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As the crypto market is still in an uncertain position, various crypto traders and investors are confused about whether to sell the crypto to avoid losses or HODL, as the market may recover soon.
Looking at past patterns, crypto markets have always recovered from their bearish periods. However, every bear market has witnessed its “casualties,” from which there has been no recovery. So, it’s important to choose crypto projects with a better chance of thriving in such volatile market conditions.
In this blog, we have mentioned the top cryptos to watch this week as they have shown strength in the past few days.
#1 Toncoin (TON)
Toncoin, commonly denoted as TON, serves as the inherent digital currency for a decentralized Layer 1 blockchain that originated from the endeavors of the well-known messaging platform Telegram in 2018. Initially launched as the “Telegram Open Network,” the project underwent a transformation when Telegram disengaged from its involvement. Subsequently, the TON Foundation, an enthusiastic and autonomous community, assumed leadership, rebranding the initiative as “The Open Network.” The native cryptocurrency within this network, Toncoin (TON), was formerly recognized as Gram.
The price of Toncoin (TON) on WazirX is INR 650 today. According to CoinMarketCap, the 24-hour trading volume is $612,491,643, with a circulating supply of 3,474,007,042 TON and a market cap of $25,480,003,900.
Toncoin’s recent surge in price can be attributed to several factors. Firstly, the coin exhibited bullish trading patterns, reaching the upper resistance zone, indicating a potential formation of a new all-time high. However, technical indicators such as the RSI entering the overbought zone and the DMI signaling potential exhaustion among bulls suggest an imminent pullback. Despite this, Toncoin’s strong fundamentals, including significant growth in Total Value Locked (TVL) and strategic partnerships, instill confidence in its long-term prospects, potentially driving further price appreciation.
#2 THORChain (RUNE)
As a decentralized liquidity protocol, THORChain allows easy trading of crypto assets between other networks, such as Ethereum and Bitcoin, while maintaining user authority over their assets. People may easily switch between assets in a permissionless setting by using THORChain, which eliminates the need for order books to maintain liquidity.
The price of THORChain (RUNE) on WazirX is INR 538 today. According to CoinMarketCap, the 24-hour trading volume is $350,752,719, with a circulating supply of 334,955,541 RUNE and a market cap of $2,030,097,812.
THORChain’s recent price surge can be attributed to several factors. Despite market fluctuations, THORChain’s commitment to its technology and projects like Project Surtr and token burn instill confidence in its long-term viability, attracting investors seeking value. With a remarkable 594% increase over the past year, currently priced at $6.05, THORChain’s recent 9.34% weekly surge and impressive YTD and launch increases underscore its robust performance. Outpacing 87% of the top 100 crypto assets and demonstrating promise in DeFi, THORChain’s fixed supply and strategic token distribution position it as an industry leader, garnering attention from both individual and institutional investors.
#3 Tron (TRX)
A blockchain-based company called Tron debuted in 2017. It was fairly unusual at the time because it didn’t try to promote any advancements in network design or cryptography.
Other projects invented the fundamental components of Tron, including Delegated Proof-of-Stake (DPoS) consensus, smart contracts, tokens, and Decentralized Applications (dApps). Despite some criticizing the project for lacking innovation, many favored adopting tried-and-true features rather than making an effort to build something completely new. This also made it possible to concentrate more on user experience and design.
The TRX crypto received even more widespread attention in 2018 when the Tron Foundation, the non-profit development organization that created Tron, purchased BitTorrent, a P2P content-sharing platform.
The price of Tron (TRX) on WazirX is INR 11.1909 today. According to CoinMarketCap, the 24-hour trading volume is $210,572,973, with a circulating supply of 87,480,089,243 TRX and a market cap of $11,110,578,280.
TRON’s recent price surge can be attributed to its expanding DeFi ecosystem, boasting a Total Value Locked (TVL) of over $21.7 billion, predominantly led by Just Cryptos and JustLend DAO. Although TRX faces a short-term bearish trend, indicators like social dominance and volume show a consistent uptick, positively influencing asset prices. Despite minor fluctuations, the charts suggest a prevailing bullish sentiment in the market.
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.
