The crypto market has been very bullish over the past week as the turn of the year sparked positive investor sentiment for the industry, particularly our top 5 crypto to watch this week.
Since January 1st, the total market capitalization Crypto surged 8.25%, showing a complete reversal in investor sentiment in the market.
As market optimism grows For an economic soft landing, crypto is poised for a rebound after a year of utter disaster.
The market was devastated after several high-profile breakdownsleave investors as that biggest loser and drive up fear, uncertainty and doubt.
The broader financial market is eyeing the release of December Consumer Price Index (CPI) data.
These are the top 5 cryptos to watch this week:
Litecoin (LTC)
The old reliable token of the crypto world, this altcoin recently recorded its 140 millionth transaction. Litecoin managed this with almost one 100% uptimewhich is a rare event in an era of Smart Contract Provider.
The altcoin is also growing in popularity, with LTC gaining prominence as a coin means of payment. With this in mind, LTC would definitely play a strong and significant role once the bear market cycle begins.
At the current price of $81.92, the token will have a significant stake in the next bull market. However, if macro data is trending down or flat, LTC will definitely have a hard time bouncing back up.
Shiba Inu. Image: WBUR
Shiba Inu (SHIB)
The original rival versus Dogecoin (DOGE), this memecoin has gained popularity and utility and makes it onto our top 5 crypto list. The Shiba Inu community is also trying to distance itself from its memecoin origins, which becomes more apparent when examining the details of the Shibarium upgrade.
At the current market price of $0.00000887, SHIB has some room for growth as Shibarium’s launch draws closer. However, due to the token’s high correlation with Bitcon and Ethereum, investors and traders should pay attention to macroeconomic trends.
Polygon (MATIC)
Polygon’s native token was MATIC pump in price since Mastercard announced its partnership with the ecosystem for its Web3 Artist Acceleration Program. Recently migrations of y00ts and DeGods would also contribute to this bullish action.
With MATIC trading at $0.865, any good macro-level performance would mean big gains for the token’s investors and traders.
Image: Cryptocurrency News
Bitcoin (BTC)
Of course, Bitcoin will always be in the top 5 crypto list. With Bitcoin standing at $17,252, the king crypto is leading the charge in recovering from the bear market. BTC holders are particularly optimistic 4 year cycle that the top cryptocurrency followed during past bear markets.
Although the token lost Due to its status as an alternative to gold, the coin breaking the $17,000 resistance is a distinctly bullish signal for investors and traders to watch out for.
Since Bitcoin is correlated with almost the entire crypto market, any movement of BTC would mean gains or losses for the entire market.
Crypto’s total market cap finally breaks the $700 billion mark and now sits at $811 billion on the weekend chart | Chart: TradingView.com
Solana (SUN)
SOL was hit hard by the 2022 bear market. With the token Low 88% since the beginning of the year, that’s how the ecosystem seems dead to some people. But with the release of GoodSOL is up for the past week, rounding out the top 5 crypto list for today.
Bonk is the new memecoin that has caused quite a stir pumped up 1,600% over the past week. This led to an increase in network activity, pushing Solana’s price higher as well. But with Bonk’s big pump, a correction could hurt SOL as well.
As of this writing, SOL’s price of $16.43 would definitely take some pain if macro trends remain flat or bearish.
-Selected image: Built-in
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