No products in the cart.
- Latest
- Trending
ADVERTISEMENT
The market is currently trading flat after more than six months of losses. Bearish sentiment remains strong as macroeconomic factors point to the possibility that the global economy is headed for recession. However, several factors paint a bullish picture for cryptocurrencies and point to a significant recovery in the market.
One of them is data showing that 40% of US investors are currently buying cryptocurrencies. The data shows that investors are driven by the need to preserve wealth amid continued market uncertainty.
Not only is this a big test for cryptocurrencies, but it could also trigger a rally that could see cryptocurrencies return to all-time highs. This is the factor that could boost the market in August. This possibility is strengthened by the fact that Bitcoin has risen above his $20,000 support despite the market turmoil.
Based on this market potential, here are some of the top cryptocurrencies to watch in August.
Binance Coin (BNB) got off to a strong start in August. At the time of writing this article, BNB was up 6.8%, outperforming most major cryptocurrencies. This follows a string of good news from the last 24 hours.
One of the most significant is Binance’s entry into the Argentinian cryptocurrency prepaid market. With more and more people using cryptocurrency payment cards in South America, the penetration rate could be very high. Since BNB is the native cryptocurrency used for payments in the Binance ecosystem, the move will lead to a potential increase in demand.
This potential is reflected in the price, and BNB is likely to remain strong throughout the month. This momentum was strengthened by Binance Coin’s breakout of the $300 resistance. This may give more buyers confidence in his BNB in the short term.
Polygon (MATIC) is still enjoying last month’s glory when it emerged as one of the top performing cryptocurrencies. Polygon’s upward momentum should continue to be strong this month. This is because an Ethereum merger is scheduled for next month, and one of Ethereum’s larger Layer 2s, Polygon, is likely to benefit from FOMO ahead of the merger. It remains undervalued in August even after its recent rally.
FLOW was one of the best performing cryptocurrencies in August so far. Flow’s rise has a lot to do with the news that Facebook’s parent company, Meta, is supporting Flow. Meta will support his NFTs and other digital collections on Flow blockchain.
Given that, FLOW is still trading at significant lows compared to all-time highs. There is a nature. It wouldn’t be surprising if FLOW ended the year as the first cryptocurrency to retest all-time highs.
