Three potentially profitable crypto trades as we head into the weekend
It has been a rollercoaster ride for cryptocurrencies this week. After a rally earlier in the week, the market has nosedived, and many top cryptocurrencies have shed off most of the gains they had made earlier. However, some cryptocurrencies have good odds of doing well in the coming days. These have big news coming up.
Bitcoin, too, is holding strong above the $23k mark despite the market correction and could help give the broader market momentum in the coming days. If you want to trade the market today, here are some of the top cryptocurrencies that are likely to do well soon.
Cronos (CRO) is one of the top cryptocurrencies likely to do well this week. This has a lot to do with the news that crypto.com is powering a system allowing users to pay for fuel in crypto at gas stations across Australia.
While the payments will be made in Bitcoin, the impact will also be felt in the price of Cronos. That’s because it is the cryptocurrency that powers the Crypto.com ecosystem. As news of the Australian gas station deals filters into the market, Cronos (CRO) will likely record some positive price action.
Cronos also recently got FCA approval, a factor that could add to its adoption levels in the U.K. This is likely to add to the favourable price momentum, especially if the broader market turns bullish again.
Flow (FLOW) was one of the best cryptocurrency performers recently. It is still one of the top cryptocurrencies in the green. Its recent rally has much to do with confusion with Marc Andreesen’s backed real estate venture, Flow.
That said, a lot is going on with the FLOW cryptocurrency that could play well into its price action. One is the rising number of NFTs launching on the flow blockchain. These are adding to the demand for FLOW. If the wave changes and the broader market turns bullish again, FLOW will likely outperform most top cryptocurrencies by a considerable margin.
Ethereum (ETH) has recently been a top cryptocurrency performer, topping a high of $2000 on the 14th of August. In the short term, Ethereum will likely outperform the broader market. That’s because investors are still counting on an even bigger price rally as the merger draws closer.
Many analysts are already optimistic that the merger will positively influence the price of Ethereum. For instance, Arthur Hayes, the co-founder of Bitmex, believes that the cost of Ethereum could rise due to a mix of investor expectations and the now deflationary nature of Ethereum. He added that the price would continue increasing for years until every human has an Ethereum wallet.
With such potential and the fact that Ethereum has been in a correction recently, this cryptocurrency could see FOMO buying if the broader market turns green again in the coming days.