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Several crypto firms are predicting a strong bull market for the crypto market over the period of 18 to 24 months. Various cryptos are believed to be at the center stage of this anticipated surge, sparking renewed interest from traders and investors. As the bullish sentiment kicks in, keeping an eye on the top cryptos this week could give you valuable insights into upcoming market trends and investment opportunities.
Let’s quickly have a look at the top cryptos to watch this week.
#1 Polygon (MATIC)
Polygon, formerly Matic Network, is the first structured, user-friendly platform for Ethereum infrastructure building and scalability. Polygon SDK, a versatile and modular framework that facilitates the development of many application types, is its fundamental component. With Polygon, you can design stand-alone chains, ZK rollup chains, optimistic rollup chains, and any other type of infrastructure the developer needs.
The price of Polygon (MATIC) on WazirX is INR 87.500 today. According to CoinMarketCap, the 24-hour trading volume of MATIC is $460,689,170, with a circulating supply of 9,618,298,600 MATIC and a market cap of $9,540,576,707.
MATIC exhibits short-term bullish momentum, with a promising outlook fueled by its current price near $1, the resistance level at $1.18, and a positive MACD buy recommendation. A potential rally towards $1.29 seems plausible. However, caution is advised for the long term, as the 100-day SMA at $0.85 suggests downside risks. The neutral stance from RSI and Stochastic indicators adds to the uncertainty. Failing to breach the immediate $1.18 resistance may lead to a decline, with possible support levels at $0.64 or, at worst, $0.50. Volatility remains a noteworthy consideration despite recent positive developments.
#2 Ethereum (ETH)
Ethereum, an open-source decentralized blockchain system, features its cryptocurrency, Ether (ETH), as a platform for various cryptocurrencies and decentralized smart contracts. Vitalik Buterin introduced Ethereum in a 2013 whitepaper, securing funding through a public crowd sale in 2014.
Launched by the Ethereum Foundation on July 30, 2015, under the prototype “Frontier,” it has undergone updates such as “Constantinople,” “Istanbul,” “Muir Glacier,” “Berlin,” and the recent “London” hard fork on Aug 5, 2021. Ethereum aims to be a worldwide platform for censorship-resistant, fraud-resistant decentralized applications accessible to users worldwide.
The price of Worldcoin (WLD) on WazirX is INR 2,67,355.3 today. According to CoinMarketCap, the 24-hour trading volume of WLD is $14,400,017,677, with a circulating supply of 120,155,438 ETH and a market cap of $367,272,804,864.
Ethereum’s price surge beyond $3,000 can be attributed to several factors. Notably, Ethereum’s superior performance in the past week was driven by growing speculation around Ethereum ETF filings and gains from the Dencun upgrade. Capital inflows of $600 million into Ethereum’s derivatives market, marked by an 11% increase in open interest, highlight a preference for ETH over BTC. This divergence, coupled with a potential shift of profits to Ethereum, suggests a bullish trend for Ethereum in the coming weeks.
#3 Optimism (OP)
Optimism (OP) operates as a layer-two blockchain atop Ethereum, leveraging the security of the Ethereum mainnet to scale the Ethereum ecosystem through optimistic rollups. This entails the trustless recording of transactions on Optimism, ultimately secured on Ethereum. As one of Ethereum’s major scaling solutions, it boasts a total value locked (TVL) exceeding $500 million.
The price of Optimism (OP) on WazirX is 3.694 USDT today. According to CoinMarketCap, the 24-hour trading volume of OP is $200,717,917, with a circulating supply of 957,378,568 OP and a market cap of $3,513,806,053.
Optimism’s price surged as it unveiled its fourth airdrop, distributing 10.3 million OP tokens, valued at $41 million, among 23,000 NFT artists. This initiative rewards contributors in the Ethereum and Optimism ecosystems. Despite OP’s recent peak at $4.10 on Feb 20 and a subsequent 12% dip to $3.60, the market contemplates whether this is a minor pullback or the beginning of a larger decline. The airdrop, part of Optimism’s strategy, fosters positive-sum behavior within the ecosystem, supporting and incentivizing the community with around 560 million OP tokens earmarked for future distributions.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
