Ecological tokens are generally rising, and the 2 major altcoins that analysts focus on Web 3 will have a big increase
The Avalanche ecological token has risen, AVAX has risen by more than 11% on a daily basis, and the ecological tokens $COQ and $JOE are more popular. Not only that, the Cosmos ecological token rose generally, with INJ rising 17.6% in a single day, and both $RUNE $ANKR $LOOM rose. There is also the oracle PYTH, which rose to a new all-time high of $0.9498 and is now trading at $0.9312, up 9.7% in 24 hours.
Cryptocurrency analyst Michaël van de Poppe recently focused on two altcoins that are expected to have a significant impact on the Web 3.0 ecosystem. In a detailed elaboration shared on X (formerly known as Twitter), Van de Poppe introduced "modular blockchain" and "DePin" as emerging concepts that will redefine the cryptocurrency landscape.
Van de Poppe highlighted the need for practical use cases, saying, "I advocate investing in projects that meet real-world use cases. Hence why I don't pay much attention to projects in the gaming, Metaverse, NFT, or meme space, [...] I'd rather focus on projects that have real-world use cases in the financial Web 3.0 ecosystem. ”
Van de Poppe said that the discussion around blockchain scalability and efficiency has led to the emergence of modular blockchains. He describes modular blockchains as "the solution of the last cycle" and aims to solve the high transaction fees and scalability challenges that hinder platforms like Ethereum.
"Remember the high gas fees we paid during Ethereum's bull run? Yes, that's where Layer 2 and modular blockchains originated as a potential solution to this problem. Van de Poppe explains. By splitting the traditional process of processing by a single layer, modular blockchains have the potential to dramatically increase transactions per second, solving the core scalability trilemma of decentralization, scalability, and security without making any compromises.
In this new era of trendsetting projects, Celestia (TIA) and Covalent (CQT) became the favorites of Van de Poppe. According to Van de Poppe, TIA is a frontrunner in the modular blockchain space. "One of my favorites is TIA, which enhances the potential of modular blockchains," said Van de Poppe. He highlighted the project's ambition to redefine the scalability and efficiency of blockchain technology.
Covalent has been praised for its comprehensive toolkit for developers, which includes a Block Explorer suite called GoldRush and analytics dashboards like Increment. "Covalent's goal is to build on the DePIN ecosystem, which means a decentralized network of physical infrastructure that essentially lays the foundational layer of the entire financial Web 3.0 ecosystem," said Van de Poppe. ”
Van de Poppe delved into Covalent's contribution, highlighting that the project's goal is to secure a structured dataset from more than 215 blockchains and integrate artificial intelligence by analyzing 100 billion transactions. This integration aims to boost AI consumption, training, and product development.
"Covalent promotes decentralized indexing, enhances network resilience and reduces reliance on a central entity," he noted, and underscored the project's commitment to decentralization. In addition, the activation of the revenue fee switch connected to the Premium API since February marks the maturity of Covalent's economic model and its efforts to achieve full Ethereum Virtual Machine (EVM) state data retrievability.
CQT price rose above the 20-week and 100-week EMAs in mid-February, creating bullish momentum. The current price target is the 0.236 Fibonacci retracement level of $0.53 on the 0.53-week chart. However, it is worth noting that despite the bullish sentiment in the cryptocurrency market, the price is still around 80% from its all-time high.
For Celestia (TIA), the situation looks completely different. The price is only 20% below its all-time high and is trading above the 0.236 Fibonacci retracement level on the 1-day chart.
(Source: Jake Simmons)
