The cryptocurrency market has recovered some lost ground after yesterday's decline. Its total cap has increased to $1.85 trillion, after falling to $1.79 trillion the day before. This represents a 24-hour gain of about 3%, with BTC and other major tokens up by similar (or greater) amounts. Given the good momentum in the market over the next few days, we have selected the 5 best cryptocurrencies to buy for the weekend rally. This covers tokens with good short-term and long-term potential.
The 5 Best Cryptocurrencies to Buy for the Weekend Rally
1. Lucky square (LBLOCK)
LBLOCK has dropped 15% in the last 24 hours to a price of $0.00109315. However, it is still up 154% since it became available for trading eight days ago, when it was priced at $0.00043244.
The recently launched Lucky Block lottery platform's native token, LBLOCK, is a BEP-20 token running on the Cryptocurrency Smartchain. It can be used to enter the Lucky Block lottery draw, the first of which will take place on March 25, 2022.
After this date, Lucky Cube will hold periodic draws. Holders will have the opportunity to win 70% of the jackpot fund for each ticket, while token holders who do not participate will still receive an equal 10% share of the same fund.
Investors can currently trade LBLOCK with BNB on PancakeSwap, although Lucky Block plans to expand its listing in the near future. Given that it was launched only a week ago and the first lottery has not yet been held, the price of LBLOCK could rise strongly in the future.
2. Ethernet (ETH)
ETH peaked at $2,837 today, up nearly 7% in 24 hours. It's also up 17 percent over the past week, compared to a 25 percent drop last month.
ETH's technical indicators suggest it may have started a rally. In the last few days, its relative strength index (purple above) has risen from 20 to 50. Meanwhile, its 30-day moving average (red) looks close to a bottom relative to its 200-day (blue).
It's also worth pointing out that ETH has done a good job of preserving its value during the economic downturn. It is currently down 41.8% from its all-time high of $4,878 set on November 10. By comparison, Caldano (ADA) and solana (SOL) are down 65% and 59%, respectively.
As the native token of Ether, ETH arguably has better fundamentals than either of these two cottage coins. Ether currently holds a total locked-in value of $126.82 billion, equivalent to 61.5% of the entire DeFi industry.
Ether is also planning to move to a proof-of-stake consensus mechanism this year, which will impose limits on the supply of ETH. Combined with the fee destruction introduced last year, this could cause ETH to experience significant deflation in the future.
3/ Fortunately, the merger will bring $ETH issuance down to 500,000 ETH per year.As a result, what you will see is over 90% reduction in issuance and up to $5 million of ETH being permanently banned from the public market every year.
Proof of stake will also make Ether more scalable as a blockchain. In other words, it will be able to better serve more users, which will further increase its share of the DeFi market. This expectation may be part of the reason why it has performed well in the last 24 hours. This is also why ETH is one of the 5 best cryptocurrencies we bought for the weekend bounce.
3. Bitcoin (BTC)
BTC is up a modest 3% this morning to $38,116. It's also up 2 percent over the past week, but down 17 percent over the past 30 days.
BTC's K-line chart looks a lot like ETH. This could mean it's also due for a breakout rally, especially since its 30-day average has fallen so low compared to the 200-day.
Assuming that the market in general will also recover, such a rally is inevitable sooner or later. For some reason, BTC is still the largest cryptocurrency by market capitalization. For example, institutions (including the treasury) currently own about 1.5 million bitcoins, which equates to about $57.8 billion.
This investment is driven by the narrative surrounding BTC. For example, Bloomberg analyst Mike McGlone continues to believe that BTC will eat into the growing market share of gold stores of value in the coming years. This is largely due to its limited supply, which will help (in McGlone's opinion) push the price of BTC up to $100,000 in the near future.
The bullish #Bitcoin fundamentals – limited supply vs. growing demand and adoption – juxtaposed with the unlimited number and easy access to other cryptocurrency assets are having an impact on prices. Approximately 17,000 so-called cryptocurrencies on Coinmarketcap pic.twitter.com/UHF9f7ZADB– Mike McGlone (@mikemcglone11) January 25, 2022
4. Solana (SOL)
SOL is up 12% in the last 24 hours to $106.29. It is also up 18 percent over the past week, but down 36 percent over the past month.
SOL has fallen sharply in recent weeks. As noted above, it is down 59% from its all-time high of $259.96 set on Nov. 6. Part of the reason for its recent decline comes from technical issues: the most recent occurred on Jan. 26, causing SOL to fall from about $100 to $86.
The Liquidator bot starts spamming the network with more than 2 million packets per second arriving at a single node, most of which are duplicate messages.– anat◎ly 🦀🤿🏒 🤙 (@aeyakovenko) January 26, 2022
However, controversially, the problems are not fatal and Solana will recover quickly. It has $8 billion in total value locked up and is already using a scalable proof-of-stake consensus mechanism. As a result, we expect it to recover strongly in the coming weeks, especially if it has taken steps to remove its technical creases.
1/ Announcing Solana #Riptide hackathon 🌊Jump in, the water is warm. Sign up and start building: https://t.co/gXCeGpVtCd
5. Cosmos (Atom)
ATOM is trading at $29.41, up 12% in the last 24 hours. It is down 2% in the past week and down 30% in the past month.
ATOM's indicators look a lot like ETH and BTC. Its RSI has risen in the past few days, suggesting a possible rally. Meanwhile, its 30-day average looks close to a bottom.
Impressively, ATOM is down just 33% from its new high of $44.45, even though that was set just a few weeks ago. As the native token of Cosmos' "blockchain internet", it has been enjoying a lot of good news lately.
Recently, 21Shares announced the launch of an ATOM-based exchange-traded product that opens up cottage coins to institutional investors.
1/7 Today at @cosmos. The first Cosmos ETP went live yesterday after @21Shares announced its IPO. The product will be traded on the Swiss SIX exchange in CHF, EU and USD. https://t.co/KkY9Wd4xTR– Cosmos ⚛️ Croatia 🇭🇷 (@CosmosCroatia) January 21, 2022
Late last year, Cosmos also celebrated the launch of Gravity, the bridge between its network and Ether. This inevitably opened up greater liquidity for the Cosmos ecosystem and spurred greater demand for ATOM. That's why it's one of the 5 best cryptocurrencies we bought for the weekend bounce.
Prepare the astronauts.It’s time: #Ethereum’s @gravity_bridge chain is live🎉
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