Going into the ‘Black Friday’ weekend, the price of Bitcoin and the values of the majority of other digital assets have lost high single digits, thus providing a great buying opportunity for avid deal seekers.
While most crypto assets had recuperated their losses by Sunday, there are several crypto assets that are still trading well below their respective all-time high levels, despite boasting strong fundamentals which could soon boost their market standings.
Let’s take a look at three coins that are currently exchanging hands well below their market potential and present an excellent ‘Cyber Monday’ buying opportunity.
3. FTX Token (FTT)
FTX Token is a native exchange token of one of the biggest cryptocurrency exchanges FTX. With a spot trading volume of nearly $3 billion over the last 24 hours, FTX ranks as the 6th largest crypto spot trading platform. In addition to impressive spot metrics, FTX’s derivatives offering trails only that of Binance, and stands as the 2nd most liquid futures trading crypto platform in the world.
The massive exchange platform, developed by one of the most prominent voices in the crypto industry, Alameda Research’s CEO Sam Bankman-Fried, is powered by the FTT utility token. FTT provides holders with the ability to take advantage of exclusive discounts on trading fees, earn rewards by providing liquidity on the FTX ecosystem, earn staking rewards, and stake their funds as collateral. Furthermore, FTT holders can look forward to receiving their share of the so-called Socialised Gains, which are a portion of FTX’s gains that the exchange redistributes among its users in times of large market movements.
Additionally, FTX has recently penned partnerships with some of the more prominent sports organizations in the world in order to draw mainstream audiences to crypto. FTX secured a 19-year $135 million deal with NBA team Miami Heat for the naming rights to its arena, and a 10-year $17.5 million deal with UC-Berkeley Athletic Department. Earlier this year, FTX partnered with TSM, one of the biggest eSports organizations in the world, in a $210 million blockbuster deal.
Given its extensive list of sponsorship and a massive $25 billion valuation of its parent company, it is perhaps a bit surprising that FTT is currently trading 40% removed from its ATH. It is very likely that the current bargain won’t last long as FTT could soon experience a rally similar to Crypto.com Coin (CRO), which more than doubled in price and reached a new ATH after the Staples Center rebranding deal became public.
2. Cardano (ADA)
Cardano is a proof-of-stake (PoS) all-in-one blockchain ecosystem powered by native smart contracts and powered by one of the better-established crypto assets in ADA. The native token of Cardano reached an ATH of $3.10 on the day that the highly anticipated smart contract functionally was first introduced on the platform as a part of the Alonzo upgrade.
The project that started in 2017 by Charles Hoskinson, a mathematician, who was once part of the Ethereum developer team, has received numerous improvements over the last couple of weeks. Despite the accelerated development, the price of ADA has been trending in the opposite direction, losing 50% of its value from its September peak, and is currently exchanging hands at a 3-month low.
The Plutus Application Backend (PAB), a testing ground for decentralized applications (dApps) on Cardano is reportedly receiving an update in the coming days. Additionally, the block size will increase by 12.5% in an update coming on December 1, increasing Plutus script memory and improving the overall performance of the Cardano blockchain network.
The rapid development on the software side of things has led to the rapid expansion of the Cardano ecosystem – the first decentralized exchange on Cardano DOEX is launching in Q1 2022, while ADA Finance recently won the prestigious ‘Best DeFi’ project of the year award at the 2021 AIBC Summit.
With the current price of ADA 50% removed from its ATH and a long list of improvements in the pipeline, ADA might be one of the ‘Cyber Monday’ deals of 2021.
1. Polkadot (DOT)
Polkadot is undoubtedly one of the more innovative blockchain projects in the market. Its interoperability expands beyond simple token transactions as it enables cross-chain transfers of any type of crypto data or asset. Polkadot platform is one of the quickest developing blockchain Layer-0 solutions, allowing networks like Ethereum to seamlessly integrate into the same platform.
Polkadot recently benefited from the introduction of parachains, which were first introduced in Polkadot’s white paper years ago. Parachains are customized blockchains designed to feed into the mainchain. Since they are tailored for project-specific use cases, parachains can achieve higher throughput while retaining lower transaction costs than the main blockchain.
The anticipation proceeding the first parachain auction pushed the price of DOT to a new all-time high just below $55 on November 4. Since then, the value of Polkadot’s backbone digital asset lost roughly 35%, despite the huge among of interest that the parachain auction projects are generating.
The ‘DeFi hub’ Acala won the first-ever Polkadot auction slot with $1.3 billion worth of DOT raised in crowdloans, ahead of Moonbean that raised a roughly equal amount of DOT, but came in second due to the candle auction mechanism. Nevertheless, Moonbeam, a project that’s looking to combine Ethereum’s smart contracts with Polkadot’s interoperability and scalability, managed to win the second auction, raising over $1.2 billion in the crowdfunding process.
The parachain auctions are set to continue into early 2022, with the second batch of auctions commencing on December 23. Winners of parachain auctions will be able to build on on the Polkadot network for 96 weeks – the same period of time that DOT crowdloans will be locked.
Given the fact that the value of DOT is directly correlated to the success of parachains and their resounding success, the current price of DOT could easily be considered a steal.
The bottom line
While the cryptocurrency trio mentioned in this article is likely heading towards greener pastures over the next couple of weeks, keep in mind that this is not investment advice. It’s virtually impossible to predict how the market will perform in the short term, let alone in the long term. Do your own research, never invest more than you are willing to lose, and most importantly, don’t put all your eggs in one basket.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.