It’s a slow start to the week for the cryptocurrency market. Bitcoin trading volumes are low, and there is no major news that can trigger any significant market moves today. More broadly, the financial markets remain relatively bearish, as major economies look all but headed for a recession. Despite all this, some cryptocurrencies have significant potential to pull a surprise rally during the week. Below are some cryptos that could give investors a good return on investment this week.
There is a good chance that the Merge has already been baked into Ethereum (ETH) price. This is evident in Ethereum’s recent price action when it went from under $1000 to a high of $2000.
That said, the upcoming Merge will continue to make headlines for the remainder of the month. As such, chances are that money will keep flowing into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies in the week.
Already, Ethereum is one of the few large cryptocurrencies that are in the green at the moment. It is an indicator that momentum still has momentum, making it a good cryptocurrency investment to keep an eye on this week.
Binance Coin (BNB)
Binance Coin (BNB) remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volumes are rising.
One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the perception that it is safe. Unlike most cryptocurrencies that don’t have much use value, BNB is the cryptocurrency that drives the Binance ecosystem. It is used for paying fees on the exchange and other Binance-related products.
Now that Binance Coin’s price is showing some positive price action, the odds are that crypto investors will turn to this crypto in the short to medium term.
In recent weeks, things have been pretty rough for Solana (SOL), but SOL token prices are holding up pretty well. This week, Solana could benefit from a new feature that is coming to the Solana Phantom wallet named “Burn NFT.” The new tool aims to cut down on scams within the Solana ecosystem.
Through the new feature, investors will be able to get rid of scam NFTs while also earning SOL tokens for doing it. As investors get wind of this opportunity to earn from Solana, there could be a surge in buying volumes, a factor that could help push up the price in the short to medium term.
Of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few in the green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. The moves it has been making are bearing fruit. For instance, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing the price of KLAY higher in the short term.
The post Cryptos to watch despite a bearish start to the week appeared first on CoinJournal.