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The cryptocurrency market is currently consolidating after more than 7-months of persistent losses. However, if past cycles are anything to go by, this could indicate that another pump is on the way.
Already the market is showing bullish signals, as seen in last week’s price action when most altcoins rallied by over 30%. It is a perfect time to start looking into cryptocurrencies likely to outperform the rest of the market in the next crypto bull run. In the very short term, these three hold a lot of potentials to beat the rest of the market.
Cardano (ADA) remains one of the best cryptocurrencies to buy and hold now. Besides trading in a tight range for over a week, Cardano has lots of good news at the moment that could help drive up the price. Among them is that Cardano will now be available to German investors through two of the country’s most important banks.
The two, Comdirect and Onvista, have millions of users. If their users start buying Cardano, it will likely impact the price positively. Besides, the news alone validates Cardano as an investment and could trigger FOMO around it.
Celebrities are also showing interest in Cardano-related projects. For instance, Snoop Dogg’s son is involved in Cardano NFTs, specifically the Clay Nation NFTs project. Since such people have influence, he, like other celebrities, is likely to draw investor interest in Cardano NFTs.
This is likely to boost ADA in the short term since the token could surge in demand. It is not surprising that positive sentiment around Cardano is on the rise.
Despite the SEC dampening the mood around XRP (XRP), the token remains resilient. It has good news that has the potential to send its price rocketing if the broader market turns bullish in the short term.
One of them is that a bank in Brazil is now accepting XRP for on-demand liquidity. The bank, Travelex, has stated that the move to adopt XRP is driven by the need for instant and low-cost transactions without having to tie down capital. This is a big deal and points to the growing use case for XRP, which has been growing consistently over the years. It’s a factor that makes XRP a prime candidate for a pump in the short to medium term.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was one of the top performers last week and is currently still one of the top trending cryptocurrencies. This indicates that despite the price slowing down, there is still a lot of excitement around SHIB. At the moment, Shiba Inu is currently facing stiff resistance at the 200-day MA. With all the excitement around SHIB, if the 200-day MA resistance is broken, investors could see the price rocket to new heights in the short term. It is a cryptocurrency to keep an eye on in the short term.
The post Top cryptos that could easily double your money in August appeared first on CoinJournal.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.