The cryptocurrency market is flat after a day of recovery yesterday. However, at $1.86 trillion, its total cap represents a 28.5% drop over the past 60 days. This means it still has a long way to go if it wants to recover the heights of November. Of course, the flip side of this is that plenty of coins can currently be bought cheap and should, in theory, rally again once the market recovers. As such, we’ve put together list of the 5 best cryptocurrency for a price rebound.
5 Best Cryptocurrency for a Price Rebound
1. Lucky Block (LBLOCK)
LBLOCK is down by 36% in the past 24 hours, at $0.00124301. However, since becoming tradable some six days ago via PancakeSwap, it has risen by 232%.
LBLOCK is the native token of the Lucky Block lottery platform, which runs on Binance Smart Chain. Launched at the end of last month, it’s holding its first lottery on March 25th, 2022. After this date, Lucky Block will hold regular draws.
Lucky Block works by offering holders of LBLOCK entry into its lottery draws. Users can purchase tickets for draws using LBLOCK, with tickets making holders eligible to win 70% of each jackpot fund. But even if users don’t specifically pay to enter a draw, simply holding LBLOCK will mean they share in 10% of the jackpot.
At the moment, investors can trade LBLOCK with BNB on PancakeSwap, with more listings planned for the future. Given that the new altcoin is starting from such a low price, it’s likely that its value could rise significantly once it attracts more use and listings.
2. Bitcoin (BTC)
BTC is up by a very modest 0.8% today, at $38,561. This represents a 4% rise in the last week, but also an 18% fall in the past month. BTC has also dropped by 44% compared to its November 10 all-time high of $69,044.
BTC’s chart over the past year shows that it may have bottomed out. Its relative strength index (in purple above) reached 20 a few days, indicating that traders have been overselling it. Its RSI has since risen strongly to 40, suggesting that it may be on its way up. On the other hand, its 30-day moving (in red) still seems to pointing downwards. That said, it may be very close to turning around.
Regardless of the timing, history is clear: the cryptocurrency market doesn’t rise substantially without BTC rising first. So if you think that the market will rebound sooner or later, you may as well allocate some of your portfolio to BTC.
Bitcoin continues to attract more institutional investment than any other cryptocurrency. Meanwhile its secure network and deflationary tokenomics set it up nicely for the future. This is why it continues to be one of our 5 best cryptocurrency for a price rebound.
3. Ethereum (ETH)
At $2,777, ETH is up by 1.2% in the past 24 hours. It’s also up by 12.5% in the past week, but down by 28% in the past month.
ETH is also down by 43% compared to its record high of $4,878, also set on November 10. However, with some altcoins down by 57.5% (SOL), 65.2% (ADA) and 62.9% (DOT) since their own respective records, ETH remains a relatively ‘stable’ choice.
And like BTC, ETH is one of the most fundamentally sound cryptocurrencies. Its native platform, Ethereum, remains the dominant layer-one blockchain, with its total value locked in accounting for about 70% of the overall DeFi market.
Ethereum is also planning a shift this year to a proof-of-stake consensus mechanism. This will impose constraints on the supply of ETH, which combined with last year’s introduction of fee burning, could make ETH significantly deflationary in the future.
3/ At this rate, if market demand continues, Ethereum may see its issuance become deflationary relatively soon.
In fact, it’s possible that December might become the first month in which Ethereum experiences negative net issuance (deflation).
— Messari (@MessariCrypto) December 7, 2021
On top of this, the move to proof-of-stake will make Ethereum more scalable and usable as a blockchain. This means more adoption, which in turn means even more demand for ETH. In other words, despite falling along with the market, ETH could rally very strongly from the second half of the year onwards.
4. Theta Fuel (TFUEL)
TFUEL is flat today, at $0.176723. It’s also up, however, by 36% in the past week, while down by 15% in the last 30 days.
TFUEL’s indicators show that it may be picking itself up from a decline over the past few months. In fact, the altcoin is down by 74% since reaching $0.681590 in June, so it certainly has a long way to rebound.
The native token of blockchain-based video-streaming platform Theta, TFUEL has been rallying for several reasons. Most notably, the much-anticipated ThetaDrop NTF marketplace launched yesterday, with an airdrop of new TDROP tokens taking place to coincide with the release. Investors had to stake TFUEL to participate, which is why demand for the coin increased in recent days.
More broadly, Theta has seen a number of important collaborations and launches in recent weeks. For instance, its partnership with the Curate NFT marketplace spurred another small rally last month, while more recently it announced a tie-in with entertainment group Entain.
We’re looking forward to innovating in the sports and entertainment metaverse with @EntainGroup, the leading global sports betting, gaming and interactive entertainment company! More details coming soon on our first collaboration with their @partypoker brand https://t.co/ZnopK5clle
— Theta Network (@Theta_Network) January 31, 2022
This attests to Theta’s impressive growth in recent weeks, which is why we’ve made it one of our 5 best cryptocurrency for a price rebound.
5. Cardano (ADA)
ADA is up by 2% in the past 24 hours, to $1.07. It’s also up by 3% in the past week, while down by 22% in the past month.
ADA is also down by 65% compared to its ATH of $3.09. This means it has good potential for a strong rebound. Indeed, its technical show that it may have bottomed, with its RSI reaching 40, having been under 30 in December. Likewise, its 30-day average seems to be well below its 200-day, signalling a potential turnaround.
Cardano has also witnessed growing use of its blockchain platform, after years and months of under-the-radar development. Most significantly, it witnessed the launch of its first decentralized exchange, SundaeSwap, on January 20.
Congratulations to @SundaeSwap on their launch today. Due to heavy #Cardano network load, some users may be waiting longer for transactions to complete as a result.
This is to be expected around DEX launches & large NFT drops. Thanks for your patience during these busy periods.
— Input Output (@InputOutputHK) January 20, 2022
It has also seen a total value locked in for the first time in its history. At $73 million, this still modest, but with the launch of SundaeSwap it rose by just over 2,000% in a matter of hours. This shows the kind of explosive growth it may have in store.
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Source: https://insidebitcoins.com/news/5-best-cryptocurrency-for-a-price-rebound-february-2022