The cryptocurrency market is booming over the past few days, with Bitcoin marking a brand new all-time high and capturing the coveted $60,000 mark – another huge milestone.
But, as we know from history, the market likes to move in cycles, so it might be the case that soon we see altcoins starting to catch up. With this said, we’ve prepared a list of a few cryptocurrencies besides BTC that might be interesting to look at over the following week.
Ethereum did pretty well over the past seven days, and there’s no reason to think it won’t continue doing so going forward. It’s up about 12% over the past week, and it has successfully reclaimed the pivotal $1,800 level.
The cryptocurrency reached a high of around $1943 yesterday but has charted a few consecutive red 4-hour candles since then, following what most of the market is doing today. This seems like a healthy retracement, and ETH does look as if it’s primed to take a stab at the coveted $2,000 level.
Moreover, at the time of this writing, ETH is also trading above 0.031 BTC. If this level holds, this might provide additional strength going into the week.
Cardano has easily been one of the most hyped altcoins throughout the past month. In February alone, the cryptocurrencies surged from around $0.3 to a high of $1.48 for a remarkable increase.
Since hitting its ATH, however, Cardano (ADA) has been cooling off. At the time of this writing, it’s trading at around $1.06.
Nevertheless, ADA is one of the coins that has retail interest looking at it at a rate that’s not characteristic of other cryptocurrencies apart from, perhaps, Dogecoin. We saw plenty of celebrities talking about it. One of them was the legendary rock star Gene Simmons, the bassist of KISS, who said that he had invested $300K in ADA.
In any case, now that the cryptocurrency has cooled off and as we’ve seen plenty of times before, when altcoins start popping, it may be in the leading positions.
SushiSwap’s native token, SUSHI, is one of the hottest topics in DeFi for more than a year now. Just a few days ago, Coinbase said that it had listed the cryptocurrency on its Coinbase Pro trading platform. In other words, the DeFi mogul continues to receive massive recognition from major players in the field.
Data from DeFi Pulse shows that there’s currently more value locked in SushiSwap compared to Uniswap, which is also another important milestone to consider.
SUSHI is up about 27% in the past week. At the time of this writing, it’s trading at around $21.
With the fundamentals in place and with the full backing of FTX’s CEO, Sam Bankman-Fried, it looks primed to test its recently-charted all-time high and perhaps even break it.
Enjin Coin (ENJ)
ENJ is up a whopping 95% over the past seven days and 300% over the past 30 days. While some may think that it’s due for a serious correction after gains like that, there are a few things to consider.
ENJ is at the forefront of the non-fungible tokens (NFTs) craze. Launching on April 6th, JumpNet is one of the two solutions that Enjin is looking to fire out to handle the current issues that NFTs face. It’s a high-speed bridge network that will allow free and instant on-chain transactions of ENJ and ERC-1155 tokens. They also have the Efinity update in the making for 2021, which is a decentralized blockchain for NFTs.
With the hype around NFTs growing stronger by the day, ENJ is poised to capitalize on it.
Looking at the charts, the cryptocurrency currently trades around $2.25 and sits on a total market cap of around $2.1 billion. It’s definitely a coin worth looking into for the following week.
Ethernity Chain (ERN)
Ethernity Chain is a relatively recent project that had its IDO on Polkastarter hosted just towards the end of February. Since then, the team has been busy at work, and it shows.
As CryptoPotato reported, one of the most popular NFT marketplaces, OpenSea, recently experienced outage issues. This happened as a result of the booming traffic related to the NFT drop of BossLogic that happened via Ethernity.
Presently, ERN sits on a total market cap of around $111 million, so it’s relatively small, which could also indicate that there’s serious room for growth.
At the time of this writing, coin is trading at around $23.5. Nevertheless, as we mentioned earlier, the NFT space continues to boom, and it might be the case that related platforms enjoy the ride up.
Please note that none of the above is financial advice. Investing in cryptocurrencies carries high risk. For a full disclaimer, please refer to the footer.