August 19th, 2022 at 12:14 pm UTC · 3 min read
The market for cryptocurrencies has been sluggish over the past few months, owing to the major crypto crash in May and the external economic factors that are affecting people’s investment status and financial health. By the third quarter of 2022, however, the crypto market could be heading for a recovery. The crypto king, Bitcoin, has finally broken the $24,000 resistance level.
However, Bitcoin remains volatile, slipping in and out of the $23,000-$24,000 zone. While the crypto king steadies itself for take-off, most investors and players in the market are waiting in the wings to get carried away. Nonetheless, a few crypto projects are achieving growth on their own terms, potentially turning bullish faster than Bitcoin by October. Three of these cryptos include Uniglo (GLO), Polygon (MATIC), and Tron (TRX).
Uniglo is a relatively new name in the cryptocurrency space. It is a project in the decentralized finance (DeFi) sphere that offers a new kind of social currency called GLO. Unlike most other cryptos, GLO will be supported by a diverse range of assets ranging from digital currencies, rare non-fungible tokens (NFTs), and digitized tangible collectibles that are expected to appreciate significantly. This means that the GLO token will increase in value regardless of the volatility status of the overall crypto market.
Moreover, the Uniglo protocol will implement a special token burn process called the Ultra-Burn Mechanism, which will utilize the profits from the sale of Uniglo’s assets to purchase GLO tokens and burn them out of circulation. With a hyper-deflationary strategy, Uniglo aims to reward long-term holders of its token.
Polygon is also turning bullish, potentially offering massive gains by October. Polygon is a scaling solution, offering faster and cheaper transactions on blockchains running alongside Ethereum. While Ethereum itself is gearing for a shift toward a Proof of Stake methodology, which is expected to benefit users across the network, some experts still expect Polygon to pose a threat to the price of ETH. By mid-August, Polygon’s MATIC reached the resistance level of $1, which it has not done in over four months. This could be the signal for a bullish run.
Tron could also be preparing for a bullish run before the end of 2022. Founded in 2018 by Justin Sun, Tron maintains a strong position in the market. Much of its success is due to the breadth of capabilities that are made possible in the network. It supports the development of a wide range of decentralized applications, wallets, smart contract execution, and other utility applications. Tron is also said to have the highest global circulating quantity of stablecoins, making it popular among millions of users, investors, and developers.
October could mark the beginning of significant bullish momentum for cryptocurrencies other than Bitcoin or Ethereum. Uniglo especially might achieve massive growth, as it officially launches on October 18.
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