Unfortunately, inflation remains high and a recession could ensue. Fed Chairman Jerome Powell indicated last week that the central bank’s hawkish stance is likely to continue. The market has already taken a hit after his speech. But expect further volatility around the next possible rate hike announcement on September 20-21.
In the meantime, many cryptocurrency development activities are taking place behind the scenes. Low prices have not prevented many of these companies from harnessing the transformative potential of blockchain. Indeed, it is always good to keep track of development and constant updates, as it is an indication of the project’s ability to survive in the long run.
Here are three projects not to be missed in September.
1. Ethereum (ETH)
Given the size of Ethereum, it is difficult to consider it an altcoin. However, its transition from proof of work to proof of stake will dominate the cryptocurrency agenda. This is not only the biggest crypto news this month, but arguably one of the biggest crypto events of the year. The long-awaited merger will take place in two stages, the first on September 6, and the second shortly thereafter.
As investors, be aware that any technical issues could undermine the credibility of the entire industry, not just Ethereum. There is also a lot of hype and speculation surrounding the merger, which could mean we will see a short-term drop in the price of ETH as the merger unfolds. If you focus on the long term, you will be less exposed to immediate shocks.
Here are some other cryptocurrencies directly related to Ethereum:
- Polygon (MATIC): One would think that an Ethereum upgrade would be negative for layer 2 solutions like Polygon. After all, they exist to improve the performance of Ethereum, so if they improve, won’t they become redundant? This is unlikely. First, the merger will not solve problems such as high gas fees or network congestion. Second, even as Ethereum gets faster and cheaper, layer 2 will still be able to further boost its performance.
- Ethereum Classic (ETC): Ethereum Classic, also referred to as the “original” Ethereum, was formed after a controversy that divided the community over five years ago. It will not proceed to proof of stake. This makes it attractive to many Ethereum miners whose hardware is about to become redundant.
2. Space (ATOM)
Cosmos gained a lot of attention in August after investment manager VanEck said he was optimistic about ATOM in the long term. This hype may have passed, but we’re keeping our eyes open in September and looking forward to progress in the long-awaited Rho update. Originally scheduled for the second quarter of this year, there is no set date, but when it arrives it will bring better management and other features.
Cosmos is an interoperable cryptocurrency, which means that it helps blockchains communicate with each other. This is an important element for the industry and one of the many reasons why VanEck is optimistic about the future. It is available on most major cryptocurrency markets.
3. Helium (GNT)
Helium has been having a hard time lately. The decentralized network, which pays HNT to operators who operate its long-range Wi-Fi routers, was initially criticized for misrepresenting its partnerships. Then people asked questions about its usefulness, citing low monthly income figures.
Helium responded to the criticism by highlighting various use cases for the project and outlining potential market share. CEO and founder Amir Halim explained that the low revenue figures published in the media do not reflect the overall income of the network.
Today, Helium is considering moving to the Solana (SOL) network. The community will be able to vote on this proposal, which will simplify the blockchain architecture and make it more scalable, in mid-September. A large Helium House meeting is also scheduled in New York on September 20th.
There is still a lot of uncertainty in the cryptocurrency markets and, unfortunately, prices could fall even further. Do not rush to buy the above cryptocurrencies in the hope of making short-term profits. Instead, do your own research and think about how you think they might perform in the long run and how they might fit into your larger portfolio. As with any high-risk investment, only spend money that you can afford to lose.
Cosmos and Helium are interesting crypto projects that have a lot to offer. However, all investments in cryptocurrency come with risks, and they are no different. Cosmos has a bad habit of being behind updates — Rho is already late — and some critics say that Helium’s business doesn’t need blockchain at all. It is also important not to get too caught up in the hype around Ethereum. Merging is a big deal, but it’s just one step on a big journey. The next big step will be a real reduction in gas fees and improved scalability, and this upgrade is not expected until at least next year.
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