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These cryptos could break out, even in an uncertain market.


Key points

  • March was a historically weak month for cryptocurrency trading.
  • Assets that offer cross-blockchain capabilities and anonymous transactions as well as some stablecoins could benefit from the recent market turmoil.

March was a historically weak month for cryptocurrency trading. Over the past nine years, Bitcoin (BTC) has often produced negative returns in March, according to data from CoinMarketCap. And this year is shaping up to be no different as geopolitical strife rocks the market.

Many investors are still licking their wounds, as the cryptocurrency market has fallen to almost 50% of its total capitalization since November 2021. Cardano (ADA) is one of the assets that has led the market lower, losing more than 70% of its value since November. . Bitcoin and Ethereum (ETH) lost 44% and 48% of their value respectively during the same period.

Despite the expected uncertainty in the cryptocurrency market, some assets could register significant gains this month. The five below offer cross-blockchain capabilities or anonymous transactions, or are tied to another asset like gold or oil. These cryptocurrencies could benefit from the recent market turmoil as they are flexible, reliable and provide access to appreciating assets.

ZCash

ZCash (ZEC) is a decentralized cryptocurrency that can be used to create completely anonymous transactions. It was built with a technology called zk-SNARK zero-knowledge proof, which encrypts all sensitive information about those who use it in transactions. Unlike other blockchains, ZCash does not reveal sending or receiving addresses or the amount spent.

Anonymous transactions have become a prime target for cryptocurrency regulators as they attempt to crack down on criminals who launder money or evade punishment using cryptocurrency. But some creators said the feature helps protect them and their families from potential harm. With this in mind, people who, for example, send cryptocurrencies to help the Ukrainians in their fight against the Russians could also protect their anonymity if they wish.

ZCash has also been on the rise since late February, according to trading data from CoinMarketCap. It has gained around 30% since Feb. 23 and is trading at over $126 per coin at the time of this writing. Investors also seem to be flocking to ZCash – its 24-hour trading volume also nearly doubled to $450 million from $246 million previously.

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Celo

Celo is a blockchain ecosystem that hopes to bring cryptocurrency to every smartphone user in the world. The ecosystem uses phone numbers as public keys, so transferring cryptocurrencies between users becomes similar to sending a text message. Its native token, Celo (CELO), is a proof-of-stake token used for transaction fees and governance participation. It also has three stablecoins in its ecosystem: Celo Dollar (CUSD), Celo Euro (CEUR) and Celo Brazilian Real (CREAL).

The network also enables the creation of smart contracts and decentralized applications. This makes Celo an attractive platform for non-fungible token (NFT) creators. It already hosts NFT projects such as Unify, CreateSafe, and Wildchain, and plans to add more in the future.

NFTs have seen significant growth in investor interest during the market downturn. The NFT market has become increasingly crowded as institutional investors and corporations continue to integrate NFTs into their operations. For example, fashion retailer Neiman Marcus is launching an NFT collection of famous women called “Role Models”, with a portion of each sale going towards women’s scholarships. Coca-Cola also sells NFTs, a collection of which fetched nearly $576,000 at auction.

Polygon

Polygon (MATIC) is a second layer protocol for the Ethereum blockchain that essentially turns it into a multi-chain system. Examples of multi-channel systems include Avalanche, Polkadot, and Cosmos. The difference between Polygon and these other systems is that Polygon benefits from the security features of Ethereum.

Most cryptocurrency projects operate on isolated systems. Simply put, multi-chain protocols allow these isolated systems to communicate with each other. This is one of the reasons these projects are essential to making systems interoperable, laying the foundation for continued adoption.

Waves

Waves (WAVES) is another Polygon-like multi-chain protocol that has caught a lot of investor attention over the past week. The platform supports multiple use cases, including decentralized applications and smart contracts, which also makes it attractive for NFT developers.

It has been on a bull run over the past week, gaining more than 20% in value over that time. Waves is trading at over $22 per coin at the time of writing. It is one of the few cryptocurrencies to have recouped all of its losses since November 2021. Its 24-hour trading volume is also $1.72 billion as of March 8, up dramatically from the end of November, according to CoinMarketCap.

PAX Gold

PAX Gold (PAXG) is a stablecoin tied to the price of gold bullion. It is an ERC-20 smart contract token that runs on the Ethereum blockchain and is one of the most popular ways for cryptocurrency investors to access the gold market.

The primary purpose of the asset is to make gold more tradable and to help investors purchase fractional amounts, virtually eliminating the minimum purchase of an ounce of gold. PAX Gold also stands to gain from gold’s inflationary relationship with other commodities like oil. Crude oil recently hit $130 a barrel due to Russia’s war in Ukraine, and gold is on track to surpass its recent all-time highs, recorded in December 2021. The price of PAX Gold has risen more than 6% in the last seven days. Therefore.

As always with crypto, be sure to do your own research before diving in and only invest money you can afford to lose.

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