2022-10-4 00:30 |
Like the rest of the financial markets, the cryptocurrency market started October in the red. However, many voices out there are of the view that the worst is over and that the markets could rebound.
One of the more notable ones is Chamath Palihapitiya, the billionaire behind Social Capital. Palihapitiya, who was among the people that correctly predicted the current market correction, noted that this is the time to start getting ready to jump back into financial assets, including crypto. If his prediction and many others are to go by, then Bitcoin is trading at the bottom or very close to the bottom.
With this in mind, it could also be an excellent time to start scouting for high-potential altcoins that could lead the way in a short-term bullish reversal. Among those that hold such potential are as below:
Ethereum (ETH) eToroeToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
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CoinbaseCoinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.
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Ethereum (ETH) price has been sluggish since the merge, but that is no reason to write off Ethereum. It stands out among the top cryptocurrencies that could lead the way if there is a short-term bullish reversal. One thing that makes Ethereum stand out is that even after the disappointing price action post-merge, staking and burning is on a growth trajectory.
Currently, Ethereum has 439,425 network validators, and over 14 million Ethereum is staked. With the Ethereum staking reward at 4%, more investors are likely to stake Ethereum since it is a much higher rate of reward than anything that most fixed assets can give at the moment. This also puts Ethereum in a good position amongst cryptocurrencies that could lead the charge, if there is a bullish reversal in the short term.
Binance Coin (BNB) eToroeToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
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BitpandaBitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.
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Binance Coin (BNB) is another top cryptocurrency that has a high potential to lead the rally, if there is a bullish reversal in the short term. One thing that mainly gives Binance Coin an edge is the upcoming Binance token burn. This is expected to take place in the middle of October, and if there is a broader market reversal, it could give Binance Coin a bigger push relative to other cryptocurrencies. Besides the fact that Binance Coin has a coin burn coming up, its current price action points to a potential spike. Binance Coin is holding firmly above $280, and BNB could emerge as a top performer if there is a marketwide pump.
MakerDAO (Maker)MakerDAO (Maker) is another of the big cryptocurrencies to keep an eye on in the short term if there is a marketwide pump. That’s because it was recently announced that MakerDAO was looking to lower the stability fee, with the aim being to increase demand for its DAI stablecoin. The high costs have led to a decline in the adoption of MakerDAO. The expectations around the impact of this proposal could lead to an increase in the price of MAKER, especially if there is a pump across the crypto market.
The post 3 Cryptocurrencies to watch as market sentiment turns bullish appeared first on CoinJournal.
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