December 2023’s Top 6 Altcoins for Beginners – CryptoMode

Meme coins are a new breed of the altcoin market, and in this subcategory, Galaxy Fox leaves a huge mark. Built on the Ethereum network, Galaxy Fox is a utility-rich platform that rewards its loyal community at every step. The project has many noteworthy attributes, so let’s discuss them one by one.

Firstly, its play-to-earn gaming model, centered around a web3 runner game, allows players to earn $GFOX tokens. The game rewards the top 20% of players each season, weekly or monthly, which adds an engaging and profitable dimension to a generally simple gaming concept.

Galaxy Fox offers earning opportunities through staking, NFT minting & trading, and token-burning mechanisms as well. Its hyper-deflationary tokenomics assures that the token value will rise over time, making it appealing to long-term investors.

Recently, the well-known Layer 1 blockchain network Avalanche achieved a noteworthy performance milestone – It topped the Layer 1 blockchain tokens with a remarkable 130% rise.

Avalanche’s network activity peaked at 1.68 million transactions in a day, matching $AVAX’s value increase. A key factor contributing to this increased interest and usage of Avalanche’s platform is its recent partnership with JPMorgan. Last week, the banking giant collaborated with Avalanche to explore blockchain interoperability for Project Guardian in Singapore. This partnership has highlighted Avalanche’s strengths, including its high transaction throughput and cost-efficiency.

These positive developments around $AVAX rank it among the top altcoins to watch in December 2023.

Cardano, one of the biggest names in crypto, has recently made a significant comeback. The project’s worth has increased and is approaching its local high. This increase is partially explained by the platform’s rising total value locked (TVL) and expanding network activity.

Significant modifications to Cardano’s staking mechanics have also boosted its momentum. Staking contracts currently hold a large amount of $ADA tokens. An increase in staking activity is a sign of token owners’ confidence in the stability and future of the network.

Also, Cardano’s staking reward rate has increased faster than inflation, which is good news for the network. This means that stakers are collecting incentives faster than new tokens are being added, which might eventually raise scarcity and token price.

Graph Protocol is an innovative web3 project that serves the same purpose as Google but for the blockchain. $GRT, the native coin, powers this blockchain search engine, provides incentives for data management, and encourages network engagement.

Open APIs called subgraphs organize blockchain data from diverse networks and make the Graph more efficient and dependable. In exchange for their efforts, the decentralized network of Indexers receives query fees and indexing incentives. This eventually guarantees data availability and dependability.

Recent crypto market trends on The Graph were quite positive. $GRT’s price rose after a period of a downtrend, partially due to a new roadmap release.

Just like the majority of altcoins, the recent market has been pretty bullish for Synthetix too. Its price rose by 22% to a new high, which has made an incredible 147% gain this year. A number of things are responsible for this expansion, one of which is the Perp V3 update, which is a big step forward for the Synthetix network.

The Perp V3 update improves the trading capabilities of the protocol. It does so by introducing different collateral assets for margin usage, such as sUSD, sETH, and sBTC. Also, it provides changes to liquidity for better price discovery, enhanced market creation, and less slippage, all of which increase trading profitability and efficiency. The update also provides account-based access for simpler administration of positions and collateral, as well as cross margins, which let traders utilize their collateral across numerous positions.

Cronos, Crypto.com’s native coin, has also performed pretty well recently. After rising over 100%, $CRO witnessed a market decline. However, now, the Cronos chart shows a positive trend and indicates price recovery.

Dubai granted Crypto.com a Virtual Asset Service Provider Licence (VASP) to offer regulated virtual asset services. This news is believed to have supported $CRO’s positive trend, as it greatly boosts the credibility of the exchange.

We must remember, though, that being dependent on Crypto.com might not always be positive for $CRO, and the exchange’s minor issues could greatly damage $CRO’s market performance.