This week was very interesting in the cryptocurrency market. Many things happened. Bitcoin reached a new all-time high, but so did a lot of other cryptocurrencies.
All of the top picks we wrote about last week performed very well amid the booming bull market, and today we take a look at the top 5 altcoins that are worth paying attention to in the next seven days. Let’s have a look.
Ethereum saw a very nice increase in the past seven days. In fact, it managed to break the coveted $2,000 mark 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 staked for the upcoming launch. The network is also used by some of the largest stablecoin issuers, including Tether’s USDT, as a major portion of the circulating USDT is based on the ERC20 protocol standard.
DeFi is booming. The field of decentralized finance sees a lot of traction, and there are new and impressive projects being built constantly. And yet, it feels that ETH is somewhat lagging behind other large-cap altcoins.
As seen on the chart above, ETH saw a slight correction recently, but it was quick to recover a lot of the losses. However, it hasn’t yet poked above the $2K mark again, which leads many to believe that it’s just a matter of time.
PancakeSwap is the leading decentralized exchange and automated market maker on the Binance Smart Chain (BSC). It also became the very first project on BSC to cross the $1 billion mark in terms of total market capitalization, tho this figure was surpassed a few days ago.
CAKE is the native token of PancakeSwap, and it sees tremendous interest. One of the reasons for this is the very attractive yield that APY seekers can enjoy by staking their CAKE to get more CAKE (and other cryptocurrencies).
The coin exploded in value a few days ago but has since corrected. The Binance Smart Chain hype shows zero signs of slowing down, and there’s perhaps merit to the notion that as long as the fire burns, CAKE is likely to continue to increase in value, despite its highly inflationary tokenomics.
Binance Coin (BNB)
BNB is the absolute champion over the past seven days. The coin saw a massive surge of about 150% and set a new all-time high just shy of $350. BNB saw a substantial correction today as it dipped to a low of $222 on Binance but has since recovered and is currently trading at around $300.
If one thing became clear over the past week, it’s that the massive demand for Binance Smart Chain is driving the price for BNB up at a rate that’s hard to comprehend. This, coupled with the deflationary tokenomics where Binance burns a percentage of the total supply every quarter, could continue driving the price for the cryptocurrency up, especially as the hype around BSC increases.
DOT is up by more than 40% over the past week, and the majority of these gains came yesterday when the cryptocurrency surged by a whopping 33%. It has formulated a new all-time high above $40 and has since retraced a bit to where it’s currently trading.
Nevertheless, Polkadot remains a rival to Ethereum, and we can already see many projects taking off. It appears that plenty of DeFi projects are somewhat attracted to the quicker and cheaper transactions, which is evident in the overall growth of the DOT ecosystem.
With this said, the following week should be exciting, and it’s curious to see how DOT will perform. If one thing is clear, the ecosystem receives a lot of attention continuously, and there are no signs of it slowing down.
Aave is one of the behemoths in the DeFi space, and it’s a project that has seen tremendous growth in the past few months.
However, the past week was somewhat slow for the project, and despite the booming market, AAVE is actually down. The cryptocurrency lost around 7% over the past seven days. Yet, we’ve already seen it many times before – DeFi projects tend to perform very well, especially when ETH is on the move.
As it can be seen in the above chart, the cryptocurrency is about 22% away from its all-time high. It will be interesting to see if DeFi projects pick up, but if they do, then we’ve already seen how fast AAVE can run. It’s also worth noting that Uniswap’s token, UNI, is also getting some steam, and that could be a precursor to other DeFi coins to do the same.
Please note that none of the above is financial advice. Investing in cryptocurrencies carries high risk. For a full disclaimer, please refer to the footer.