In the period from May 10 to May 23, one of the largest Bitcoin corrections in history took place (~45%), causing investors to experience 13 days of panic, uncertainty and fear about their assets.
However, some altcoins appeared unshakable, as if they were living their own lives. A few of them showed a completely unique example of behavior. It turned the downtrend 180 degrees without getting stagnated. Here are 5 of them:
1. Nominex Token (NMX)
NMX Token is the native token of the Nominex exchange. The DeFi token distribution model went live in February.
Altcoin volatility headed to zero during Bitcoin’s decline. This is because in this case the market price is heavily dependent on a deep pool of liquidity. And while other altcoins retreated in panic, NMX’s yield farmers continued to contribute to the project during this time. They did this as a smart management incentive to entice users to keep it longer, due to the outstanding APY the project offers and a 900% increase in one of its distribution pools. This allowed the price to be relatively stable or even grow a small amount during the big decline.
2. Polygon (MATIC)
Polygon, formerly known as Matic Network, is one of the first well-structured, easy-to-use platforms for scaling and developing Ethereum infrastructure. Polygon is effectively turning Ethereum into a full-fledged multi-chain system, also known as the ‘internet of blockchains’. This multi-chain system is also similar to Polkadot, Cosmos, and Avalanche. However, it also has the added benefits of Ethereum’s security, ecosystem, and openness when it comes to protocol upgrades.
Polygon’s framework makes it possible to host an unlimited number of decentralized applications on its infrastructure. And it does all this without the traditional disadvantages typical of blockchains with a proof-of-work consensus mechanism.
According to DappRadar, Polygon added about 75,000 active wallets for new network users in just one week. This resulted in an additional $1 billion increase in transaction volume. However, the number of decentralized applications (DApps) on Polygon increased from 61 to 93. Decentralized open-source financial applications (DeFi) built on Polygon are also making their way into other networks, including Binance Smart Chain and Ethereum.
The results of MATIC look impressive. Last month, there was a 130% growth in altcoin.
3. Harmony (ONE)
Harmony is another altcoin that doesn’t follow many of its peers in the cryptocurrency market. A deeper look at the Harmony blockchain is needed to better understand its value. The network is committed to innovating decentralized applications with an emphasis on random state sharing that will allow new blocks to be created in seconds.
According to the project’s website, Harmony is expected to introduce cross-sharing contracts and cross-chain infrastructure by the end of 2021. Also, its price has soared further in recent weeks, leading some market commentators to expect a new rally in June.
4. Celsius (CEL)
Celsius is a one-stop banking and financial services platform for cryptocurrency users launched in June 2018. It offers crypto deposit rewards as well as services such as loans and payments through a cryptocurrency wallet. Platform users can receive regular payments and dividend accruals on their assets.
The native Celsius token CEL performs various internal functions. For example, it encourages an increase in payments to users if they use CEL as a means of payment. Although CEL is not ahead of the trend, it is notable that it has lost only 1% of its value in recent years.
5. GlitzCoin (GTN)
The last altcoin on the list is the diamond industry focused project GlitzKoin (GTN). GlitzKoin uses blockchain, smart contracts and machine learning to reduce the risk of fraud for banks, insurers and open diamond markets.
During the big downturn on all fronts, GlitzKoin recorded 75% growth.