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The cryptocurrency market is teetering again after a day of uncertainty. Its total cap has dropped by 2% compared to yesterday, falling to around $2.79 trillion. Most major cryptocurrencies have fallen along with the market, with only a handful of altcoins making significant gains. However, drops usually set the market up for sizeable rebounds. Accordingly, we’ve put together a list of our 5 cryptocurrency to buy for a price boom this weekend. Some of these coins have mostly short-term potential, although most also have good long-term potential too.
5 Cryptocurrency to Buy for Price Boom This Weekend
1. Bitcoin (BTC)
BTC is down by 2% in the past 24 hours. At $64,444, it”s up by 4% in the past week though. It’s also up by 14% in the past month.
BTC’s technical indicators suggest that the time is ripe for buying the cryptocurrency if you like a good deal. Its 30-day moving average (in red above) has swung firmly below its 200-day average (in blue). Meanwhile, its relative strength index is hovering in the 50 region, indicating that it could be on the cusp of a breakout.
Bitcoin is almost always involved whenever the market bounces back. So even if it might not swing upwards as dramatically as small-cap altcoins, there’s a vastly better chance it will go up with the market.
This is largely because bitcoin arguably has the best fundamentals of any cryptocurrency. Last month, the SEC gave the green light to the ProShares Bitcoin ETF, while more Bitcoin ETFs are also likely to follow. For example, Grayscale Investments recently applying to turn its bitcoin fund into a spot-based ETF.
And when you add rising inflation into the mix, bitcoin really could take off towards the end of the year. This is what a range of analysts are predicting: Alex Krüger recently forecast a price of between $75,000 and $85,000, while analysts at Kraken suggested $96,000 in a new report.
Likewise, the stock-to-flow model suggests a price of around $100,000 by the start of 2022. This is probably a best-case scenario, but the model has been relatively accurate so far this year.
Like clockwork pic.twitter.com/SBjFgdmAyy
— PlanB (@100trillionUSD) November 2, 2021
2. Ethereum (ETH)
At $4,670, ETH is down by about 2% in the past hour and by 1.2% in the past 24 hours. On the other hand, it’s also up by 2.7% in the past week and by 33% in the past month.
ETH’s technicals suggest that it will soon hit a bottom, from which it should hopefully bounce back strongly.
Some might hold that ETH’s fundamentals are in fact better than BTC’s. It total value locked in recently passed $180 billion, accounting for around two thirds of the total DeFi market.
Such growth is impressive. On top of this, changes a few months ago to the platform’s tokenomics make it even likelier that ETH will experience a price boom sooner or later.
Specifically, the London hard fork (completed in August) means that Ethereum burns a portion of its fees. As a result ,its issuance has recently become negative. And with supply declining over time, increases in demand will have an outsized positive effect on its price.
$ETH price breaking new highs while a record amount of 16.9k ETH was burnt in the past 24 hours
This also brings ETH's issuance to a record low of -1.1% pic.twitter.com/UrG0g0urlO
— Lucas (@LucasOutumuro) October 29, 2021
More and more ETH holders are also sending the coin to Ethereum 2.0’s staking contract, which now holds over eight million ETH. This figure is only going to increase over time, particularly as the transition to proof-of-stake draws closer (expected some time in early 2022).
$ETH continues to hit new all-time highs.
A supply squeeze seems more probable since:
– The staking contract hit 8.2m ETH
– +8m ETH locked in #DeFi
– Since October 1st, more than 860k ETH left centralized exchanges, decreasing the supply available.https://t.co/s9gSaI5JGF pic.twitter.com/EtPQwUAm9h— IntoTheBlock (@intotheblock) November 8, 2021
This growth shows why ETH is one of our 5 cryptocurrency to buy for a price boom this weekend.
3. Sandbox (SAND)
SAND is currently down by 3% in the past hour, but up by 8.5% in the past 24. At $2.56, it’s also down by 6.5% in the past week but up by 254% in the past month.
SAND was seemingly on the cusp of a breakout this morning until the market-wide drop stopped its fun. Its RSI was showing increased momentum, while its 30-day average had been surging above its 200-day. However, it’s likely that this will come down again due to today’s bearishness, something which would only make it a better buy.
We could’ve also included decentraland (MANA) in this entry. However, we’ve gone with SAND for one simple reason: The Sandbox recently closed a $93 million funding round led by Japanese investment giant SoftBank. This suggests that the NFT gaming platform may grow more rapidly than its rivals.
4. Polkadot (DOT)
DOT has had a worst time than many other major coins in recent days. At $45.34, it’s down by 3% in the past hour and by 8% in the past week. On the other hand, its up by 29% in the past month.
While DOT’s week has been comparatively awful, this arguably sets it up for a bigger recovery than other coins. Its RSI is nearing 30, which is well and truly nearing oversold territory. Likewise, its 30-day moving average has reached a point where you’d think it can only start going up again.
And yes, there are plenty of good reasons to be confident in DOT. Polkadot has just launched its first ever parachain auction. Such auctions will be held once a week for the next few months and will decide which apps get to join the network. Bidders will use DOT itself during these auctions, something which will increase overall demand for the cryptocurrency.
The very first auction on Polkadot has just begun🚀
As scheduled by the community in referendum 39, the first of 10 auctions has started. So far there are 9 bidders taking part!
For more information, and to participate, check out @PolkadotJs: https://t.co/B8RvIoPoAx pic.twitter.com/5dqLkChRj9— Polkadot (@Polkadot) November 11, 2021
At the same time, once apps begin occupying parachains, they will also be using more DOT for staking and fees. As such, we should expect DOT to rally soon, especially after its recent tumbles.
5. Loopring (LRC)
LRC has had a great week, having risen by just over 170%. At $3.05, it is down by 1% in the past hour and by 7% in the past 24 hours.
LRC has fallen with the rest of the market. Its own rally had also run out of steam yesterday. That said, it’s now setting itself up nicely for another rally.
And in a market where there aren’t too many ‘hot’ coins right now, LRC is likely to continue attracting attention. Its the native token of Loopring, a layer-two scaling solution for Ethereum. This platform uses zero-knowledge rollups to help decrease transaction fees and increase transaction capacity, and is used with a variety of decentralised exchanges. It has gained traction in recent days more or less in proportion to Ethereum fees rising.
1/85th the cost, same great Ethereum taste
L2 swaps hit different pic.twitter.com/BQoWh09OWR
— Adam Browman (@A_Browman) November 8, 2021
Ethereum fees are likely to remain high until its transition to proof-of-stake next year. This is why we’ve added LRC to our list of 5 cryptocurrency to buy for a price boom this weekend.
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