The crypto market is currently under severe bearish control, with the total market cap down by 5.83% in the last 24 hours. Although most crypto assets have been trading in the red zone in the last few weeks, there are a few top crypto to buy for long term growth.
1. Bitcoin (BTC)
Bitcoin is regarded as the top crypto to buy this week for long-term gains. The premier cryptocurrency has received widespread adoption and continues to grow in popularity.
The crypto bellwether is the first publicly adopted digital asset as a legal tender. This decentralised payment medium also accounts for 45% of the global crypto market, which continues to grow.
Bitcoin is regarded as one of the most viable investments with the potential for huge profits due to several fundamental reasons. It was disclosed by cryptocurrency expert and US White House Adviser Whit Gibbs that Joe Biden’s Government has been mining Bitcoins. Gibbs revealed the news on Anthony Pompliano’s Best Business Show on Wednesday, December 1.
When asked what America would need to start mining Bitcoins, Gibbs clearly stated that America ‘was already exploiting’ that option. However, he later attempted to correct himself by adding ‘maybe’ as a softener.
With the most powerful nation in the world-hopping on the crypto train, Bitcoin is expected to experience more adoption and demand, causing the price to skyrocket.
The digital asset is currently trading below the 20-day moving average (MA) support price of $55,919 and has lost 1.52% in the last day. This bearish movement opens up the opportunity for investors to buy the top crypto for long term returns.
2. Ethereum (ETH)
Ethereum is ranked the number two cryptocurrency in the global market. The Ethereum protocol is centred on deploying smart contracts and decentralised applications (dApps) to be built and operate seamlessly without fraud, downtime or interference from third parties. The digital asset is one of the top crypto to buy this week because of the value proposed by this project.
With plans to move the Ethereum blockchain from a Proof-of-work (PoW) to Proof-of-Stake (PoS) consensus protocol already underway, the digital asset is sure to see hikes in price and yield substantial gains as a long-term investment option.
Ethereum recently disclosed its Arrow Glacier Upgrade, which lays the groundwork for the smooth transition to the PoS protocol. The upgrade will increase the difficulty associated with mining ETH, which leads to the ‘Ice Age’ when the blockchain becomes too difficult to mine, making it to freeze and stop producing blocks. Ethereum is trading at $4,079, which is below the 20-day MA support price of $4,283 and is down by 2.75% in the last day. This is an opportunity for investors to buy ETH and realise huge returns.
3. Binance Coin (BNB)
Binance Coin, the native digital currency for crypto exchange platform Binance, is ranked number three on the global crypto market and is one of the top crypto to buy this week. Due to Binance’s reputation as the world’s largest crypto exchange by trading volume, the utility token has benefited immensely from this and continues to realise even better market price valuations due to frequent burning of the token, thereby increasing demand and value.
The platform recently announced the launching of Objective Moon, a 100 million initiative to support the development of the French and European blockchain ecosystems. The initiative features a new R&D hub in France, a Decentralised Ledger Technology (DLT) accelerator and an online education program for blockchain enthusiasts in France.
With the initiative’s successful launch, BNB is set to record a larger demand rate as its market widens towards European shores. The asset currently trades below the 20-day MA support price of $591 at a current price of $558, a 0.07% increase in the last day.
4. Solana (SOL)
Solana, a scalability-centric network protocol, ranks on our list of top crypto to buy before the year runs out. Solana has continued to make milestone leaps and is currently the most staked cryptocurrency beating Cardano and Ethereum networks.
Although the entire crypto market has seen severe corrections in the last few weeks, Solana has shown potential to break out from current resistance, support prices, and establish new highs. Other fundamental factors serve as catalysts for the speculated price hike of Solana.
After discovering a bug in the lending contract of the Solana Program Library, security auditing firm Neodyme rectified the problem, which put up to $2 billion worth of Solana tokens at risk. The bug constituted a rounding error which resulted in the delivery of more tokens than was deposited by users of the contract.
Updating and improving the contract is an incentive for more users to stake their assets, thereby widening the Solana pool and stabilising its value.
In the last 24 hours, SOL has been trading at $184, which is below the 20-day MA support price of $209, indicating a 6.14% decrease. This decrease in price serves as an opportunity for investors to buy SOL.
5. Decentraland (MANA)
Decentraland is a 3D virtual reality token used to facilitate payments in the metaverse, deserves mention as one of the top crypto to buy this week. MANA has been soaring since because of its integration as one of the native tokens of the recently flourishing Metaverse ecosystem.
MANA is sure to see new highs in the coming weeks as the virtual reality platform recently closed a deal to purchase a plot of its virtual real estate. The land was sold at the price of 618,000 MANA which is equivalent to a record value of $2.43 million.
The plot was sold to an NFT-based virtual real estate company, Metaverse Group and will be developed to facilitate fashion-related activities and commerce. Metaverse Group is also planning partnerships with several fashion brands to enhance their commercial offerings.
Due to this recent purchase, the price of MANA in the crypto market is expected to skyrocket, attracting potential investors to purchase more plots and increase the valuation of the coin.
Decentraland is currently down by 7.42% as the asset trades at $3.41, which is below the 20-day MA price of $4.28. This bearish movement is an opportunity for investors to buy MANA for less before another major bull run.