The market is presently buying and selling sideways after greater than 6-months in the crimson. Bearish sentiment stays robust, too, as macro-economic elements paint a image of a world economic system that may very well be headed for a recession. However, some elements paint a bullish image for cryptocurrencies and level to a market headed for a main restoration.
One of them is information displaying that 40% of U.S buyers are shopping for crypto now. The information exhibits that the buyers are pushed by a must protect wealth amidst the continuing uncertainties in the market.
Not solely is that this a big validation for cryptocurrencies, but it surely might additionally set off a rally that might see cryptocurrencies return to their most up-to-date all-time highs. That’s as a result of American buyers have the cash, a issue that might see them push the market up in August. This chance is strengthened by the truth that Bitcoin is holding robust above the $20k help regardless of the market turbulence.
Going by this market potential, listed below are some prime cryptocurrencies to keep watch over in August.
Binance coin (BNB)
Binance Coin (BNB) has began August with a lot of momentum. When writing this text, BNB was up by 6.8%, outperforming most prime cryptocurrencies. This follows a sequence of excellent information in the final 24 hours.
One of a very powerful ones is that Binance has entered the Argentine cryptocurrency pay as you go market. With extra folks in South America utilizing crypto cost playing cards, the uptake is more likely to be big. Since BNB is the native cryptocurrency for funds in the Binance ecosystem, this transfer interprets to a potential enhance in demand.
This potential is mirrored in its value, and BNB might stay robust all through the month. This momentum is enhanced by Binance Coin’s push by way of the $300 resistance. This might see extra patrons achieve confidence in BNB in the brief time period.
Polygon (MATIC)
Polygon (MATIC) remains to be basking in the glory of final month when it emerged as one of many best-performing cryptocurrencies. This month, upside momentum is more likely to stay robust for Polygon. That’s as a result of the Ethereum merge is scheduled for subsequent month, and Polygon, one of many larger Ethereum layer-2, is more likely to profit from FOMO forward of the merge. For this cause, Polygon stays undervalued in August, even after its most up-to-date rally.
Flow (FLOW)
Flow (FLOW) is among the best-performing cryptocurrencies in August up to now. Flow’s rally has a lot to do with the information that Meta, Facebook’s dad or mum firm, is supporting it. Meta will help NFTs and different digital collectables on the Flow blockchain.
Given that, FLOW remains to be buying and selling at large lows in comparison with its all-time highs. FOMO round this information might see this cryptocurrency emerge as one of many best-performing cryptos in August. It would additionally not be shocking if FLOW ends the yr as the primary crypto to retest its all-time highs.
