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Cryptocurrencies have been the best-performing asset class for much of this year as the world grapples with the economic impact of the global pandemic. Surpassing a $2 trillion valuation, the nascent industry is seeing much interest from investors globally. However, its path has been strewn with major ups and downs, and the crypto market is only on the path of recovery.
This article highlights the five top crypto to buy this week as the bulls rage on following a dismal three months.
1. Bitcoin (BTC)
The prime digital asset in the emerging industry, Bitcoin is the all-time best-performing crypto-asset globally. Since debuting in 2009 for a low price of $0.08, Bitcoin has increased more than 9 million per cent. The benchmark crypto asset has not only surged in value but led the crypto market to a $2.5 trillion valuation in one fell swoop. Bitcoin’s intrinsic capacity to serve as a store of value has seen retail and institutional investors look to add BTC to their portfolio.
This growing adoption has served as a template for national governments to stretch into the crypto space. Latin American country El Salvador is set to adopt Bitcoin as a legal tender on September 7. Also, popular micro-blogging platform Twitter is looking into integrating Bitcoin into its platform.
16/ We are going to learn a lot on Tuesday.
Will Salvadorans be able to download the app, claim their $30, and spend it?
Will the ATMs work?
For the first country to attempt national Bitcoin adoption, it could be a boondoggle. pic.twitter.com/NSdnZkmKMc
— Alex Gladstein 🌋 ⚡ (@gladstein) September 5, 2021
Per reports online, the social media company could allow users to add their Bitcoin and Ethereum addresses to their profiles. This will enable users to receive tips through the Tip Jar feature. At press time, BTC is rallying after trading below the $50k mark over the weekend. The premier digital is trading at $51,687.72, up 3.52% in the last 24 hours. With a 7.88% increase in the previous week, BTC is one of the top crypto to buy this week as the bulls continue to ride the market.
2. Ethereum (ETH)
Ethereum is the second most valuable crypto asset, and a 19.7% market share shows why ETH is a top crypto to buy this week. Founded on the premise of moving blockchain technology to the next level, the Ethereum network is the official home of some of the top decentralized applications (dapps) platforms in the crypto space.
The proof-of-work (PoW) protocol plays a pivotal role in the growing adoption of decentralized finance (DeFi), which is considered the future of financial services and non-fungible tokens (NFTs).
The booming DeFi and NFT sub-sectors have generated several interests in Ethereum as the blockchain protocol’s utility token ETH is used as a digital currency to facilitate exchange across both sub-sectors. Ethereum’s gradual transition to a proof-of-stake (PoS) protocol has seen it become more popular for ESG-minded investors. The migration is expected to cut down on energy consumption and reduce network fees as a consequence.
$ETH in bull mode 🐂
So far in 2021 #Ethereum has climbed over 380%, with gains largely credited to the thriving #DeFi and #NFT sectors.
The price currently sits at around A$5,120 on @indepreserve and is looking to crack US$4K in the short term.#cryptocurrency pic.twitter.com/jOvoMN1mec
— Independent Reserve (@indepreserve) September 3, 2021
The sudden increase in NFT purchases has also added to ETH’s value, with the digital collectibles grossing over $600 million in the last month. This saw popular NFT marketplace OpenSea record over $3 billion in sales. At press time, ETH is trading at $3,956.08, with a 1.66% increase on the daily chart. The digital asset’s one week increase shows a major breakout in the coming days as it has surged to 23.78% in the past week.
3. Cardano (ADA)
ADA powers the Cardano network and recently rose to the top three most valuable crypto asset rank following a major price rally. Boasting over $92 billion in market cap, Cardano’s ADA is one of the top crypto to buy this week. The blockchain network has been dubbed an ‘Ethereum killer’. This month’s anticipated release of smart contracts functionality has propelled its value to rise beyond its previous all-time high (ATH) of $2.30.
ADA surged to a record value of $3.09 before the market correction, indicating the token’s potential for massive growth. Using a PoS protocol, Cardano aims to enable a more connected and faster blockchain network where value is exchanged rapidly and in a trustless manner among several blockchains.
https://twitter.com/BigOShow/status/1434637792932470784
The Cardano network is being developed by Hong Kong-based software firm Input Output Hong Kong (IOHK), with plans to hand over the governance to the ADA community in the next roadmap.
At press time, ADA trades at $2.90, up 0.53% in the last 24 hours.
4. Binance Coin (BNB)
Binance Coin is not a standalone crypto project as the digital asset is tied to the world’s largest crypto exchange Binance. Used primarily as a discount token, BNB is used to reduce transaction fees on the Binance exchange.
The Bitcoin exchange’s expansion and incorporation of BNB in most of its projects have seen the BEP-20 token rise in value. Beginning the year at $38, BNB surges to an astronomical value of $675 during the April crypto boom. This saw it rise more than 800% in the space of four months.
The digital currency has continued to post good returns despite the crypto market struggling with a bearish undertone. This has seen BNB maintain the number four position on the global crypto ranking, rallying with the wider market as the nascent industry makes a comeback. Price-wise, BNB is trading at $503.75, receiving a significant boost from the one-week increase of 5.28%.
5. Solana (SOL)
Solana aims to engender the adoption of DeFi products and solutions much like Ethereum and Cardano. The recent boom in NFTs has also spilt over into the hybrid-powered blockchain platform. The Solana blockchain has enjoyed major adoption in the last month, with several dapps integrating with the ‘Ethereum killer’ due to its faster block finality and low fees. This has helped the protocol increase the total value locked from $1.2 billion to over $3 billion.
Solana’s SOL has been one of the outlier digital assets in the market, rallying more than 100% since the beginning of August. SOL broke above the previous ATH of $55.91, rising to a mouth-watering $146.10 in a month. SOL is still on an uptrend at press time despite a slight dip and trades at $145.83, up 46.16% in the last week.
📢 Announcing Solana NFT support natively in Audius.
The community has been asking for additional NFT support on their profiles, and it's finally here. You can now display, filter, and sort all of your Solana NFTs directly in your collectibles tab! pic.twitter.com/nAd9svBpUH
— Audius 🎧 (@audius) September 2, 2021
The Solana network recently announced integration with blockchain-based music streaming protocol Audius for NFT integration.
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