29 March 2021
Over the last week, the overall cryptocurrency market has remained volatile with Bitcoin (BTC) and other altcoins testing crucial support levels. Institutional interest in crypto surges further as the demand for derivative products like the Bitcoin ETF is on the rise.
Also, a lot of developments have been happening on a regulatory front with the Federal Reserve and other central banks working on central bank digital currencies (CBDCs). However, there have been some altcoins who have been making strong strides. Let’s take a look at some of our crypto picks for this week.
Wrapped CrescoFin (wCRES)
Over the last ten days, wrapped CrescoFin (wCRES) has made some strong moves surging nearly 6x during the same period. While the crypto market has stayed volatile, wrapped CrescoFin (wCRES) has hit an all-time high of $41.59 during the same time.
CrescoFin is the first regulated Swiss-firm to offer its equity tokens in the form of cryptocurrencies. In an effort to make its way into the booming decentralized finance (DeFi) market, CresoFin issued its shares in the form of equity tokens last year in November 2020.
The reason for offering its equity shares in the form of cryptocurrencies is to replace banking with code. CrescoFin offers insured savings accounts to individuals and institutions, globally. CrescoFin has its eyes set on the $60.5 trillion-dollar deposit banking market.
“We operate in fiat, are developing an offer in stablecoins, and plan a BTC product in the future. Our objective is to be a bridge between traditional finance and crypto and to facilitate mass adoption of DeFi products,” notes the firm.
Currently, there are 10 million wCRES equity tokens outstanding. The firm also has nearly 2 million shares in treasury totalling to 12 million equity tokens.
CresoFin has also joined hands with some of the leading blockchain players and oracle service providers - Chainlink (LINK). Here, Chainlink (LINK) will provide CrescoFin secure and hyper-reliable data for use in the latter smart contracts its unique on-chain, matched-funding model.
Alpha Finance Lab (ALPHA)
This is yet another cross-chain DeFi platform services DeFi enthusiasts and investors across different blockchain platforms like Ethereum and Binance Smart Chain (BSC). The platform offers a simple to use interface to its users at the same time catering to some of the unmet needs of the DeFi space.
APLHA, the native token of the Alpha Finance Lab is making some good moves recently so far in 2021. The price of ALPHA DeFi token has surged nearly 10 year-to-date. At press time, ALPHA is trading at $1.86 with a market cap of $465 million.
By staking their ALPHA tokens, investors can earn a share of network fees to cover any default loans. Some of the other popular use cases for ALPHA are governance voting and liquidity mining.
The Alpha Finance Lab plans to implement governance via decentralized autonomous organization (DAO) while voting on the particular matters of future Alpha products as well as on how they can interoperate.
The first product of the Alpha Finance Lab is Alpha Lending, a decentralized lending protocol having algorithmically-adjusted interest rates. Alpha Homora, a leveraged yield-farming platform is its second product scheduled to go live ahead in 2021.
UOS, the native cryptocurrency of the Ultra blockchain is also among one of the top performers this year. So far in 2021, the UOS price has surged 20x as each UOS crypto coin is trading at a price of $0.64 with a market cap of $181 million.
Ultra is a blockchain-based PC game distribution platform offering new opportunities to both gamers and game developers. Apart from engaging active gamers on just buying and playing games together, Ultra offers a monetization opportunity letting them resell their used games and items.
Similarly, game developers also benefit from different revenue streams, overlay technologies, SDKs, and other blockchain tools that power up their game through features such as item distribution.
Ultra has built its own customized EOSIO blockchain that facilitates higher transaction throughput with better resource allocation.
Wootrade (WOO) is one such cryptocurrency that has registered sharp moves over the last month. The Wootrade Price has surged nearly 25x since the start of February 2021 and is currently trading at $0.53 with a market cap of $211 million.
Wootrade is a layer one trading infrastructure platform with frontend trading GUI and deep liquidity. Wootrade can integrate with any exchange, wallet, trading desk, and other trading-based platforms.
By staking the native WOO cryptocurrency, retail traders can also get premium features such as zero-fee trading. Besides, the staked WOO coins can also be used as collateral for spot trades or futures trades.