Although Bitcoin has had a much better start to this year than it did in 2018, altcoins have yet to really participate in the rally. There have been a few occasional breakouts from Tron (TRX) and Binance Coin (BNB), but the bulk of altcoins have yet to catch on.
While there was some talk of an altcoin apocalypse, most were hoping it wasn’t true. Still, it must be said that there is at least a decent chance that many of the altcoins that we know, and love, will never be what they were in 2017 and early 2018.
All that being said, there are still a few altcoins that have built powerful solutions that address real-world problems that need to be solved. Below are three cryptocurrencies that appear poised for success in 2019.
In June, Facebook announced that it would be entering the cryptocurrency space with Libra. Libra will work across all of Facebook’s platforms and apps and allow users to purchase items on the web or at physical stores like supermarkets. Because Facebook has a global audience, Libra may end up functioning as a global payment method. But, Dash is another cryptocurrency that is already attempting to capture a global audience.
Venezuela has been a country in turmoil for years. As the country continues to experience rampant corruption and runaway inflation, Dash has stepped in to be a helping hand for the Venezuelan people.
Dash is partnering with local businesses and organizations in an effort to increase the ability for Venezuelan citizens to use Dash to purchase necessary items like food, clothing, and other goods. Given the inflation levels, Venezuelan people would likely need to carry bags of cash with them to purchase items that we would normally take for granted.
If Dash can succeed in Venezuela, it could become the cryptocurrency of choice for countries in crisis.
Privacy rights have been a huge talking point over the past few years. There have been several notable hacks and data breaches involving Facebook, Equifax, and Marriott, that have forced U.S. Congress to get involved.
While a stolen credit card or identification number is a big deal, that can be dealt with. Having your genomic data stolen takes the concern to a whole new level.
Encrypgen (DNA) is a promising company that launched the world’s first genomic data marketplace, the Gene-Chain, in November 2018. Genomics is one of the fastest-growing markets in the world and is expected to reach a total valuation of $27.6 billion by the year 2025. Given that expected growth, it’s only natural that companies would attempt to take advantage of the available opportunity.
In order for the Gene-Chain to succeed, consumers will need to upload their data and researchers will need to purchase it. The company is focused on marketing the platform to both data buyers and data sellers and is already seeing results. The company will be starting its first Active Studies engagement shortly.
In addition, a research consortium has already contacted Encrypgen and is expected to add 100,000 data profiles over the next 3 years. Another exciting development is that Encrypgen will be launching a B2B product in September.
Altcoins have not had the year most would expect but there have still been a few breakout stars. One such star is Binance Coin (BNB). BNB is up nearly 600% since the start of the year which certainly puts it among the best performing coins of 2019. There are a few reasons for its success which include the following:
- Coin Burning – BNB started with a supply of 200 million coins. Binance has publicized its plans to burn the BNB equivalent of 20% of its quarterly earnings until only 100 million coins remain in circulation. This is similar to when a public company announces its intention to buy back shares. The shares always increase in value following such an announcement.
- IEOs – Although ICOs may have been the best way for new projects to raise capital in years past, IEOs are now gaining steam. IEOs are led by a specific exchange and Binance appears to be the king. Binance has boosted its native token by requiring participants to use BNB.
- Utility – Traders who use BNB on the Binance platform qualify for trading discounts. This is especially lucrative for active traders.
It will be interesting to see if Binance Coin can maintain its momentum for the rest of the year.
Although the altcoin market hasn’t soared like we’d all hope, there are still a few promising cryptocurrencies including Dash, EncrypGen, and Binance Coin. These are three cryptocurrencies poised for big success in 2019.