The market recovery has been more than noticeable this week, as the total market cap finally regained its $1 trillion position. Leading cryptocurrencies like Bitcoin have also noticed a definite upswing this week, which is promising for investors. Considering this is the moment when the market finally starts building up again, now is the perfect time for buying into several of these cryptos, as many tokens are still priced relatively low. Therefore, we have listed the top 5 cryptocurrencies to buy this week for a price boom down the line.
Ethereum (ETH)
There could not be a better time to put your money in Ethereum. The network is soon to complete The Merge and move on to a Proof-of-Stake mechanism, which will drastically improve its performance. Not only will it make transactions faster, but it will also improve security levels. Furthermore, the upgrade will improve the network’s scalability, which is bound to attract many more new projects. Finally, the new network mechanism will also contribute to a 99.95% energy efficiency, leading to significantly lower gas prices. Once these changes kick into motion, Ethereum’s growth could be unstoppable. Therefore we recommend buying this cryptocurrency this week before such a price boom happens.
Even without considering The Merge, Ethereum is so much more than just a standard cryptocurrency. Its native token ETH has managed to hold on to its position as the second-largest crypto by market cap, and the platform is the go-to for developers to explore the world of decentralized apps (dApps), like DeFi and NFTs, etc.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Aave (AAVE)
The Aave token is based on the leading DeFi protocol Aave, which has recently announced its intentions of launching a decentralized, collateralized stablecoin, GHO. The Aave platform is also the second most popular lending platform. Although its current prices are a long way off from its May 2021 all-time high of $670, the crypto promises room to grow with its strategy to revolutionize the global banking industry through alternative technology.
In the last week, the AAVE token has made steady moves to rise up the charts. According to Coinmarketcap, t started off at an approximate value of $60 and then climbed up to approximately $81 by the end of the week. Not only that, but the coin’s 30-day moving average has slowly inched closer to its 200-day average, indicating a possible price recovery. Moreover, the fact that its relative strength index has crossed the threshold of 50 is another indication that the coin might be in for a price rally. Therefore, we recommend buying this cryptocurrency this week for a soon-to-come price boom.
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
Polygon (MATIC)
The native token of the Polygon blockchain, MATIC, has had a wild week, with a price improvement of roughly 20%. There are many reasons why the Polygon network is likely to rally and recover its prices. First of all, more and more major brands are choosing to mint their NFTs on the Polygon network. The reason behind this is the network's relatively low gas fees, which motivates brands (e.g., Meta, Coca-Cola) to go for Polygon over other expensive blockchains like Ethereum. Furthermore, compared to Ethereum’s rate of 6 transactions per minute, the Polygon network is equipped to handle higher volumes. As an investor, if you are looking for a cryptocurrency to buy for a price boom this week, we recommend MATIC. The network is now also welcoming projects from the Terra blockchain, which will create goodwill and name value for Polygon and bring exciting projects to the platform.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bitcoin (BTC)
Irrespective of its prices, Bitcoin will remain a solid investment choice at any point, provided that you have the tenacity to hold onto it long enough to see definite returns. The premier crypto was also moving up the charts last week, even hitting the high point of $22k sometime mid-week. Despite being stuck in the $20k range, BTC still promises high ROI for long-time investors. In the past, we have witnessed BTC struggling with its momentum several times. It has also gone through periods of tremendous dips for it to surge up with renewed vigor. Therefore for many experienced investors, this BTC bear market is another opportunity for them to grab market share. Therefore we recommend buying this cryptocurrency this week and holding on to it for a while for a certain price boom that is coming once the overall market recovers.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Celsius (CEL)
Finally, let’s talk about Celsius. Unlike the other cryptos on this list, Celsius has had a rough week with more downs than ups. It was, in fact, one of the worst-hit cryptos in the Terra LUNA crash. However, the team has pulled the project back from the brink of demise by suspending withdrawals temporarily and reportedly paying off its Maker DAO debt. As a result, the Celsius vault’s liquidation price, which was teetering dangerously close to BTC’s price, was successfully lowered and managed with the loan repayment. In fact, few experts are hoping that this rocky phase of the crypto will have a whiplash effect and start showing signs of recovery soon. Therefore, we have included Celsius in our list of 5 cryptocurrencies to buy this week for a price boom.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
In Conclusion
To be fair, the market is still decidedly extremely bearish, and all major investments now pose a risk. Nevertheless, the 5 cryptocurrencies we have listed show the most promise for a price boom, provided you hold on to them long enough. However, we also recommend not putting all your investment eggs into one crypto basket and doing sufficient research before you buy these cryptos this week.
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