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INTRODUCTION |
Cryptocurrencies our digital money have shaken things up in the finance world. In this week's contest from this amazing community, we are asked to talk about what the future holds for these cool currencies which include our fancy Bitcoin to other blockchain technologies.
Which cryptocurrencies under $ 1 can have the best performance in 2024? Choose a cryptocurrency by its fundamental analysis. Would you recommend buying this cryptocurrency? |
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With the rate at which cryptocurrencies are growing exceptionally and the continuous emergence of new cryptocurrencies every day, I will say there are over 100s of thousands of currencies, with over thousands trading below the $1 mark with more still being introduced to the crypto market.
However, since I am expected to pick out a few, I will be picking out a few that I believe will have a stellar performance this year. This list includes the following:
| Cryptocurrency | Current Market value |
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| Ripple (XRP) | ~ $0.6355 |
| Cardano (ADA) | ~ $0.6156 |
| IOTA (MIOTA) | ~ $0.2988 |
| Basic Attention Token (BAT) | ~ $0.2715 |
| STEEM | ~ $0.2667 |
| The Stellar (XLM) | ~ $0.1304 |
| NEM (XEM) | ~ $0.04071 |
| VeChain (VET) | ~ $0.03552 |
| Zilliqa (ZIL) | ~ $0.02568 |
| Holo (HOT) | ~ $0.00248 |
Based on the fundamental analysis of the coins mentioned above, I would like to single out Cardano (ADA).
ADA (Cardano):
Is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications (dApps) with a team focused on scientific research and peer-reviewed development to ensure the platform's robustness.
The project is led by Charles Hoskinson, a co-founder of Ethereum, which adds credibility to the project. ADA its native currency is used for transactions and staking on the Cardona network. Hence, building a platform with a strong community and partnering with various organizations could potentially drive its adoption and growth.
Talking about how partnerships and building a strong community help improve the price of a cryptocurrency, Cardano has announced a series of upcoming developments for the year 2024, such as their upcoming partnership with Arbitrum, and Mina Protocol and the already announced partnership with Petrobras (a state-owned energy giant in Brazil) forming a Partnership in Blockchain Education late last month.
Based on the impressive fundamentals, I wouldn't mind recommending this coin to others willing to go on a long-term investment.
Provide the step-by-step to buy the selected cryptocurrency. Show screenshots. |
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For this, I will be using my preferred exchange in Binance and I will be starting the process as a novice to help those who have yet to have a Binance account.
Again, there are several means to buy Cardano (ADA) on Binance such as P2P, Spot trading, buy, and Conversion, so I will be using the conversion technique for this one. So here is the step-by-step guide;
Step 1: Go to the Binance website or app and click on "Register" to create an account. Then, fill in the required information and complete the registration process.
Step 2: Once the account is set up and verified, deposit funds into the account. Click on the "Opposite Direction Arrows" at the center of the bottom row.
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Step 3: Click on "Deposit", then select the cryptocurrency or fiat currency you want to deposit and follow the instructions.
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Step 4: Once your deposit has been successful, click on the "Opposite Direction Arrows" at the center of the bottom row again.
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Step 5: Select "Convert" to convert your deposited fund into ADA.
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Step 6: On the convert menu, the fund in your wallet will be listed above already, so select the ADA for the below option.
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To do that, click on the drop down menu of the below option, search and select ADA.
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Step 7: Input the amount of Funds you want use in buying the ADA or the amount of ADA you wants to buy. And click preview.
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Step 8: On the preview section, click on convert to convert your deposited funds to ADA, and wait for the transaction to be completed, to which a successful message will be displayed.
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The amount of ADA purchased will be deposited into your wallet after the transaction is successful, and that's just one way you can buy ADA.
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What is the future of STEEM in 2024? Give your own opinion, you can project the price of STEEM, making your analysis |
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STEEM is a cryptocurrency that powers the Steemit platform, a blockchain-based social media platform where users earn rewards for their content. The future of STEEM cryptocurrency depends on various factors such as market conditions, adoption, and technology advancements.
However, in this aspect, I can say the future will be great for STEEM this year due to certain events that will take place this year, one such event is the bitcoin halving coming up in April, and another is the adoption on Steem. However, I am sharing my optimism based on both Fundamental and Technical Analysis.
As earlier stated, one of the major news the cryptocurrency enthusiasts look up to this year is the Bitcoin Halving. Bitcoin, being the patron of all cryptocurrencies, seems to run off on others whenever its price increases or decreases, and one major means by which its price increases is the Halving happening every four years, luckily this year is one such year.
To back up my claims, let us look back to the last Halving which took place on 11th May 2020. Below are screenshots that show how the Bitcoin Halving process affected Steem.
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The screenshot above shows the price of Steem days before May 11, 2020, where STEEM experienced a dip in price.
From 11th of May, 2020. Steem experienced a gradual increase from $0.1567 to $0.3198 in May 20, 2020. A 16.31% increase in price just 9 days later. Before ending the month of May 2020 around $0.215 with a 2.51% increase compered to its opening price.
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This went on to prove that the price of STEEM was affected positively by the last Bitcoin halving, Hence, I ams hopefully of the same impact this year.
Again, certain statistics tend to show that Steemit users are increasing by the day, and since STEEM is the native cryptocurrency of the Steemit platform, we can also say STEEM adoption is on the rise.
According to information SEMRUSH, in November Steemit had 6.72M visits with an average session duration of 17:04 min which is a 40.56% traffic increase when compared to the month before in October.
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This increase in Traffic brought Steemit to a Global ranking of 15,238 and 10,982 in the USA.
Coupled with rumours of Steem blockchain looking to integrate layer 2 solutions into its Blockchain will only bring about a brighter future for STEEM.
This is where last week's topic comes into play a handy role. Using the different analytic tools, we can predict the future of Steem.
As of the time of making this post, the 4-hour frame RSI is below the 30-mark zone of 29.44, which indicates the price is likely to make a reversal to a bullish trend.
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Whereas, the 1-week RSI is within the 30-70 neutral zone on 53.05, which indicates the price is trending neutral with the price being able to keep RSI in that state for a while.
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Backing this up is the 1-week time frame of MACD, where there is a slight bearish divergence as seen from the image below, the dive started from January 1st.
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To confirm these trends, I resort to using the Tradview, technical analysis tools and below are my findings.
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Where both 4-hour and 1-day time frames indicate strong buying and the 1-week time frames indicate neutral position, while the 1-month timeframe indicates buy, this confirm the results of my technical analysis.
This selling pressure has brought down the price of Steem from $0.2667 at the time I started writing this post, to $0.2336, which also confirms the indications of the 1-hour and 4-hour time frames.
Therefore, I believe that STEEM will bounce back, as shown in the 4-hour RSI indicator where it is below the 30 mark zone.
Is the future of cryptocurrencies promising? Explain. Show data on the adoption of cryptocurrencies in the world. Give your own opinion |
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The future of cryptocurrency looks very promising, especially starting from this year, 2024. Cryptocurrencies have been experiencing expansive growth since 2009 with the emergence of Bitcoin after being labelled as a scam in its early beginnings.
This year marks its 15 years in existence, and with the continued advancement of technology, it can only get better as people continue to invest and adopt cryptocurrencies as they keep growing across borders.
With several countries in different parts of the world accepting cryptocurrencies as a means of payment, this can only lead to more adoption and with more adoption, the future can only be better.
According to Statista, over 60 million new cryptocurrency users are expected in 2024, taking the total number of crypto users to 318 million people worldwide, an increase of 8%, compared to last year, which was estimated to be 294 million people worldwide. link with India, Nigeria and Vietnam leading the index of grassroots crypto adoption.
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Looking into the Fear and Greed statistics of Bitcoin also, as of today, its current score is 70 marking, this is an indication that the world, in general, is becoming more acquainted with cryptocurrencies that they prefer to keep it rather than fear losing it.
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The Fear and Greed Index serves as a measure of traders' emotional overreactions to the market indicating people's greed and fear. Traders tend to be greedy when the market is rising resulting in FOMO (Fear of missing out), while traders often sell their coins when they see red numbers.
As, extreme fear indicates that investors are too worried, causing them to sell and when Investors are getting too greedy, it means the market is due for a correction. Therefore, the 70 mark means that the market is within a stable zone.
CONCLUSION |
As Bitcoin is expected to reduce the rate of new Bitcoin through halving which is expected to happen around April 2024, cryptocurrency enthusiasts are hopeful of making profits various other Altcoin like Steem. However we should also have in mind that a lot other factors plays a role to crypto prices in future and it can be hard to predict the future of anything, therefore if you choose to invest in any cryptocurrency be sure to manage the risk properly.
I wish to invite @yakspeace, @ninapenda, @ruthjoe, @drhira and @suboohi
Thank You for your Time
NOTE: Always have a smile on your face, as you are never fully dressed without one.
¡Distinguida sahmie! 🌟 Tu análisis respecto al futuro de las divisas digitales resulta extraordinariamente fascinante. La elección de Cardano (ADA) demuestra ser perspicaz, respaldada por su enfoque científico y alianzas estratégicas. Las capturas visuales detalladas sobre la adquisición de ADA en Binance resultan extraordinariamente prácticas para los principiantes. Tu optimismo en relación a STEEM en 2024, apoyado por la disminución a la mitad de Bitcoin y el próspero desarrollo de Steemit, resulta persuasivo. Los análisis técnico y fundamental se exponen de manera excepcional, respaldando la concepción de una recuperación. La prometedora aceptación global de las criptomonedas y el crecimiento de usuarios son datos alentadores. ¡Un análisis sólido y cautivador! 👏🚀
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TEAM 5
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Thank you so much for your kind words. I'm really glad you found my analysis on digital currencies fascinating. I chose Cardano (ADA) because it takes a scientific approach and has strategic partnerships. I'm also optimistic about STEEM in 2024 because of Bitcoin's halving and the development of Steemit. I tried my best to present the technical and fundamental analysis in a clear way to show the potential for recovery. The fact that cryptocurrencies are gaining global acceptance and more people are using them is really encouraging. I'm thrilled that you found my analysis solid and captivating. Thank you once again.
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A very interesting, intriguing and educative post which you have shared with your fellow crypto enthusiasts in this great community. I seriously appreciate your efforts in providing such a well detailed post both in write ups and in graphics.
The Cardano (ADA) coin is a very good coin I think we both have trust in, to have good performances in this year. It fundamentals which you broadly analysed shows more reasons why this coin have the potential to hit $1 or above in 2024. Cardano (ADA) is been led by The co-founder of Ethereum, Charles Hoskinson which like you actually said, adds more credibility to this project. I personally recommend anyone to buy this cryptocurrency..
The images shown, in reference tobthe effect the Bitcoin halving had on steem in 2020, really made much sense and eventually, when it happens again, I'm sure a drastic shift will be noticed in the price of Steem in this year.
It's 15 years of existence to Bitcoin and its trends over the years are amazing. The future of cryptocurrency is actually promising as the global rate of adoption is gradually increasing.
Thanks for sharing and Goodluck
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Greetings Friend,
Thanks for the awesome feedback. I'm really glad you found my post interesting and educational. It means a lot to me that you appreciate the effort I put into providing detailed information, both in writing and graphics.
You are right about Cardano (ADA). It's a coin that both of us have trust in, and I believe it has the potential to perform really well this year. The fundamentals of Cardano are solid, and as you mentioned, being led by Charles Hoskinson, the co-founder of Ethereum, adds even more credibility to the project. I wholeheartedly recommend anyone to consider buying this cryptocurrency.
It's fascinating to see how these events can have a significant effect on the price of cryptocurrencies like Steem. I wouldn't be surprised if we see another noticeable shift in Steem's price when the next halving happens.
And you're spot on about the future of cryptocurrency. With the increasing global adoption rate, it's clear that the future looks promising. Bitcoin has been around for 15 years now, and its trends over the years have been truly amazing.
Thanks again for sharing your thoughts, and good luck to you too.
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TEAM 5
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Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
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I always get so much inspiration from your post because your post is actually makes everything so clear and you answer every question in so much detail and well written that I can't describe any word that it is in simple language and and its understandable as well as you get the knowledge as well so I think it's great for having you in this community for learning.
Sach huge number I think that's great and this much growth will see in 2024 and I hope that 2024 will be lucky for all of us let's best wishes for the cryptocurrency future
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Thank you so much for your kind words. I'm glad that my posts inspire you and provide clear explanations. It's my goal to answer questions in detail and in a way that's easy to understand, so I'm more than happy that you find them helpful for learning.
Let's hope that 2024 brings even more luck and success for all of us in the cryptocurrency world. Best wishes for the future of cryptocurrencies, and may we continue to learn and grow together.
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Inshallah hope for the best 🤞🤞🤞
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Exactly. Fingers crossed.
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👌👌👌👌
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Hello friend.
ADA is a very strong project and has great potential and I have always an eye on the price of cardano as some of the portion of my portfolio has ADA Cryptocurrency.
I liked the way you have discussed about steen Cryptocurrency and I appreciate the efforts you have put in doing fundamental and technical analysis of Steem coin. I am eagerly waiting for the steem currency to cross the 0.5$ level.
I enjoyed reading your post. Best of luck for the contest.
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It is awesome to hear that you have a portion of your portfolio invested in ADA cryptocurrency. ADA, which stands for Cardano, is indeed a strong project with great potential. It's always exciting to keep an eye on the price movements and see how it performs in the market.
I'm glad you enjoyed my discussion about Steem cryptocurrency and the efforts I put into analyzing it. Crossing the $0.5 level would be a fantastic milestone for Steem, and I hope it reaches that mark soon.
Thank you for your kind words and good luck in the contest. I'm glad you enjoyed reading my post. Let's keep our fingers crossed for positive outcomes.
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Hello friend greetings to you, hope you are doing well and good there.
You have many coins in the top list you think can give us too much profit in up coming days. The most favorite for you is Cardano (ADA). Yes I think many people have eyes on Cardano. It can perform very well this time in market. I hope it will easily go above $2 this year, because of the bull run.
Buying crypto is too much easy. You have done it through very much easy way on binance. I guess everyone will have understood buying crypto from your blog.
Yes I think the future of STEEM COIN is very bright. Both technical and fundamentals are doing ok. I hope it will easily surplus the value of $1 this bull run.
I wish you very best of luck in this contest.
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Greetings friend. It is good to hear from you, and I hope you're doing fantastic over there.
You know what? I do agree with you about Cardano (ADA). It's one of those coins that has caught a lot of people's attention, including mine. It has the potential to perform really well in the market, especially with the bull run happening. I'm optimistic that it could easily reach above $2 this year. Fingers crossed.
And hey, buying crypto doesn't have to be complicated at all. Binance and every other wallet and exchanges has made it super easy, and I'm glad my blog helped you understand the process. It's important to make things accessible for everyone, isn't it?
I'm also feeling positive about the future of STEEM. Both the technical and fundamental aspects are looking good, and I believe it has the potential to surpass the $1 mark during this bull run. Exciting times ahead. Thank you for the best wishes in the contest. I appreciate it. Good luck to you too, my friend.
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Your comprehensive analysis of cryptocurrencies especially your focus on those under $1 is impressive. Your list of potential performers in 2024 including Ripple Cardano and STEEM provides valuable insights for investors looking for opportunities in the crypto market.
I appreciate your in-depth fundamental analysis of Cardano (ADA) emphasizing its scientific approach credible leadership and strategic partnerships. The step-by-step guide to buying ADA on Binance with clear screenshots is incredibly helpful for those new to the process.
Your optimism about the future of STEEM in 2024 is well-founded backed by both fundamental and technical analyses. The correlation between STEEM's performance and Bitcoin halving events is an interesting observation and the rise in Steemit platform traffic adds another positive dimension.
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Hey, thanks for the kind words. I'm glad you found my analysis of cryptocurrencies, especially the ones under $1, impressive. It's always great to provide valuable insights for investors who are looking for opportunities in the crypto market.
I'm really glad you appreciated my in-depth analysis of Cardano (ADA). It's important to highlight its scientific approach, credible leadership, and strategic partnerships. And I'm thrilled to hear that the step-by-step guide to buying ADA on Binance with clear screenshots was helpful, especially for those new to the process.
I'm also optimistic about the future of STEEM in 2024, and I'm glad you think it's well-founded. The fundamental and technical analyses definitely support this optimism. It's interesting to observe the correlation between STEEM's performance and Bitcoin halving events, and the rise in Steemit platform traffic adds another positive dimension. Thanks again for your feedback and appreciation. It means a lot to me.
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Your insights and information about some of the coins are very helpful to understand that these coins are going to be very stronger that you have shared in 2024 but I am also hopeful about STEEM coin that it would be very profitable in 2024 after the burning of Bitcoin. You have tried your best to explain a step by step procedure to let us know that how we can buy cryptocurrency and it is very helpful for all beginners specially I wish you good luck in this engagement challenge
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Thank you for your kind words. I'm glad you found the insights and information helpful. It's great that you're hopeful about STEEM coin in 2024 too. I appreciate your support and good luck to you too.
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Yes brother it makes me more inform about something that I was not able to explain in my post so it was a very good understanding and a learnable post I advise you to produce quality content just like this in future also.
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I am glad to hear that my post helped you understand something new. It has always been my goal to provide informative and learnable content. I appreciate your advice and I'll try my best to keep producing quality posts in the future. Thanks for your support once again.
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Thank you so much for giving me such kind of respects that you are agreed to keep in mind about my advice that I have gave to you and I must want to say that with such kind of attitude we would be able to open the door of learning for each other
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Hey there, @sahmie! Your crypto analysis is spot-on, especially your ADA pick and STEEM's potential. Impressive details! Keep rocking those insights! 🚀📈 All the best in the contest, success for you! 👍
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Thank you so much for your kind words. I am glad you found my crypto analysis helpful, especially with my ADA pick and the potential of STEEM. It means a lot to me that you appreciate the details I provide. Thank you for your support and best wishes for the contest too. Success to you as well.
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Crypto analysis buddies! ADA's up, STEEM's cookin'! Let's win this crypto game together! 🚀😄
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@sahmie
As you mentioned about Car Dano Ada Coin and others, what you mentioned about Coin Promise, their high growth chances in 2024, what you mentioned about Ethereum and what you told us about Ethereum. There are many coins that are below S1 and are predicted to grow a lot in the year 2024 and indeed as the future of cryptocurrency in the coming years is very bright we know. May your post is really appreciable and many main points are worth understanding other your activities are great good luck for the competition.
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Thank you so much for your kind words. I am glad you found my post appreciable and that you found the main points worth understanding. It's exciting to talk about coins like Cardano (ADA) and Ethereum, as they have high growth chances in 2024, and there are even other coins below $1 that are predicted to grow a lot too like STEEM. The future of cryptocurrency looks bright, and I am happy to be a part of it. Thanks for your support and good luck in the competition as well.
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My my real g a k the big sugar daddy I really enjoy the article man indeed it was very grateful, creative pleasant, and arranged and educative to everyone including me because I learned so much from what you wrote and I appreciate you for sharing such quality articles on steemit.
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My real G. I am so glad you enjoyed the article, man. It is awesome to hear that you found it grateful, creative, pleasant, and educative. I am stoked that you learned a lot from what I wrote. Sharing quality articles on Steemit is what I always try to do, and I appreciate your support and kind words.
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Aslam-O-Alikum All Steemins I am new on this platform And I read post such a amazing content and clear each and every thing very good way I like this post and specialy i am very happy After reading the future of Steem because If Steem Increase in future the all user get a more befits and work on Steem with hard and fast And definitely steem get for high rank
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Greetings brother. It's great to hear that you're enjoying the content and finding everything clear. I'm glad that you liked the post, especially when it comes to the future of Steem. True, if Steem continues to grow, it will benefit all users, motivating us to work hard on the platform. It's exciting to think about Steem reaching new heights.
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Exceptional work and really appreciated you for this. This shows your sincerity with work. You really deserve which you own. Again I appreciate you for this and best wishes for future.Love for you
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Thank you so much for your kind words, I'm really glad you appreciate my work, it means a lot to me. Your support and encouragement motivate me to keep doing my best. I truly value your appreciation and well wishes. Sending love right back to you.
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