Bitcoin dropped by 18%, dragging the entire crypto market along after reaching a yearly high of $49,048. Following the drop, an Altcoin Daily YouTube channel host has identified four altcoins showing upside potential on the recent dip. In an uploaded video, the host noted MINA, ADA, SUI, and DYDX as the altcoins to watch.
The host commended builders in the MinaProtocol ecosystem who decided to go full-time, building zkApps. He noted that Mina grew over 100% in a year where ecosystems lost 15% of their full-time devs on average. He thinks the upside activities on Mina are just getting started.
According to the Altcoin Daily host, Cardano has outshined Ethereum in an “interesting way.” Referencing data from IntoTheBlock, a crypto analytics platform, the host noted that the 30-day volume of large transactions on Cardano has far outsripped that of Ethereum. He identified a change in how people use Cardano as the reason behind the growth that has seen it compete with Ethereum.
Sui, the novel L1 blockchain protocol, joined the Altcoin Daily host‘s list of cryptos to watch out for. He highlighted Sui’s big backers as a significant factor in the project‘s growth, noting that the permissionless blockchain has surpassed Bitcoin’s Total Value Locked (TVL). According to him, with $315 million locked, Sui has seen a 10x increase in TVL in the past nine months.
Finally, the host spotted a significant development in dYdX. He noted that it has flipped Uniswap as the largest decentralized exchange (DEX) by volume. The Altcoin Daily host recalled that dYdX migrated from the Ethereum blockchain to Cosmos last year, noting that it recently registered a $757 million volume over 24 hours.