Top three altcoins to watch this week: DOT, EOS, RUNE

Key Takeaways:

  • Cryptocurrency prices continue to move downwards with the traditional markets.
  • However, some altcoins are giving positive signals and might attract traders.
Crypto markets continue their downtrend but some altcoins might attract traders' attention due to upcoming updates. Image from pixabay
Crypto markets continue their downtrend, but some altcoins might attract traders’ attention due to upcoming updates. Image from Pixabay

NEW DELHI (CoinChapter.com) — The crypto market trended downward on May 9, led by Bitcoin (BTC), which fell 16.5% to breach below $34,000 for the first time since Jul 2021.

However, several altcoins have major updates in the pipeline, with some in May and some in the upcoming months. Hence, traders might buy the dip on these altcoins, hopeful of a turnaround based on bullish cues.

EOS

EOS broke away from its estranged parent company, Block.one, and is on the way to implementing the Mandel hard fork on May 18. But, to recap, Block.one had allegedly pocketed the $4 billion that EOS’s initial coin offering raised, stalling the network’s development.

The resulting scandal and the SEC accusations resulted in traders writing off the EOS token. However, Dan Larimer, the network’s original developer, renewed ties with EOS, infusing confidence in investors. Larimer is also behind the Mandel upgrade.

The upcoming upgrade is a hard fork that would give EOS Network Foundation (ENF) effective control of the EOS codebase. Mandel’s features include configurable WASM limits that would allow block producers to deploy faster and more powerful smart contracts.

Also Read: ClarionOS to hardfork EOS to snub controversial EOS.IO.

Furthermore, the hard fork would also introduce configurable blockchain parameters, making it easier to add, remove, or configure future objective features. As a result, contracts can make conditional actions based on the presence of a feature or a configured parameter.

Finally, Mandel would also introduce ‘Contract Pay‘ to help implement transactions similar to Bitcoin transactions. Contract Pays would help users who want to use EOS as a currency avoid account creation costs.

The Mandel hard fork will go live on May 19, giving traders reason to buy the dip before prices shoot up. FOMO might help start a buying spree to see EOS begin an uptrend this week.

RUNE

Defi protocol THORChain’s native token RUNE has been moving down along with the wider crypto market. The token has fallen nearly 33.5% since May 5, taking RUNE prices to levels last seen on Mar 11 this year.

However, THORChain has a long-awaited mainnet launch in the pipeline that might go live around May 30.

A member of the THORChain community shared a msg in a Telegram Group, stating that while the mainnet might be ready by April, it would need to operate smoothly for at least 30 days before it could go live.

Also Read: THORChain (RUNE) holds rebound level but risks 60% crash on bearish technicals.

Furthermore, the protocol also announced a new initiative called Thorfinance, or ThorFi, that aims to bring several DeFi tools under one roof. ThorFi would provide lending and borrowing services and oversee the launch of its native stablecoin, THOR.USD.

As such, traders might be looking to buy the dip ahead of the upcoming mainnet launch, as a price jump usually accompanies an upgrade. A market-wide buying spree might push RUNE prices to begin an uptrend.

DOT

Cross-blockchain transfer protocol Polkadot’s native token DOT failed to avoid the crypto market downtrend as it lost more than 28% of its value from May 5’s high of $16.4. The recent bear run has pushed DOT prices to a ten-month low of $11.8 on May 9.

However, Polkadot’s recent updates and launches might help DOT prices reverse their downside trend. On May 4, the network announced the launch of Parachain messaging, which would help Polkadot-based parachains to communicate with each other and cross-chain assets transfer.

The update would improve interoperability in the Polkadot ecosystem. Furthermore, cross-chain communication also helped increase the use cases for the DOT token, apart from staking, governance, and funding crowd loans.

Also Read: Polkadot the most commonly held altcoin among hedge funds — Report.

For example, the DeFi network Acala is planning to launch DOT liquid staking project. DOT can be transferred to the Akala parachain in exchange for LDOT. Users can use the Liquid DOT tokens as collateral to mint aUSD, Polkadot, and Kusama’s native stablecoin.’

With so many use cases added to DOT’s existing one, the token might help Polkadot prices overcome their recent slump.

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Altcoins, Top three altcoins to watch this week: DOT, EOS, RUNE

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