We’ve been waiting for months now for some utility projects to start pumping in our portfolio. It was mostly memes until now.
In the last 24 hours, Alephium’s ALPH took the show. The ALPH price is up around 70% during this period, now trading above $1.8 and with market cap now back to over $150 million.
Alephium peaked in February when it reached its current ATH of around $3.8. Following this, the altcoin went into a correction mode, as most other ones did.
What is Alephium?
Alephium (ALPH) is a layer-one blockchain. It’s designed to address the limitations of traditional blockchains, such as scalability, security, decentralization, and energy efficiency.
It’s a project with significant utility. In fact, we’ve been seeing more and more projects using it. ASIC mining is the newest development, and this might be the main reason for today’s pump.
Alephium uses a new algorithm called BlockFlow, which partitions data into smaller, more manageable subsets called shards. This enables parallel processing of transactions, significantly enhancing throughput, with the network capable of handling up to 10,000 transactions per second (TPS).
Alephium also uses a unique consensus mechanism known as Proof-of-Less-Work (PoLW). This mechanism dynamically adjusts the mining difficulty based on real-time network conditions, reducing energy consumption compared to traditional Proof-of-Work (PoW) algorithms.
And there’s more, Alephium also has its own NFT marketplace called DEADRARE. It’s the first NFT marketplace on the Alephium blockchain.
CaptainAltcoin’s CBO Petar is a long-term Alephium holder, and he’s been calling it the “Next Kaspa“. Even though the ALPH price is up over 70% today, Petar believes it’s still the most ‘undervalued’ altcoin.
And there are many other high-profile crypto traders who support Alephium. One of them is a crypto veteran ‘WIZZ’ who has over 700k followers on Twitter. He predicted the ALPH price will make a ‘huge run’.
As a reminder, Kaspa’s market cap went to over $4 billion, while Alephium’s is at $150 million now. This suggests there might be room for potential growth. That being said, Kaspa is an amazing project, but if you are looking for multiple Xs, Alephium might just be a better choice at this point.
Read also: What Will 1,000 Ripple’s XRP Tokens Be Worth in 2025?
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