The crypto market has been very bullish in the past week as the turn of the year sparked positive investor sentiment for the industry, especially to our top 5 crypto to watch this week.
Since January 1st, the of crypto rose by 8.25% which shows a complete reversal of investor sentiment on the market.
As market optimism for an economic soft landing, crypto is poised for a recovery after a year of complete disaster.
The market was devastated after multiple , leaving investors as the and driving fear, uncertainty, and doubt higher.
The broader financial market is eyeing the release of the Consumer Price Index (CPI) data for December.
These Are The Top 5 Crypto To Watch This Week:
Litecoin (LTC)
The ol’ reliable token of the crypto world, this altcoin recently recorded its . Litecoin accomplished that with nearly a , which is a rare occurrence in an era of .
The altcoin is also growing in adoption with LTC gaining traction as a . With this in mind, LTC would definitely have a strong and significant role once the bear market cycle starts.
At the current price of $81.92, the token will have a significant part in the next bull market. However, if macroeconomic data trends down or stagnate, LTC will definitely have a tough time climbing back up.
Shiba Inu. Image: WBUR
Shiba Inu (SHIB)
The original to Dogecoin (DOGE), this memecoin has grown in popularity and and makes it to our top 5 crypto list. The Shiba Inu community is also trying to distance itself from its memecoin origins which is more apparent as one reads the details of the .
At the current market market price of $0.00000887, SHIB has some wiggle room for growth as Shibarium’s launch nears. But investors and traders should pay attention to macroeconomic trends because of the token’s high correlation with Bitcon and Ethereum.
Polygon (MATIC)
Polygon’s native token MATIC has been in price since Mastercard its partnership with the ecosystem for its Web3 Artist Acceleration Program. Recent of y00ts and DeGods would also contribute to this bullish action.
With MATIC trading at $0.865, any good development macro-wise would mean big gains for the token’s investors and traders.
Image: Cryptocurrency News
Bitcoin (BTC)
Of course, Bitcoin will always be in the top 5 crypto roster. As Bitcoin stands at $17,252, the king crypto leads the charge for recovery against the bear market. BTC holders are especially bullish on the that the top cryptocurrency followed during past bear markets.
Although the token its status as an alternative to gold, the coin breaking the $17k resistance is a significantly bullish signal for investors and traders to watch for.
With Bitcoin being correlated with almost the entire crypto market, any movements by BTC would mean gains or losses for the entire market.
Crypto total market cap finally breaches the $700 billion mark and now at $811 billion on the weekend chart | Chart:
Solana (SOL)
SOL has been hit hard by the bear market of 2022. With the token 88% year-to-date, the ecosystem might seem dead to some people. However, with the release of , SOL has been going up in the past week and rounds up the top 5 crypto list for today.
Bonk is the new memecoin that created buzz around it as it by 1,600% in the past week. This led to a spike in network activity, thus pushing the price of Solana upwards as well. But with Bonk’s big pump, a correction might also hurt SOL.
As of writing, SOL’s price of $16.43 would definitely experience pain if macro trends stagnate or remain bearish.
-Featured image: Built In