Many wallet addresses that have been in losses for the better part of the year hit take profits on centralized exchanges in the past week as the broader digital currency ecosystem charted a very impressive growth momentum.
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The global crypto industry set a new record by crossing and maintaining support above the $2 trillion market capitalization this week for the first time in about 3 months.
The trend set by the digital currencies has given a new leap to many cryptos and here are those picked out to watch in the coming week.
Bitcoin is still the industry leader by far with a current price of $44,665.74, atop a market capitalization of $848.7 billion. For Bitcoin, the growth is not unexpected seeing how impressed investors are in the wake of regulations and positive deeds in Ukraine for the past month. Investors, cutting across those in both retail and institution classes have witnessed the coin resilience to maintain support at $42,000 and many may want to tap into the current growth in a bid to avoid missing out on the potential price gains. All things being equal, Bitcoin is on track to print a new monthly price high as more cash inflows are imminent this week.
Cardano is an old kid in the bloc whose potential is just been taking into account. Despite its impressive weekly growth of over 27%, Cardano’s price of $1.13 is at least 63% below its all-time high (ATH) price of $3.10.
Nonetheless, the smart contract capability of the Cardano blockchain is becoming the basis for a lot of ecosystem growth which the protocol has garnered lately with more than 4 million Non-Fungible Tokens (NFTs) minted thus far amongst much positive news. The ecosystem growth, coupled with the healthy industry outlook is billed to fuel Cardano’s growth in the short to medium term.
LRC is the Ethereum-based cryptocurrency token of Loopring, an open Layer-2 protocol designed for the building of decentralized crypto exchanges and applications. The token was unveiled as the protocol powering GameStop’s NFT marketplace as announced last week, a milestone that has effectively placed the coin on the investor’s radar.
While its price is currently pegged at $1.09 per data from CoinMarketCap, the chances of enhanced price action in the coming weeks are very high.
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