TL;DR Breakdown
- CRO just bought the naming rights to Staples Arena and built a relationship with the AEG group.
- Avalanche’s marketplace to set mint limited edition NFTs for NY Islanders
- Bitcoin’s dominance seats at 42 percent.
It is quite important that while scouting for cryptocurrencies to put on your watchlist at the beginning of the week, one must look at assets that have a well-defined trend and a very narrow price range.
When it comes to investing, one major long-term strategy to imbibe is positioning, ignoring the noise in the market, and paying more attention to the trend. This is not different in trading cryptocurrencies, as it’s equally necessary that one must be able to take valid positions in others to stay profitable.
Watchlist cryptocurrencies
Before you go ahead to invest in any cryptocurrency this week, the fundamental analysis must be fully put into play, including the project’s announcements, events, and relevant news. This gives a strong base for analyzing the digital currency to place on your watchlist.
Crypto.com (CRO)
CRO is the native token of Crypto.com launched in 2018, which began trading two years after the company itself launched. The token has been making great strides in recent weeks, and it currently sits at #13 on Coingecko just after the meme coin Shiba Inu (SHIBA).
The CRO token has been on the uptrend these past few days, surging to an all-time high (ATH) of $0.79, as Cryptopolitan recently reported. Some buying pressure is also building up as it prints a higher low of $0.6551, which somewhat suggests the bulls are having a nice time.
Crypto.com is one of the fastest-growing crypto platforms operating in the United States. It recently began to make huge marketing campaigns across the globe with actor Matt Damon in a $100 million deal. But the most significant event was its naming rights contract over Staples arena in a deal worth $700million.
We could see a lot of growth around CRO, as the new relationship with Anschutz Entertainment Group (AEG), owners of the Arena, will foster great opportunities for the company and also help mass adoption in the Crypto space.
Avalanche (AVAX)
Avalanche is said to be a fast, low cost and environmentally friendly blockchain platform in which validators secure the network through a Proof-of-Stake (PoS) mechanism. More than 100 projects have been deployed on the network. AVAX, its native token, has surged upward significantly this month and has caught the attention of both investors and analysts alike.
The price of the token peaked at around $130, lower than yesterday’s price movement as volume rose over 46 percent. Last week, NFT marketplace, Orange comet, partnered with NY Islander and UBS arena to launch limited edition NFTs on the Avalanche network. More of these bullish good creates demand for AVAX, and it could be the reason the token has been surging some days ago. The surge might continue as limited edition NFTs of the NY Islander get minted and sold on the marketplace. An increase in the trading volume of the Orange comet marketplace could equal an increase in demand for AVAX and a surge in price.
Bitcoin (BTC)
It’s important as you place a few cryptocurrencies on your watchlist; the king crypto should be looked at as well. Though Bitcoin dominance is at a 42 percent level, the market sentiments lean towards the price movements of Bitcoin.
Early today, BTC touched the $60k price level where it faced a resistance that sent it crashing down to $56.9k. During the time of writing, however, BTC was back trading at $59,064, with a market cap of around $1.1 trillion.
Wrap up
The cryptocurrencies mentioned listed above were selected based on fundamental analysis. Market events and news can also influence the price of the cryptos either way. Though, sieving the noise to get the real news is a major strategy one should pick up.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
