given a crucial break above $ 0.35 and it could possibly rally further to $ 0.43. On the other hand, Ripple's XRP is also riding the altcoin bull run despite being late in the game. The price of XRP has risen 15 percent over the last week and is currently trading at $ 1.28.