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Ethereum is down 1% this past week, while these alternative cryptos have each surged at least 25% over the same time frame.
Key points
- In 2021, Ethereum surged due to the popularity of NFTs and DeFi, which have largely run on the Ethereum blockchain. But the smart contract powerhouse seems to be struggling so far this month.
- In contrast, three projects — Mina, Moonbeam, and Near Protocol — have each blazed past ETH, making at least 25% gains in April to date.
Last year, Ethereum (ETH) surged more than 400% due to the popularity of non-fungible tokens (NFTs) and decentralized finance (DeFi), which have largely run on the Ethereum blockchain. But the smart contract cryptocurrency network and ETH coin are struggling this month. Ethereum is currently down 1% on the week and 32% off its all-time high in November 2021, according to CoinMarketCap.
I believe that Ethereum is one of the best long-term projects and investments within the crypto space, however, while it seems to be taking a bit of a breather regarding its price action, here are three cryptos that have each outgained ETH by at least 25% over the past seven days, and 75% respectively over the past 30-day period.
1. Mina (MINA)
At time of writing, CoinMarketCap shows that Mina has jumped 25.61% during the past seven days and an eye-popping 98% over 30 days. Crypto experts have described Mina as the “world’s lightest blockchain” since its size is designed to remain constant despite growth in usage, enabling fast and cheap transaction settlements. Furthermore, it remains balanced in terms of security and decentralization.
While Bitcoin uses heavy computing power for its proof-of-work (PoW) approach to validate transactions, and Ethereum is moving to a proof-of-stake (PoS) model where individuals holding a preset number of coins “earn” the right to validate deals, Mina uses a different approach altogether where chain participants vet specific parts of each transaction on its decentralized network.
2. Moonbeam (GLMR)
While writing this, Moonbeam is up 26.76% in the past week and an impressive 76% during the past four weeks, according to CoinMarketCap data. Moonbeam is a smart contract parachain — a separate blockchain network with different functions and construction — that runs on Polkadot, which means Moonbeam is also compatible with Ethereum. Moonbeam bridges across different blockchains, such as Bitcoin, which enables the thousands of developers who have launched their apps on Ethereum to expand access to tens of thousands of users on other crypto networks.
As an analogy, if Ethereum is the app store on iPhone, Moonbeam would be software that allows app store developers to automatically share their apps on Android, Samsung, Motorola, etc. systems. Moonbeam’s seamless cross-chain use case makes it a highly useful network for both users and developers.
3. Near Protocol (NEAR)
At press time, CoinMarketCap shows Near Protocol has pumped 40% over the past seven-day stretch and 89% spanning the last 30 days. NEAR is currently priced at $18.65 per coin.
Near Protocol is a foundational layer-one blockchain, similar to Bitcoin and Ethereum. It was designed to be a cloud computing system that’s faster, cheaper, and more scalable than other crypto networks. Its decentralized layout has created a user-friendly environment for developers and designers of decentralized apps, which continues to grow. It’s worth noting that Near’s foundation recently secured $150 million in new funding, which will be used to promote and drive awareness of this specific blockchain.
As always, this article should only be considered as personal opinions and observations — not financial advice. Each investor should always do their own research and only invest amounts they can afford to lose. In the long term, the Ethereum project looks to be one of the biggest winners within the entire crypto space, however, the three projects showcased in this writeup are worth a look in the short run.
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