After a long year of struggle and disappointment in 2022, the crypto market is back with new hopes for investors.
With several micro and macro factors like the cooling of inflation, and other significant global issues acting upon the crypto market, it looks the market has opened up new opportunities for investors.
Let’s take a look at the top altcoins which are expected to rise in August, and can be the best investment options.
King Crypto: Bitcoin BTC
Like all other cryptocurrencies, Bitcoin (BTC) suffered 65% losses in 2022. However, the currency is on its path to recovery, showing incredible bullish trends in the current quarter.
With the largest market capitalization in the crypto market, BTC has shown a monthly spike of 12.87%, with a current price of $30,500. Though the records are still to match up to its all-time high of $68,990, the bullish trends in the current quarter look quite promising.
With inflation taking a backseat gradually and Bitcoin ETFs on the card, the currency seems to have a pretty bullish fate this year. However, such trends are further expected to rise when BTC ETFs receive approvals from the Securities and Exchange Commission in the US.
Compared to the minimalistic rise of Bitcoin by 10% in the first quarter, ETH has outdone all other cryptocurrencies through its outstanding performance. The digital currency is expected to rise further above its 52% spike in the first quarter, showing significant bullish trends.
With a rise of 8.18% over the last week, the 4h chart for ETH, along with its RSI at 80.44, displays a satisfactory crossover. The current support level of the currency is $1826, with a resistance level of $2140.
While the success of ETH might come as a sudden surprise to most, the credit goes to its expansion on decentralized applications (DApps) and its increased adoption of DeFi applications. Evidently, ETH has ignited new hopes amongst investors paving the way for increased returns this year.
XRP’s recent price surge is one of the largest outcomes of the SEC declaring Ripple not guilty of selling XRP tokens on various public platforms. As a result, XRP prices soared high by 50% since their last dip in 2022. The average monthly price surges remain as high as 45% and are expected to grow further in August.
The XRP price trends mark a significant opportunity for investors, promising them of rewarding returns this year, and the same is visible through its current market capitalization of $12 billion. In fact, the current bullish trends have pushed XRP higher than most other altcoins, making it one of the most traded ones with a trade volume of $150 million.
XLM is yet another altcoin all set to join the price rally after its long struggle in the previously bearish crypto market.
The currency which slashed most of its market capitalization to as low as $50 million is now expected to show significant bullish trends with a price change index of 11.3%.
Though this might look like a slow growth in terms of the losses XRM previously incurred, the price predictions indicate XRM is all set for a steady growth in the upcoming month.
Market analysts predict a significant bullish trend for Solana after its long struggle throughout its bearish market last year. According to the latest price trends solana is expected to cross the $55.30 mark soon in August.
Since then, the currency is also expected to steadily rise and expand in terms of its trade volumes, become yet another popular altcoin, suitable for investment in 2023.