The world’s largest cryptocurrency, the bitcoin, has been under pressure for some time and is currently hovering around $ 41,500. The recent market correction has caused panic and chilled investor sentiment. However, these three cryptocurrencies might be a game-changer this month.
We are talking regarding Terra (LUNA), Polygon (MATIC), as well as Chainlink (LINK).
1. Earth (MOON)
Terra hit an all-time high of $ 100 last month and has since corrected 30% so far. However, he changed course once more over the weekend. LUNA is trading up 3% at a price of $ 72.00 and a market cap of $ 26 billion.
LUNA still seems to have a lot of juice when you consider the rapid growth of its own TerraUSD (UST) stablecoin. The UST stablecoin is already among the top 20 cryptocurrencies in terms of market capitalization. This is because the UST stablecoin has found many applications through DeFi and is used on platforms like Curve Finance, Avalanche, Phantom, etc.
The deflationary mechanism that LUNA shares with UST is quite interesting. Thus, each time one uses the UST stablecoin, a part of LUNA is burned. Thus, the more the UST is hit, the less the supply of LUNA is important and the more its price increases. The recent correction might be a good deal for any new entry on this crypto.
2. Polygon (MATIC)
The Polygon has benefited a lot from the high gas costs on Ethereum and it will continue to do so in the future. Polygon’s MATIC was one of the top performers in December 2021 last month, hitting an all-time high of $ 2.84.
Since then MATIC has corrected by over 30% and currently holds just above $ 2.0. Polygon is experiencing major expansion by implementing strong technology such as zk-Rollups. According to the recent update, 0xPolygon Bridges also saw $ 500 million in entries during the last week of December.
During the last week of December 2021, almost 2 million smart contracts have been deployed on Polygon, compared to only 105k for Ethereum. This shows that Polygon is emerging as the preferred network for blockchain enthusiasts. It wouldn’t be surprising if MATIC climbs up to $ 10 and make it to the top 10 crypto lists this year or just in the months to come.
3. Chainlink (LINK)
The supplier of services Oracle Chainlink (LINK) has worked hard to challenge the market trend. Despite the downward pressure in the market, LINK grew slowly. LINK is trading up 4% at a price of $ 27.
The possibility of a LINK rally this year is high due to some key developments. Last year, Chainlink hit a major milestone of $ 75 billion in Total Secure Value (TVS), making it the second-most secure form of decentralized consensus in the DeFi ecosystem.
Another important milestone is that over 1000 projects are now part of the Chainlink ecosystem and more than half of them will be integrated this year. We expect LINK to grow stronger as a result of these key developments.
