Top 5 Profit-Promising Cryptocurrencies to Watch in February 2024

Jonathan Stoker Feb 01, 2024, 01:20am 88 views

Top 5 Profit-Promising Cryptocurrencies to Watch in February 2024

February Crypto Watchlist: Top Five Altcoins To Monitor

The start of the year has seen a mix of highs and lows in the cryptocurrency markets. Traders are now focusing on several altcoins poised for significant developments in February. These developments may potentially trigger price fluctuations. Included in this watchlist are Horizen, with an anticipated mainnet upgrade, and InjectiveInjective$35.9 1.60%, which is set to launch a new decentralized application soon. Additionally, Radiant Capital, Beldex, and Skale have token improvements and proposals lined up for February, aimed at enhancing functionality.

Investigating The Five Cryptocurrencies

Horizen (ZEN)

A privacy-focused network, Horizen is set to undergo a major mainnet hard fork upgrade on February 7th. This upgrade will see the discontinuation of shielded transactions which previously boosted user anonymity. Despite this significant development, analysts believe the token's recent chart trajectory is bearish. The prices risk a further 30% decline unless a trendline breakout triggers a reversal. As of now, the price stands at $8.05.

Radiant Capital (RDNT)

Radiant Capital, an incentive program, plans to airdrop rewards in the coming month to liquidity providers who contribute to the security of the platform. Participants can earn bonus network tokens by locking up their crypto assets for a fixed duration. Analysts predict a potential rally back to recent swing highs following the launch. However, a lack of improved risk appetite could lead to further downside. The current price is $0.2901.

Beldex (BNS)

Beldex, a privacy-first cryptocurrency, plans a mainnet hard fork event slated for early February. This event promises a transition to a deflationary token supply model. The code changes will also introduce a new burning mechanism designed to gradually reduce the circulating supply. Despite these developments, bearish chart patterns indicate the possibility of further declines. As of now, the price is $0.04372.

SKALE (SKL)

SKALE's blockchain boasts of a zero-gas architecture and profitable staking yields. Supporters believe these features offer a unique value proposition. This will be even more so after the update goes live on February 1st. Analysts suggest that the fee-less transactions could act as a catalyst to push prices back towards the $.10 resistance level, provided the current support around $.068 holds. Currently, the price is at $0.07581.

Injective (INJ)

Injective, a smart contract platform, teases a mystery decentralized application launch on its social channels. The platform's native INJ token is expected to react explosively if the unrevealed dApp manages to attract immediate user attention once the details are released. The price is currently at $35.05.

Conclusion

Given the unpredictable nature of cryptocurrency dynamics and the recent market turbulence, traders are entering February with caution and opportunism. Projects that enhance capabilities and use cases offer glimmers of value worth tracking, even amid such depressed valuations.

Edited by Jonathan Stoker

How do you like the article?

Join the discussion on

You may also like

Advertisement

Articles in same category

Advertisement

Coins in same category

Advertisement

Join our community

Help moderate our articles, rate content and show your support!

We want you to be part of the first automated crypto-magazine.

Join us today