This week has been very interesting in the cryptocurrency market. Many things have happened. Bitcoin hit a new record, but so did many other cryptocurrencies.
All of the top picks we wrote about last week performed really well amid the booming bull market, and today we’re taking a look at the top 5 altcoins worth keeping an eye out for in the next seven days. Let’s see.
Ethereum (ETH)
Ethereum saw a very nice rise in the past seven days. In fact, it managed to break the coveted $ 2,000 barrier for the first time in history.
The cryptocurrency definitely has a lot to offer. The Ethereum 2.0 Beacon chain sees a record amount of ETH deployed for the upcoming launch. The network is also used by some of the largest stablecoin issuers, including Tether’s USDT as much of the circulating USDT is based on the ERC20 protocol standard.
DeFi is booming. The field of decentralized finance has a lot of traction and new and impressive projects are constantly being built. And yet, it feels like ETH is somewhat behind other large-cap altcoins.
As can be seen from the chart above, ETH recently saw a slight correction, but it quickly recovered many of the losses. However, it hasn’t crossed the $ 2K mark just yet, leading many to believe it’s only a matter of time.
PancakeSwap (CAKE)
PancakeSwap is the leading decentralized exchange and automated market maker on the Binance Smart Chain (BSC). It also became the first-ever project on BSC to cross the $ 1 billion mark in terms of total market cap, although this figure was surpassed a few days ago.
CAKE is PancakeSwap’s native token and is seeing tremendous interest. One of the reasons for this is the very attractive yield that APY seekers can enjoy by using their CAKE to get more CAKE (and other cryptocurrencies).
The currency exploded in value a few days ago, but has since corrected. The Binance Smart Chain hype is showing no sign of slowing down, and there may be credit to the idea that as long as the fire burns, CAKE is likely to continue to appreciate in value despite its highly inflationary tokenomics.
Binance Coin (BNB)
BNB is the absolute champion of the past seven days. The coin saw a massive rise of around 150%, setting a new all-time high of just $ 350. BNB saw a substantial correction today as it fell to a low of $ 222 on Binance, but has since rebounded and is currently trading around $ 300.
If one thing became clear over the past week, it’s that the massive demand for Binance Smart Chain is driving up the price for BNB at a hard-to-grasp rate. This, coupled with the deflationary tokenomics where Binance burns a percentage of the total supply each quarter, could continue to drive up the price for the cryptocurrency, especially as the hype surrounding BSC grows.
Polkadot (DOT)
DOT is up over 40% in the past week, and the majority of these gains came yesterday as the cryptocurrency surged a whopping 33%. It has charted a new all-time high of over $ 40 and has since reverted a bit to where it currently trades.
Nonetheless, Polkadot remains a rival to Ethereum, and we are already seeing many projects getting off the ground. It seems that many DeFi projects are somewhat drawn to the faster and cheaper transactions, which is evident in the overall growth of the DOT ecosystem.
With this said, next week should be exciting, and it’s curious how DOT will perform. If one thing is clear, the ecosystem is continuously receiving a lot of attention and there are no signs of slowing down.
Aave (AAVE)
Aave is one of the behemoths in the DeFi space and it is a project that has seen tremendous growth in recent months.
However, last week was a bit slow for the project, and despite the booming market, AAVE is in fact down. The cryptocurrency has lost about 7% in the past seven days. Still, we’ve seen it many times before: DeFi projects usually perform very well, especially when ETH is underway.
As can be seen in the chart above, the cryptocurrency is about 22% from its all-time high. It will be interesting to see if DeFi projects pick up, but when they do, 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 for other DeFi coins to do the same.
Please note that the above is not financial advice. Investing in cryptocurrencies carries a high risk. For a full disclaimer, see the footer.
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