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Top 5 Cryptocurrency To Buy For Weekend Rally July 2021 Week 4

Top 5 Cryptocurrency To Buy For Weekend Rally July 2021 Week 4

As the cryptocurrency market recovers following its mid-week selloffs, we decided to identify the best cryptocurrency to buy for weekend rally.

Having fallen to a total value of $1.2 trillion, the total market cap now stands at roughly $1.38 trillion.

This represents a rise of nearly 15% in a few days, with certain altcoins (ETH, DOGE, XLM) leading the charge.

With most major cryptocurrencies rebounding healthily, it looks like the market could have a strong weekend. As such, we’ve picked the top cryptocurrency to buy for weekend rally. This mostly covers coins with good prospects for a short-term rally.

Top 5 Cryptocurrency To Buy For Weekend Rally

1. Axie Infinity (AXS)

Axie infinity (AXS) is one of the few major coins right now, performing consistently well. In fact, it broke its all-time high only a few hours before writing, reaching $32.19. It has since retraced down to $30.78. However, even this price represents a 30% increase over the past 24 hours and a 30% increase in the past week. Even more impressively, it’s up by 150% in the past fortnight and by 850% in the past month.

Axie Infinity (AXS) price chart.

Almost needless to say, this makes AXS the best-performing coin over the past month. And there’s a good chance its rally could continue over the weekend and beyond.

For those who aren’t familiar with it, it’s the governance token for the decentralized Axie Infinity online video game. It lets holders vote for game changes, trade game creatures, and can be staked to earn rewards.

Top-50 coins over past 30 days.

At the start of this month, the game’s makers revealed that it had passed 350,000 daily active users. It had only 100,000 at the beginning of June, highlighting just how quickly it’s growing.

2. Bitcoin (BTC)

Since falling to a seven-day low of $29,500 on Tuesday, bitcoin (BTC) has risen to just over $32,500.

This is a 10% rise in three days. While this isn’t as strong a bounce as that enjoyed by some altcoins, bitcoin also didn’t fall as hard. This makes it a safer bet than many other cryptocurrencies, while it still offers significant upside.

Bitcoin (BTC) price chart - Top 5 Cryptocurrency To Buy For Weekend Rally.

Bitcoin is up by 2.5% in the past seven days. On the other hand, it’s down by 1% in the past fortnight and flat over the last 30 days. It’s also 50% below its all-time high of $64,804.

However, while these percentages aren’t great, the simple fact is that if there’s going to be a rally this weekend, bitcoin will be involved.

It almost always leads to market surges (and falls), with the rest of the market seemingly unable to do anything with BTC doing it first.

Aside from that, the prevailing opinion among analysts is that bitcoin is undervalued. A recent survey of researchers and industry figures found that 61% of ‘experts’ believe it’s currently underpriced. It also arrived at an average end-of-year price prediction of just over $66,000.

Price models are even more bullish than this, with the stock-to-flow and 11-year exponential trend both suggesting a closing price above $100,000 for 2021. This is why bitcoin is one of the top cryptocurrency to buy for weekend rally since it’s likely due for a big rise at some point.

3. Ethereum (ETH)

Ethereum (ETH) has had a very good rebound. At $2,000, it has risen by 17% since falling to $1,700 on Tuesday.

It’s also up nearly 2% in the past 24 hours, by 7.5% in the past week and by 9.5% in the past 30 days. That said, it’s down by 52.8% compared to its all-time high of $4,356.

Ethereum (ETH) price chart - Top 5 Cryptocurrency To Buy For Weekend Rally.

Ethereum is the fifteenth best-performing top-50 coin over the past 30 days. Despite not being one of the very best performers, there’s a good chance of it rallying big in the not-too-distant future.

It will roll out its much-awaited upgrade EIP-1559 on August 4. This aims to make Ethereum’s fee system fair and more efficient while it will also initiate the burning of a portion of fees. The latter change could potentially squeeze the supply of ETH, making it more valuable (assuming equal or increased demand).

Deposits into Ethereum 2.0’s smart contract are still rising steadily, hitting 6.38 million ETH and further reducing circulating supply. At the same time, the gradual, phased rollout of Ethereum 2.0 continues. While the exact date of its public launch isn’t yet known, the completion of EIP-1559 should allow the Ethereum development community to concentrate their efforts on getting it up and running.

Needless to say, staking will greatly increase demand for ETH while reducing supply.

4. Dogecoin (DOGE)

Dogecoin (DOGE) is another fierce rebounder. DOGE is a game-changer and deserves to be on our list of the best cryptocurrency to buy for weekend. It jumped by 18.6% between its seven-day low of $0.162516 and its current price of $0.192828. It has also risen by 5.5% in the past week. That said, it remains a hefty 73% below its all-time high of $0.731578.

Dogecoin (DOGE) price chart - Top 5 Cryptocurrency To Buy For Weekend Rally.

DOGE often has a tendency to bounce back strongly after falls, as the chart above illustrates. It’s also looking forward to a couple of big updates early next month. The first will add SegWit and Check Sequence Verify (CSV), which will improve scalability in differing ways. The second upgrade will reduce transactions fees, making DOGE more usable as a medium of transaction.

This could likely increase demand for dogecoin. And we could also expect the market to increasingly price in the value of these changes in the coming weeks.

There’s also the Dogecoin community, which is large enough in size to provoke isolated surges. The same goes for vocal Dogecoin supporter Elon Musk, who helped push DOGE back upwards this week by updating his Twitter profile pic to include ‘Dogecoin eyes.’

4. Polkadot (DOT)

Polkadot (DOT) has risen by 23% since its seven-day low of $10.62. It now stands at $13.14, which indicates a 5.8% rise over the past week. That said, it remains down by 14% in the past fortnight and by 10% in the past month. It’s also 73% below its all-time high of $49.35.

Polkadot (DOT) price chart.

However, DOT’s poor recent performance sets it up to rally strongly. It has also performed relatively well during the recent bear market (compared to certain other coins), with its status as a proof-of-stake coin attracting institutional investors.

It is also in the process of rolling out parachains.

These are basically side-chains which connect to the main Polkadot relay chain. This will enable the Polkadot platform to host a range of apps. In turn, it will increase demand for DOT, which is used to create parachains (and is also a governance token).

Capital at risk


5 Best Cryptocurrencies To Buy For The Weekend Rally July 2021 Week 3

5 Best Cryptocurrencies To Buy For The Weekend Rally July 2021 Week 3

The cryptocurrency market has continued its steady slide downwards over the past 24 hours. From just over $1.5 trillion over a week ago, its total value now stands at $1.3 trillion. This marks a fall of around 13%, with many of the biggest cryptocurrencies dropping by similar percentages. However, while this is bad news for anyone hoping for a decisive recovery, it sets the stage for a stronger rebound over the weekend. Accordingly, we’ve picked the 5 best cryptocurrencies to buy for the weekend rally. This covers coins that tend to perform strongly over the weekend. It also includes cryptocurrencies that are due a big jump more generally.

5 Best Cryptocurrencies To Buy For The Weekend Rally

Bitcoin (BTC)

If you look at bitcoin’s charts over the past month, a pattern emerges of it pushing upwards over the weekend. At $31,500, it has fallen by over 3% in the past 24 hours and by 4% in the past week. It has also dropped by 22% in the past 30 days.

Bitcoin (BTC) price chart - 5 Best Cryptocurrencies To Buy For The Weekend Rally.

Such falls may be disconcerting. However, if you look at the above price chart, you’ll see that mini-recoveries tend to happen on weekends. From Friday July 9 to the end of Sunday July 11, BTC rose by around 6%. From Friday July 2 to midnight on Sunday July 4, it increased by just over 7%. And the same goes for Saturday June 26 to the end of June 27, when it recovered by over 10%.

Of course, this pattern doesn’t always hold. Nonetheless, there is a tendency for BTC to recover some of its losses over the weekend.

More generally, bitcoin remains very cheap compared to the price suggested by various models. The stock-to-flow model suggests it ‘should’ pass $100,000 by the end of the year. Something similar is suggested by its 11-year price history, as pointed out in a June report from Pantera Capital.

Regardless of the accuracy of such models, bitcoin continues to lead the market. Not only in terms if it being the first to make significant moves. But also in terms of its ability to attract wider adoption and interest.

Ethereum (ETH)

Ethereum (ETH) has had a tough time. It’s down by 5% in 24 hours and 11% in seven days, at $1,900. This is 26% below its price from 30 days, and 56% below its all-time high of $4,356.

Ethereum (ETH) price chart - Ethereum (ETH) price chart - 5 Best Cryptocurrencies To Buy For The Weekend Rally.

Ethereum hasn’t rallied as consistently as bitcoin over weekends. However, if you look at its chart, its biggest rebounds have recently been happening between Friday (or Saturday) and the end of Sunday. For example, between Friday July 2 and Sunday July 4 it rose from about $2,000 to $2,400. This a jump of 20%.

Given that ETH has fallen harder than other big coins (particularly BTC), it’s arguable that it will rebound more strongly. And with 6.3 million ETH now sitting in the Ethereum 2.0 smart contract, there’s going to be an increasing squeeze on its circulating supply.

Hedera Hashgraph (HBAR)

It may be a relative unknown, but hedera hashgraph (HBAR) is one of the few top-100 cryptocurrencies to buck the downtrend. At $0.181728, it’s up by 6% in the past 24 hours and by 5% in the past week. And despite falling by 14% in the past 30 days (pretty much in line with the rest of the market), it’s still up by nearly 350% for the year.

Hedera Hashgraph (HBAR) price chart - 5 Best Cryptocurrencies To Buy For The Weekend Rally.

Hedera Hashgraph is a public network capable of hosting decentralised applications. It achieves a high degree of throughput largely by restricting who can serve as a node, something which inevitably increases its centralisation. Nonetheless, its high speed makes it attractive to organisations, with the organisation announcing on July 15 that it has been working with the UK’s NHS on storing Pfizer-BioNTech Covid-19 vaccines.

It’s likely that this piece of news alone is responsible for its surge over the past 24 hours. Given that the cryptocurrency market is currently starved for good news right now, it could also be enough to make HBAR one of the 5 best cryptocurrencies to buy for the weekend rally.

Uniswap (UNI)

Uniswap (UNI) is another coin that has fallen hard in recent days, but that should recover strongly. It’s down by 9% in the past 24 hours, at $16.30. It’s also down by 20% in the past seven days and 30% in the past 30.

Uniswap (UNI) price chart.

Uniswap is one of the biggest losers of the past few weeks (among major coins). Still, it has rallied strongly in recent weekends. Between July 2 and 4, it rose by around 23%. Between July 10 and 11, it rose by 5%. And between June 26 and 27, it increased by as much as 9%.

This pattern, along with its recent big fall, sets UNI up nicely for a recovery this weekend. Looking at the longer term, the cryptocurrency is likely to benefit from Uniswap’s status as a decentralised exchange. With the likes of Binance facing severe regulatory pushback, Uniswap’s position is likely to strengthen in the not-too distant future.

Uniswap has also recently released version 3 of its exchange, introducing a number of technical enhancements. This includes the rollout of liquidity mining, which lets earn UNI for staking cryptocurrency.

Compound (COMP)

Compound (COMP) is the best-performing cryptocurrency in the top 50 over the past 30 days. It may have fallen by 6% in the past 24 hours and 8% in the past week. However, it’s up by 14% in the past fortnight and 25% in the past 30 days.

Compound (COMP) price chart.

It has also risen strongly over recent weekends. On the weekend of July 2 to 4, it jumped by around 45%, from $310 to nearly $450. It also rose by just over 10% between July 9 and 11, and by 11% between June 26 and 27.

Top 50 coins graph.

This suggests it’s likelier than most other coins to exhibit some positive volatility this weekend.

The launch of Compound Treasury is the main reason for COMP’s strong performance over the past few weeks. This is a new service which lets any company deposit US dollars into the Compound DeFi system, letting them earning 4% interest per year.

Aside from Compound Treasury, the platform also remains the fourth biggest DeFi network by total value locked in. In fact, its TVL has increased by nearly 24% since June 22, from $5.74 billion to $7.11 billion.

This performance is impressive given the current state of the market. And it’s one of the reasons why COMP is one of the 5 best cryptocurrencies to buy for the weekend rally.

Capital at risk