Cryptocurrency prices have slumped this year leading to a $1 trillion wipeout of their market value. Bitcoin has crashed from the year-to-date high of $109,300 to $85,000, while the market cap of all coins has slumped from over $3.8 trillion to $2.7 trillion today.
This article looks at four coins that may be boosted by their upcoming upgrades. They include tokens like Polkadot (DOT), IOTA (IOTA), EOS (EOS), and Binance Coin (BNB).
EOS (EOS)
EOS price by TradingView
EOS is an old layer-1 blockchain network that emerged from Block Ones Initial Coin Offering (ICO) a few years ago. Its goal has always been to become a better alternative to Ethereum, a chain known for its slow speeds and high costs.
The challenge, however, is that EOS has struggled to grow its market share in the crypto industry. Its total value locked (TVL) in DeFi stands at $228 million, meaning that the likes of Sui and Sei have overtaken it.
Therefore, the developers are working towards a rebrand that will take effect in May. EOS will transition into Vaulta, a network focused on crypto banking solutions. Its goal is to bridge traditional banking with the power of Web3.
Vaulta will have a banking advisory council made up of senior leaders from key companies. It will also have tools to boost growth of the Real World Asset (RWA) tokenization industry. The upcoming rebrand explains why the EOS price has jumped by 85% from its lowest point this year.
IOTA (IOTA)
IOTA token by TradingView
IOTA is another crypto that could jump in the coming months as the developers work to launch the rebased mainnet. Rebased is a technology that aims to radically change how the IOTA network works.
It will do that by introducing new features like smart contracts and staking, where IOTA holders will receive between 6% and 15% annual rewards over time.
By introducing smart contracts, the developers aim to make IOTA a major competitor to other chains like Ethereum, Solana, and BNB Smart Chain.
In a recent note, the developers noted that Rebased had reached its production-readiness phase, meaning that the upgrade will likely happen in the current quarter.
The Rebased launch will happen as the IOTA token forms a falling wedge pattern pointing to a strong comeback in the coming months. Such a rebound would see it jump by over 85% to $0.37.
Polkadot (DOT)
DOT token price by TradingView
The main catalyst for the Polkadot price will be the upcoming upgrade to Polkadot 2.0 in the network. This upgrade aims to make it a better platform for developers, as it seeks to compete with other chains like Ethereum and Sui.
Polkadot 2.0 is made up of three key elements, two of which have been implemented already: asynchronous backing and agile coretime. The final one is known as Elastic Scaling and will be implemented in the second quarter.
Elastic scaling is an upgrade that allows projects to allocate multiple cores for a single task, which helps to reduce block production time. The goal is to have Polkadot as one of the fastest blockchains in the industry.
The Polkadot 2.0 upgrade comes as the DOT price forms a quadruple bottom and a falling wedge pattern pointing to a strong comeback in the coming months.
Binance Coin (BNB)
BNB price chart by TradingView
The BNB price will be in the spotlight ahead of the upcoming two crucial upgrades in the network. In March, the network went through the Pascal hard fork that increased its integration with Ethereum.
In April, the BNB Smart Chain Network will go through the Lorentz upgrade that aims to reduce the block speed from 3 seconds to 1.5 seconds. It will then be followed by the Maxwell upgrade in June that will reduce the block times further to 0.75.
These upgrades come as the BNB price has formed a cup and handle pattern on the weekly chart, signaling a strong rebound to $1,000 in the coming months.
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