Top 5 cryptocurrencies to watch out for in February

CONTENT

  • January has been a good month for the crypto industry

  • Will February be as successful?

  • We looked at 5 coins that are potentially promising from a fundamental and technical point of view.

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January has proven to be a good month for the crypto industry. It was marked for many cryptocurrencies by updating historical highs

Will February be as successful? And if so, which coins will lead the rally and why? Let’s try to figure it out.

1. Ether (ETH)

  • Current price: $ 1310
  • Market cap: $ 150 billion
  • Ranking on the crypto market: # 2

Ether is the second largest cryptocurrency after Bitcoin (BTC). The importance of ETH is difficult to overestimate, given that the Ethereum blockchain is a thriving ecosystem and platform for smart contract developers targeting many other cryptocurrencies..

Source: Coingecko

An important event for the ecosystem will be the launch of Ethereum futures contracts for institutional traders in February. Such plans were announced late last year by CME Group, the world’s largest derivatives exchange. Trading is expected to start on February 8.

Prior to that, only a single crypto-asset received such an honor – the first bitcoin futures were first launched on CME back in 2017. Potentially, this trading tool will offer market participants an easier way to manage risk when investing in ETH..

From a technical point of view, the currency also demonstrates the potential for growth to new all-time highs around $ 1,780, although growth here may fade.

Which coins do you think are the most promising? Share your opinion in the comments and join the discussion in our Telegram channel!

2. Elrond (EGLD)

  • Current price: $ 62.37
  • Market cap: $ 1 billion
  • Rating on the crypto market: # 41

By itself, the EGLD coin is quite insignificant in the cryptocurrency market, judging by its market capitalization. However, over the past month, its price and rating have increased significantly.

Source: Coingecko

The Elrond project, launched in July 2020, is a blockchain platform designed to improve network performance and bandwidth. In addition to impressive speed, its feature is the solution for sharding architecture. 

The Elrond team is committed to creating a global financial system that allows users to make near-instant transactions. The platform has shown increased activity in recent months.

It launched EGLD token staking, was listed on eToroX, and announced the launch of the Maiar mobile wallet for simple money transfers around the world. It is not expected to collect personal data from users, unlike Venmo or Google Pay. Currently, more than 180 thousand people have signed up for the release, announced on January 31.

Technical analysis Investing in and trading cryptocurrencies is impossible without the use of technical and fundamental analysis. Despite the popularity of both of these instruments, intraday … More also demonstrates that the EGLD rate, despite the parabolic rally, is still in line with a long-term uptrend. Possible price increase up to $ 84 – $ 85.

3. Stellar (XLM)

    Top 5 cryptocurrencies to watch out for in February
  • Current price: $ 0.3120
  • Market cap: $ 7 billion
  • Rating on the crypto market: # 11

The Stellar project was created in 2014. Its main goal was to provide financial services in regions whose residents are deprived of access to the traditional banking sector. Transactions on the network are characterized by a fixed fee (only 0.0001 XLM) and are carried out almost instantly.

Coin has already attracted institutional investors such as Grayscale Investments, which created the Stellar Trust. At the same time, according to the results of the 3rd quarter of 2020, XLM was the 7th in the list of the most productive assets managed by Grayscale.

Source: Coingecko

An important event will take place in the Stellar ecosystem in February, according to the newly released project roadmap for 2021. The stablecoins developed by the Center consortium will be launched on its blockchain. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More USD Coin (USDC).

A strong stablecoin will support all transactions on the Stellar network. In addition, the global liquidity of the USDC will allow the most optimal way to make international transfers. In the meantime, USDC users will have access to cheap and fast transactions..

The results of technical analysis also look favorable, despite the possible correction of long-term growth. The pair is expected to resume its uptrend in February, finding support in the $ 0.19 – $ 0.22 area.

4. SXP (SWIPE)

  • Current price: $ 1.28
  • Market cap: $ 109 million
  • Rating on the crypto market: # 136

The market capitalization of SXP is low, however, this coin is part of a thriving decentralized finance industry (DeFi Decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More) that allows it to demonstrate active growth.

Source: Coingecko

Sales on Swipe ignition will be an important event for the project in February. This platform aims to attract new projects to the Swipe ecosystem. It offers users the ability to conduct public sales through the Swipe Wallet app and raise funds from SXP.

After the success of the first sales experience, the second round can increase interest in the token and support the growth of its price. Within the framework of the second round, not only open sales will be held, but also airdrop distributions.

Technically, the SXP may continue to rise towards the next resistance area of ​​$ 2.30.

5. XVG (Verge)

  • Current price: $ 0.01
  • Market cap: $ 255 million
  • Rating on the crypto market: # 94

Like SXP, XVG is a coin with a small market cap and an extremely low price..

However, halving Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens approximately every four years and … More XVG, which occurred on January 26, may cause a significant increase in the price in the future – much like it happened with the BTC rate after the halving in May 2020.

Source: Coingecko

The very essence of halving leads to an increase in the scarcity of the coin, which is potentially a bullish factor for its price. In the case of XVG, the size of the reward for each mined block after the generation of block 5,200,000 has decreased from 200 to 100. The next halving in the XVG network is expected in September.

From a technical point of view, the XVG rate is now retesting the bullish breakout level and should resume growth after that.

Conclusion

All five coins we reviewed have a number of similarities. They have an interesting February from a fundamental point of view, with technical analysis also giving them bullish prospects. However, this promising five is still just a drop in the sea of ​​numerous high-potential crypto projects..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Top 5 cryptocurrencies to watch out for in February
Top 5 cryptocurrencies to watch out for in February
Top 5 cryptocurrencies to watch out for in February
Top 5 cryptocurrencies to watch out for in February

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