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5 Cryptocurrencies to Buy at Best Prices for Top Blockchains

When considering the 5 cryptocurrencies to buy from among the top blockchain projects, several factors come into play. Short-term investors usually consider trends and hop […]

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When considering the 5 cryptocurrencies to buy from among the top blockchain projects, several factors come into play. Short-term investors usually consider trends and hop on the hottest assets in order to make quick gains. However, there is a growing number of investors who buy assets based on functionality.

Since cryptocurrencies run on blockchain technology, examining an asset’s technology can help value-seeking investors to decide whether an asset is worth it. The Ethereum blockchain remains the most popular blockchain platform available, but several others have grown their adoption.

The assets below have been picked because we believe their blockchains have true value and functionality. Let’s get to it:

1. Buy Solana (SOL)

Kicking off our list of the best cryptocurrencies to buy is Solana – a high-performance blockchain launched in March 2020. Built by the Solana Foundation, it has risen to become a top blockchain platform, focusing on supporting decentralized app (dApp) developers and allowing them to evade performance bottlenecks.

Solana’s native token is SOL, which it launched last May. The token has performed well since its launch, moving from a launch price of $0.77 to $43.74 at press time. SOL’s rise was relatively linear up until last month, when the general market downturn caused its price to drop from its all-time high of $58.16 on May 18 to a low of $20.20 on May 24. With a current $43.74 price tag, SOL is working to get back into the bull market.

Solana price charts June 7

Bears have so far tried to stall the asset’s growth, keeping it below the $45 mark so far. However, they’ve failed to plunge SOL’s value below the 20-day EMA of $36.39. This indicates that market sentiment is favoring SOL.

In terms of fundamentals, SOL is also looking strong. The Solana Foundation partnered with investment firm ROK Capital to launch the Solana Eco Fund – a $20 million fund that will spearhead the blockchain’s expansion to Asia. the company is also reportedly working on a capital raise that could be valued between $300 million and $450 million.

2. Buy Polygon (MATIC)

The Polygon Network is a multichain scaling solution built on the Ethereum blockchain. The network aims to provide cheaper and quicker transactions on the Ethereum blockchain using layer-2 parachains – essentially, blockchains that run parallel to Ethereum.

Users can deposit Etheruem-native tokens to a Polygon bridge smart contract. The network’s token, MATIC, is used to pay transaction fees and also participate in proof-of-stake (PoS) consensus. MATIC makes an entry on our list of best cryptocurrencies to buy because of its performance across May. Amid the market slump, MATIC emerged barely unscathed. The asset hit its all-time high of $2.6 on May 18 – a period where other cryptocurrencies saw double-digit drops. While it eventually dropped and bottomed out at $0.76 on May 23, it has since risen by 118 percent and currently sits at $1.66.

Polygon price charts June 7

All in all, MATIC gained 120 percent in May while all large-cap cryptos ended the month lower than they began. Analysts and investors believe that such a strong performance is only a harbinger of what is to come.

Last month also saw Polygon receive an investment from serial entrepreneur Mark Cuban. Reports confirmed the investment, although it is unclear how much the Dallas Mavericks owner ponied up for it. All in all, MATIC shows that an asset-backed by strong fundamentals can hold its own even in a market downturn.

3. Buy Kusama (KSM)

The next entry on our list of best cryptocurrencies to buy is Kusama – a blockchain network developed by Polkadot. Kusama is currently in the final stage of its rollout, which will involve the deployment of parachains on its network.

The network’s developers also announced last week that they had voted to upgrade its first common good parachain, named Shell, to Statemine. Shell is where developers run tests on Kusama’s functionality. With the upgrade, the parachain will now be able to support several functions – including minting fungible and non-fungible tokens – on the Kusama network.

Kusama price charts June7

The same day, Asian venture capital firm Master Ventures announced a $30 million VC fund to support blockchain projects looking to win slots on the Polkadot and Kusama networks. These announcements immediately shot the price of KSM – Kusama’s native token. KSM hit an all-time high of $480 on June 3 – a day after both announcements came out. This marks a healthy recovery for the asset, whose value was also affected in May’s market downturn. KSM took a dive from its all-time high of $623 on May 18, bottoming out at $200 on May 23. June 3’s rise marked a 140 percent increase in less than two weeks.

4. Buy Polkadot (DOT)

Polkadot is an open-source blockchain protocol that uses parachains to improve network scalability and security. An individual blockchain in the Polkadot ecosystem is known as a parachain. All parachains are connected by the Relay Chain. The idea here is that parachains will be able to easily exchange information with the Relay Chain at all times.

Any developer can build their custom parachain on Polkadot. Once connected to the network, each parachain becomes interoperable with the others. The Polkadot developers also built Kusama – another blockchain whose token features on our list of the best cryptocurrencies to buy.

Polkadot is one of the most popular Ethereum alternatives. The beginning of 2021 was marked by the rise of several top blockchain platform tokens, and Polkadot’s DOT was one of the headliners.

Polkadot price charts June 7

Moving on to May, DOT’s rally was halted by the downturn. From a $49.53 high on May 18, DOT plunged to a low of $14.84 on May 23. The asset’s current $25 price peg shows a healthy 68 percent correction so far.

DOT’s bullish fundamentals are similar to those of KSM. The above-mentioned VC fund from Masters Ventures will subsidize bidding for slots on the Polkadot ecosystem for dApp developers. This will lead to greater adoption for the blockchain- and DOT as well.

5. Hedera Hashgraph

Like many of the projects on our list of the best cryptocurrencies to buy, Hashgraph is quite unique. Here, the speed of transaction verification increases as more transactions are added to the network. Thanks to the Directed Acrylic Graph (DAG) technology, Hashgraph achieves over 100,000 transactions per second – comparable to mass-market payment systems worldwide.

Hedera’s native token, HBAR, has seen a rise in attention over the past month as investors look towards eco-friendly blockchains. After Tesla announced it would no longer accept Bitcoin payments, Deepak Chopra- a famous meditation advocate and guru, responded by promoting HBAR.

Hedera Hashgraph price charts June 7

HBAR’s price has done relatively well over the past month, dropping from a high of $0.39 on May 14 and bottoming out at $0.151 on May 19.

The asset’s current price peg of $0.228 makes for an impressive 50.9 percent gain thus far. With the asset already so close to its May high, investors are confident of a total recovery. So, it makes its appearance on our list of best cryptocurrencies to buy as well.

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Source: https://insidebitcoins.com/news/5-cryptocurrencies-to-buy-at-best-prices-for-top-blockchains

Blockchain

VanEck to Launch a Mutual Fund that Invests in BTC Futures

Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures.

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Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries. 

VanEck to Initiate a Mutual Fund That Invests in BTC Futures

The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:

“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”

In addition to this, it has already been reported that the global investment manager VanEck has filed requisitions for both Bitcoin and Ethereum ETFs earlier this year.

However, the United States Securities and Exchange have not approved any of them as of yet. 

Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.

Mike Novogratz Comments on China Crypto Crackdown

The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.

Novogratz took it to Twitter and said:

“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”

Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.

READ  Block.One Social Media Platform Voice Announces its Launch

#BTC futures #Mutual Fund #VanEck

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Source: https://www.cryptoknowmics.com/news/vaneck-to-launch-a-mutual-fund-that-invests-in-btc-futures

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Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

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Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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Blockchain

Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

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The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  Retail Use OF Bitcoin By Merchants Is On Rise: BitPay and Coinbase Data

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

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Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

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Chainlink (LINK) and AAVE Technical Analysis: What to Expect?

AAVE and Chainlink prices are bleeding. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

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AAVE and Chainlink prices are bleeding as sellers double down. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Chainlink (LINK)

LINK is the token behind the world’s most adopted oracle service provider in crypto.

Past Performance of LINK

The crypto market brutality continues, and LINK is no exception.

June 21 bear candlestick defines price action this week.

As we advance, how prices react at spot levels would either see LINK/USDT dump or reverse sharp losses.

Presently, LINK is down 30 percent week-to-date and losing roughly six percent on the last trading day alone.

READ  Ripple Client TransferGo Hits Over $3 Billion in International Cash Flows

Day-Ahead and what to Expect

Reading from the daily chart, the middle BB is the primary liquidation line.

LINK/USDT prices are down below $20 as sellers double down, unwinding gains of May 24—canceling bullish prospects.

Confirmation of June 21 losses would see LINK chart in a new trajectory, placing sellers firmly in the driving seat.

LINK/USDT Technical Analysis

LINK Price Daily Chart for June 22

LINK prices are trending below the middle BB as bears press lower.

There might have been gains on the tail end of June 21. Still, confirmation of yesterday’s bar is enough to shock the market, forcing more sellers into action.

In that case, LINK/USDT prices may dump to the Q1 2021 lows of around $10.

AAVE

The CertiK-certified borrowing and lending DeFi protocol uses AAVE as its primary token.

READ  Bitcoin Holders Not Buzzed By Bitcoin’s 10000 USD Rally

Past Performance of AAVE

From the daily chart, AAVE is under immense pressure, trading within a bear breakout pattern. The immediate resistance and buy trigger line lie at $300.

At the time of writing, AAVE is down 12 percent against the USD.

Day-Ahead and what to Expect

In a bear breakout pattern, AAVE/USDT is free-falling.

Sellers are stepping up as fear grips the market.

Notably, AAVE bear bars—like June 21, for example—are banding along the lower BB. It, therefore, means the underlying sell momentum is stronger.

As such, every pullback could present a selling opportunity for aggressive traders.

AAVE/USDT Technical Analysis

AAVE Price Daily Chart for June 22

AAVE is free-falling in a sell breakout pattern to confirm the double-bar bear pattern of May 18 and 19.

Following June 21 high-volume sell bar, traders may unload on pullback targeting $150 in the immediate term.

READ  DappRadar Announced $5 million Raise in Series A Funding

Sharp gains unwinding June 21 losses may shift fortunes in favor of bulls. However, risk-averse traders should wait for conclusive gains above $300.

#AAVE #AAVE/USDT #Chainlink #DeFi #LINK #LINK USDT

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Source: https://www.cryptoknowmics.com/news/chainlink-link-and-aave-technical-analysis-what-to-expect

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