The cryptocurrency market continues to step backwards after its recent rally. Its total value has declined to $2 billion according to CoinMarketCap, having stood at $2.2 billion on Tuesday. This is a decline of 9%, with most of the major coins falling by similar percentages over the same timeframe. However, we’ve put together a list of the five coins likeliest to buck the downtrend over the next few days and rebound strongly. These 5 cryptocurrency could see a price boom this weekend, given that their fundamentals continue to make them desirable assets.
These 5 Cryptocurrency Could See Price Boom This Weekend
1. Bitcoin (BTC)
We’ve said it before, but we’ll say it again: the market rises and falls with bitcoin (BTC). In other words, the overall market almost certainly won’t rebound without bitcoin rebounding. As such, if you want a (comparatively) safe bet for the weekend, BTC is it.
At $47,200, it has held steady over the past 24 hours, despite the recent dip. It’s also up by 1% in the past week and by 6% in the past fortnight. More impressively, it’s up by 20% in the last 30 days.
As the chart above shows, bitcoin is currently on an uptrend. Even with the slide of the past few days its current trajectory still seems upwards. At the same time, plenty of on-chain data indicates that the market remains in an accumulation phase. Larger buyers have generally been scooping up BTC for several weeks now, with August seeing an increase in exchange outflows.
The market has transitioned through a number of phases of exchange flow dominance over the last year, with outflow dominance last seen in late 2020. pic.twitter.com/BQLlw06SJr
— glassnode (@glassnode) August 19, 2021
On top of this, miners have been enjoying increased profitably. This means they’re less likely to sell, which in turns means a supply squeeze and upwards price pressure.
#Bitcoin miner revenue per hash has climbed by 57%, returning to mid-2020 levels as the Great Migration continues.
The typical 900 $BTC mined per day are distributed between ~62.5% of the peak hash-power seen in May
See more analysis in The Week On-chainhttps://t.co/jj6CzAnKRV pic.twitter.com/68xHXwcraK
— glassnode (@glassnode) August 17, 2021
We’ve also recently seen JPMorgan and Wells Fargo launch bitcoin funds, further highlighting continued interest in the cryptocurrency. It’s for such reasons that BTC remains one of the likeliest cryptocurrencies to witness a price boom this weekend.
Traders can buy bitcoin from pretty much every major exchange, including eToro, Coinbase, Kraken, Gemini, Binance, and many, many others.
2. Cardano (ADA)
As with most of the market, cardano (ADA) has fallen over the past couple of days, but remains on an uptrend. It broke its all-time high three days ago, hitting $2.95. It has fallen by 12% since then, with a current price of $2.57. Nonetheless, this is a 12% rise over the past week, and a 41% jump over the last 14 days. Ada is also up by 100% in the last month, as well as more than 2,000% higher than where it was one year ago.
ADA is one of the likeliest major coins to surge over this weekend largely because of smart contracts. Due to launch on Cardano on September 12, they will allow the platform host its own native decentralized applications, potentially making it a big player in DeFi.
We're on track to meet the projected HF dates for both testnet & mainnet #Alonzo upgrade, as Nigel outlined in last week update
— Input Output (@InputOutputHK) August 17, 2021
The market appears to have already priced in smart contracts to a considerable extent, given the doubling in a month. That said, it’s likely ADA will continue to rise as September 12 draws closer.
3. Solana (SOL)
Solana (SOL) is one of the few major coins to continue rising strongly, despite the market-wide comedown. It set a new ATH only an hour or so ago (as of writing), reaching $83.04. It’s now at $82.13, which represents a 21% rise over the past 24 hours. SOL is also up by nearly 100% in 14 days and 193% in 30 days.
SOL has been riding high for several days now. There are several reasons for its sudden growth.
Firstly, there’s the rollout of the Wormhole protocol. Completed on August 9, this is a bridge letting users transfers assets between Solana, Ethereum, Binance Smart Chain and Terra.
1/Today we're incredibly excited to announce Wormhole: a generic cross-chain messaging protocol. Wormhole will launch with support for the thriving @Ethereum, @Solana, @Terra_money, @binancechain ecosystems. https://t.co/pEKdeOW821
— Wormhole (@wormholecrypto) August 9, 2021
Wormhole has already expanded Solana’s DeFi ecosystem. Its total value locked has risen to $2.655 billion, a rise of 118% since the start of August.
At the same time, Solana has benefitted from growing usage. Its Solanart NFT platform has had a number of big sales, with one collection from the Degenerate Ape Academy recently selling over 7,000 pieces of art to date and passing 200,000 SOL in volume.
With a total of 7439 sales, the average price is 27 SOL and current floor is 13 SOL!
— Solanart (@SolanartNFT) August 23, 2021
Solana-based DEX Mango Markets also raised $70 million in a token sale on August 12. This shows that there’s plenty of interest in the Solana ecosystem. It also suggests that SOL could continue to rise in the coming weeks. This is why we think it could see a price boom this weekend.
— Solana (@solana) August 12, 2021
As a relatively new cryptocurrency, SOL can’t be bought everywhere. It’s currently listed on Coinbase, Binance and Crypto.com, among a few others.
4. Terra (LUNA)
Like SOL, terra (LUNA) is another rare coin that has continued rising while the rest of the market slides. It’s up by 8.5% in the past day, having risen to $29.03. It hit an all-time high of $34.25 on August 24, and is 74% up on the last 14 days. It’s also 207% up across the past month, making it one of the best-performing coins of the current market.
As with Solana, it can also thank the arrival of the Wormhole bridge for much of its increased growth. Back when Wormhole was launched, on August 9, its price stood at just over $13.
A big part of LUNA’s recent rises is the growth in its ecosystem and the adoption that’s come with it. Its native platform, Terra, hosts stablecoins pegged to various national currencies. The biggest Terra stablecoin — UST — has expanded its supply from $2 billion to $2.3 billion in less than a month. This reveals rising demand for not only UST, but also LUNA, which is burned in proportion to the amount of UST minted.
#Lunatics – biweeky updates for ecosystem map are out @ https://t.co/HUhAAx5ZMn
@CoinbasePro lists $UST $wluna
@krakenfx lists $Luna
@CoinMetro on/off ramp
@terraworld_work new project on Terra
@TerraRoll – new project/live (use caution/likely unaudited) pic.twitter.com/KAJty6LwPk
— Smart Stake (@SmartStake) August 22, 2021
LUNA has also benefitted from a general rise in interest in DeFi, something which has also buoyed Solana and Ethereum.
Global total value locked in DeFi just reached $148 billion and is rapidly approaching new ATHs.
Ethereum, Terra, and Solana are leading the way, with the latter two printing new ATHs in recent days.
Some insights below by ecosystem.
— Ryan Watkins (@RyanWatkins_) August 16, 2021
LUNA is another relatively new cryptocurrency. It can be traded on Binance, OKEx, Huobi and Bittrex, among others.
5. Ethereum (ETH)
Ethereum (ETH) has been relatively quiet compared to other altcoins recently. At $3,127, it has begun to recover slightly from the selloff of the past couple of days. It’s up by 2.6% over the past 14 days and by 36% over the past month. It’s still 28% down from its ATH of $4,356.99, which was set on May 12.
There’s plenty of reasons to be confident ETH could surge in the very near future. For one Ethereum has been burning a portion of its transaction fees ever since the London hard fork of August 5. In fact, it has burned 100,000 ETH to date.
100,000 ETH has now been burned
EIP-1559 has only been live for 20 days.
— Anthony Sassano (@sassal0x) August 26, 2021
As a result, ETH’s daily issuance has now dropped below bitcoin’s. This has been accelerated by the fact that, with increased NFT and DeFi volumes, more ETH is being burned.
ETH net inflation: 3574 ETH (1.11% annualized)
BTC net inflation: 900 BTC (1.75% annualized)
A short thread on Ethereum’s recent surge in activity and potential implications of its decreasing inflation pic.twitter.com/IBT9Vf3MNo
— Lucas Outumuro (@LucasOutumuro) August 27, 2021
The point of mentioning this is that demand for ETH is increasing while its overall supply is shrinking (or rather, not growing as fast as it used to). All other things being equal, this will increase its price over the coming weeks. It also makes it a good candidate to see a cryptocurrency price boom this weekend.
As with bitcoin, ethereum is available pretty much everywhere.
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