This week has been very interesting in the cryptocurrency market. Many things happened. Bitcoin has reached a new high of all time, but so have many other cryptocurrencies.
All of the top picks we wrote about last week performed very well amid the booming bull market, and today we look at the top 5 altcoins that are worth paying attention to in the next seven days. Let’s see.
Ethereum (ETH)
Ethereum has risen very nicely over the past seven days. In fact, it managed to break the coveted $ 2,000 prize for the first time in history.
The cryptocurrency definitely has a lot going for it. The Ethereum 2.0 Beacon chain sees a record-breaking amount of ETH being offered for the upcoming launch. The network is also used by some of the largest issuers of stablecoin, including USDT from Tether, as much of the USDT in circulation is based on the ERC20 standard.
DeFi is flourishing. There is a lot of traction in the area of decentralized finance, and new and impressive projects are constantly being built. And yet it feels that ETH is somewhat lagging behind other large-cap companies.
As seen in the chart above, ETH recently saw a slight correction, but it was quick to recover many of the losses. However, it has not yet risen above the $ 2K mark again, leading many to believe that it is only a matter of time.
PancakeSwap (CAKE)
PancakeSwap is the leading decentralized stock exchange and automated marketer in the Binance Smart Chain (BSC). It also became the first project on BSC that could exceed the $ 1 billion mark in terms of total market capitalization, as this figure was exceeded a few days ago.
CAKE is the original sign of PancakeSwap, and it is seeing tremendous interest. One of the reasons for this is the very attractive return that APY seekers can enjoy by deploying their CAKE to get more CAKE (and other cryptocurrencies).
The currency exploded in value a few days ago, but has since been corrected. The Binance Smart Chain hype shows no signs of slowing down, and there is perhaps the idea that CAKE is likely to continue to rise, even though the fire is burning, despite its many inflationary techniques.
Binance Coin (BNB)
BNB has been the absolute champion for the past seven days. The currency had a huge surge of about 150% and set a new record of just $ 350. BNB saw a significant correction today as it fell to a low of $ 222 on Binance, but has since recovered and is currently trading at around $ 300.
If one thing has become clear over the past week, it is that the huge demand for Binance Smart Chain is raising the price for BNB at a rate that is hard to understand. This, coupled with the deflationary tokenomics where Binance burns a percentage of total supply each quarter, could continue to push up the price for the cryptocurrency, especially as the hype around BSC increases.
Polkadot (DOT)
DOT has risen more than 40% in the past week, and the majority of these gains came yesterday when the cryptocurrency rose by 33%. It topped a new high of more than $ 40 and has since retreated slightly to where it currently trades.
Nevertheless, Polkadot remains a competitor of Ethereum, and we can already see that many projects are taking off. It seems that many DeFi projects are somewhat attracted to the faster and cheaper transactions, which is evident from the overall growth of the DOT ecosystem.
With that said, next week should be exciting, and it’s curious to see how DOT will perform. If one thing is clear, the ecosystem is constantly receiving a lot of attention, and there are no signs that it is slowing down.
Aave (AAVE)
Aave is one of the regions in the DeFi space, and it’s a project that’s grown tremendously over the last few months.
Over the past week, however, the project has been slightly sluggish, and despite the booming market, AAVE is actually lower. The crypto-currency has lost about 7% in the last seven days. Yet we have seen it many times – DeFi projects tend to perform very well, especially when ETH is underway.
As can be seen in the chart above, the crypto-currency is about 22% of its everyday high. It will be interesting to see if DeFi projects pick up, but if it does, we’ve already seen how fast AAVE can run. It is also noteworthy that Uniswap’s sign, UNI, is also getting some steam, and this could be a precursor to other DeFi coins doing the same.
Note that none of the above is financial advice. Investing in cryptocurrencies carries a high risk. Consult the footnote for a complete disclaimer.
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