Top 5 Crypto Recommendations to Buy This Week
Rancakmedia.com – The crypto market has surged in recent days and is up 3.86 percent, with a total locked value (TVL) of over $2.8 trillion. This surge was driven by investors looking for the top cryptos to buy for long term gains.
Here are the top crypto recommendations to buy this week if you're still not sure which one to choose.
1. Bitcoins (BTC)
Bitcoin remains the top crypto to buy for many investors, accounting for more than 45 percent of the average worldwide crypto market. BTC's main appeal lies in its limited availability to many people. Only 21 million Bitcoins will ever be produced, and these hard cap restrictions are already driving future supply constraints.
With over 90 percent of all BTC now in circulation, retail and institutional investors regard the crypto standard as digital gold.
Bitcoin has also been able to claim substantial widespread support, becoming the first and only digital asset to be branded as legal cash. Moreover, it is the most traded digital asset in the crypto sector.
However, the Bitcoin network has long been criticized for its closed-door architecture, which has largely lost its decentralized finance (DeFi) and non-fungible token (NFT) ecosystems due to a lack of support for smart contracts.
But Bitcoin is now aiming to adopt smart contracts, according to a study by Taproot.watch. The major digital asset is slated to undergo a Taproot softfork update in the next few days, incorporating three different Bitcoin Enhancement Protocol (BIP) to enable better smart contracts, greater privacy, and cheaper network transactions.
This network upgrade has kept Bitcoin in the $65K region as it was up 6.59 percent on the day when it was trading at $65.850. BTC is up 6.66 percent for the week as a whole. This trend has lifted the key digital asset above its 20-day moving average (MA) of $61.995.70.
2. Ethereum (ETH)
Ethereum has remained the top recommended crypto to buy for a long time, given its essential contributions in the DeFi and NFT realms.
While not as high in value as its competitors, the Ethereum network has shown tremendous potential with a projected move from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) mining procedure.
The enthusiasm behind the project has paid off for several investors, with major cryptocurrencies now up over 1,000 percent in the highly dramatic crypto market. Many ETH investors had been exhausted over the previous few days as the second most valuable digital asset tried to capitalize on the $5,000 level.
As a result of the recently launched Altaire update, the price of Ethereum continues to rise. This brings Ethereum one step closer to realizing its PoS goal. This breakthrough has led to the addition of additional functionality to the Beacon Chain network. So far, ETH is witnessing consistent growth and is up 3.38 percent on the daily chart.
Trading at $4.734, ETH has had its highest performance since debuting in 2015 and is trading above its 20-day moving average of $4323.92 with a relative strength index (RSI) of 69.60.
3. Binance Coin (BNB)
Binance Coin is a discount token on the Binance platform, but remains the top crypto to buy since the year it started. Starting this year with just over $38, Binance Coin with the ticker symbol BNB has gained more than 2,000 percent and mainly holds on to the third position in the crypto rankings.
BNB's extraordinary form has been linked to its ubiquitous use on the exchanges Binance, Binance Chain, and Binance Smart Chain (BSC).