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The crypto market has seen renewed activity this week, with Bitcoin gaining 10.74% to surpass the $58,000 level. However, the token has experienced a decline in the past day, currently trading at $56,00. Meanwhile, price movements across various altcoins have been mixed, as some assets exhibit upward momentum while others face downward pressure.
This article examines the best cryptocurrencies to invest in right now, analyzing key price trends, support, and resistance levels. Examining these indicators may offer insights into the potential direction of these digital assets, helping market participants make informed decisions for their portfolios.
Best Cryptocurrencies to Invest in Right Now
Internet Computer has seen an intraday price increase, surging by 10.16%. Meanwhile, Crypto All-Stars is making waves in the meme coin sector, with its presale exceeding $1.2 million. Additionally, Stellar has collaborated with Zypto and MoneyGram to incorporate Circle’s USDC into the Zypto wallet.
1. Internet Computer (ICP)
Internet Computer has experienced a notable rise in value, with its price increasing by 10.16% over the last 24 hours. Currently, ICP is trading at $8.58, bringing its market capitalization to $4 billion. The market sentiment appears optimistic as investors expect further price gains.
Over the past month, ICP has seen a consistent positive momentum, with 18 out of 30 days showing growth, translating to a 60% success rate. This steady growth pattern maintains strong liquidity relative to its market size. The 14-day Relative Strength Index is 37.35, indicating a neutral position, suggesting the token could continue to trade sideways soon.
One factor driving the recent price increase is the elevated burn rate of ICP tokens on the Internet Computer network. On this platform, cycles, which are used to power computations and manage memory, are generated by burning ICP tokens.
Say it louder 📣#ICP can seamlessly interoperate with other blockchains without a bridge, host chain-key tokens, and enable transfers in Web3 social media chats with 1.5-second finality, at near-zero cost. 🤯 pic.twitter.com/9vykyReehV
— DFINITY (@dfinity) September 9, 2024
The spike in burned tokens, rising from 193,989 to 206,850 in the past 24 hours—has decreased the total supply of ICP tokens. This reduction in supply could be contributing to the token’s price appreciation. As more ICP tokens are burned, the circulating supply decreases, potentially boosting the value of the remaining tokens in the market.
This dynamic, coupled with the overall bullish market sentiment, seems to push ICP’s recent upward movement. However, its RSI suggests that the token could see stable trading in the short term.
2. LayerZero (ZRO)
LayerZero has been selected by BitGo to serve as the interoperability provider for Wrapped Bitcoin (WBTC). This partnership aims to facilitate the token’s integration with the BNB Chain and Avalanche blockchain. It further seeks to streamline cross-chain movement for WBTC holders, enhancing liquidity across multiple networks.
This development contributes to the ongoing effort to boost interoperability in the DeFi ecosystem while maintaining a secure and decentralized structure by allowing the seamless transfer of Bitcoin liquidity between blockchains. LayerZero’s cross-chain messaging protocol technology enables communication between various blockchain networks.
Furthermore, the OFT standard ensures that tokens can function across different chains while preserving their fungibility and utility. This reduces the need for multiple bridges or wrapped versions of tokens, simplifying liquidity transfer between chains and potentially lowering associated risks.
Dubbz, a socialFi and gaming platform, has officially integrated LayerZero and the Omnichain Fungible Token (OFT) Standard.https://t.co/qAFmGb90KX
— LayerZero Foundation (@LayerZero_Fndn) September 4, 2024
Currently, the LayerZero token is priced at $3.51, having experienced an intraday rise of 8.97%. Over the last 30 days, the token has recorded a positive performance in 17 days, indicating strong liquidity. The token is available for trading on Binance, and according to Coincodex, the price is projected to reach $11.51 by October.
3. IOTA (IOTA)
IOTA is a distributed ledger technology (DLT) known for its distinct architecture and open-source tools designed for use across various sectors, including Web3. The platform relies on a directed acyclic graph (DAG) called the Tangle, offering a unique approach to handling decentralized transactions. This structure supports secure and direct data and value transfers, immutably recorded on the network.
Meanwhile, IOTA recently reached a significant milestone by achieving $5 million in total value locked (TVL) on its Ethereum Virtual Machine (EVM). This development highlights its growing presence in the DeFi space as it positions itself as one of the best cryptocurrencies to invest in right now.
In parallel, the project is advancing its IOTA 2.0 blockchain, with ongoing research to integrate smart contracts into Software-Defined Networking (SDN). This integration could enhance security and introduce a decentralized node architecture to address existing vulnerabilities.
As highlighted in a recent blog post, IOTA’s commitment to regulatory solutions and technical innovation within the DLT ecosystem remains a key focus. The platform is positioning itself as a reliable partner for technological advancements.
In a related development, Florian Mendell from IOTA expressed interest in collaborating with Uniswap’s multichain marketplace. He further cited shared values such as scalability, feeless transactions, and secure data exchange.
Mendell suggested potential partnerships to improve the efficiency and inclusivity of the DeFi ecosystem. He also encouraged the community to engage in the conversation to increase visibility for future collaborations between IOTA and Uniswap.
4. Crypto All-Stars (STARS)
Crypto All-Stars is gaining attention in the meme coin sector, with its presale surpassing $1.2 million. This rapid fundraising reflects a notable level of interest, likely driven by the platform’s unique MemeVault feature, which allows users to stake popular meme coins and earn STARS tokens in return.
This staking mechanism aims to foster collaboration within the meme coin community by providing profit opportunities for participants. MemeVault operates on the Ethereum ERC-1155 token standard, ensuring compatibility with various ERC-20 tokens.
Moreover, this could attract a broader user base by offering secure and flexible staking options. Additionally, by encouraging users to stake tokens longer, MemeVault helps create token scarcity, which may increase demand over time.
Meanwhile, the STARS token is central to this ecosystem, offering enhanced staking yields when used within the platform. This likely explains the presale’s optimism, as potential users see increased value in participating early. Overall, STARS presents an interesting approach to uniting the meme coin community while offering financial incentives.
Visit Crypto All-Stars Presale
5. Stellar (XLM)
Stellar has partnered with Zypto and MoneyGram to integrate Circle’s USDC on the Zypto wallet. This collaboration supports Stellar’s mission to enhance access to the global financial system and promote financial inclusion.
Moreover, Stellar’s broader objective has been to bridge the gap between traditional finance and digital assets. Its 2022 partnership with MoneyGram aimed to facilitate a crypto-to-cash service, further extending the utility of cryptocurrencies.
Currently, Stellar’s native token, XLM, is trading at $0.09309, reflecting a 3.90% increase in the last 24 hours. Some analysts believe that XLM may benefit from a potential XRP rally, as both cryptocurrencies focus on cross-border payments and have shown historical price correlation.
Blockchain, meet real world. Exciting partnership built on Stellar //🤝 @MoneyGram 🤝 @ZyptoApp https://t.co/wE6Z4CqnZy
— Stellar (@StellarOrg) September 9, 2024
Moreover, technical indicators suggest that XLM may be poised for further gains. The 14-day Relative Strength Index (RSI) is at 27.52, indicating the token is oversold and could rise. XLM has also experienced 17 green days out of the past month, signaling potential upward momentum.
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