It is a slow start to the week for the cryptocurrency market. Bitcoin trading volume is low, and there is no major news that could trigger any significant market move today. Broadly speaking, financial markets remain relatively bearish, as major economies head into recession. Despite all this, some cryptocurrencies have great potential for an astonishing rally over the course of the week. Below are some cryptocurrencies that can give investors a good return on investment this week.
There is a good chance that the merge has already been baked into the price of Ethereum (ETH). This is evident in the recent price action of Ethereum when it moved from highs of $1000 to $2000.
That said, the upcoming merge will continue to make headlines for the rest of the month. Thus, there is a possibility that money will continue to flow in Ethereum as compared to other cryptocurrencies. This will likely outperform Ethereum over other cryptocurrencies in the week.
Already, Ethereum is one of the few big cryptocurrencies that are in the green at the moment. This is an indicator that momentum is still in the pipeline, making it a good cryptocurrency investment to keep an eye on this week.
Binance Coin (BNB)
Binance Coin (BNB) Still remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volume is increasing.
One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the belief that it is safe. Unlike most cryptocurrencies that do not have much use value, BNB is a cryptocurrency that powers the Binance ecosystem. It is used to pay fees on the exchange and other Binance-related products.
Now that Binance Coin price is showing some positive price action, it is likely that crypto investors will turn to this crypto in the short to medium term.
In recent weeks, things have been tough for Solana (SOL), but the SOL token price is holding up pretty well. This week, Solana could benefit from a new feature coming to the Solana Phantom Wallet called “Burn NFTs”. The new tool aims to cut down on scams within the Solana ecosystem.
Through the new feature, investors will be able to earn SOL tokens as well as get rid of scam NFTs. As investors get wind of this earnings opportunity from Solana, buying volume could rise, a factor that could help prop up the price in the short to medium term.
Out of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few green at the start of the week. Since July, the Klaytn team has made great strides in making this crypto one of the best in NFT. The steps he is taking are paying off. For example, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing KLAY price higher in the near term.