The cryptocurrency market remains flat today, after a week of partial recovery. Its total value has declined by 0.8% in 24 hours, while most major coins are similarly lethargic.
However, with the general trend since last weekend moving upwards, there’s the chance of further growth spurts.
We’ve therefore picked our top 5 cryptocurrencies to buy for a potential weekend rally. This mostly covers coins with good short-term potential, although there are a few with more long-term viability as well.
Top 5 Cryptocurrencies To Buy For Weekend Rally
1. Bitcoin (BTC)
Bitcoin’s performance in recent days hasn’t been spectacular. However, it remains one of the likeliest cryptocurrencies to benefit from genuinely bullish news, given its steadily growing use. It’s currently down by 0.5% in the past 24 hours, and down by 4% in the past seven days. But despite also being down by 12% in the past fortnight, it remains just over 250% up across the last 12 months.
At $33,400, bitcoin remains 48% below its all-time high of $64,804, set on April 14. In other words, it has plenty of room to rebound. A recent report from Pantera Capital showed that, at $40,000, BTC was priced 36% below its 11-year trend. It’s now 46% below where its 11-year price history suggests it should be. The controversial stock-to-flow model also suggests a price for bitcoin approaching $100,000, again indicating that BTC is due a big bounce.
June closing price $35,037 .. as far below S2F model as in Jan 2019. Next 6 months will be make or break for S2F (again). pic.twitter.com/W3TM5sOAwY
— PlanB (@100trillionUSD) July 1, 2021
More broadly, bitcoin continues to attract wider interest and adoption. Most recently, digital asset management NYDIG and enterprise payments corporation NCR launched a bitcoin-trading service for over 650 US banks and credit unions. This opens bitcoin purchases to around 24 million customers. While there’s obviously no guarantee that a significant proportion of these customers will buy BTC, if they do, it could significantly boost its price.
2. Ethereum Classic (ETC)
In a difficult market, ethereum classic (ETC) is one of the few coins to have recently enjoyed significant jumps. It’s up by 20% in the past week, at $52.23. And while it’s down by 23% in the past month, it remains up by over 800% in the past year.
Interestingly, ETC is the second-best performing cryptocurrency over the past quarter (90 days), behind only dogecoin (DOGE). It risen by over 250% during this period.
Looking towards the near- and medium-term, Ethereum Classic has one big thing to look forward to: Ethereum’s transition to a proof-of-stake consensus mechanism. While it may seem odd to focus on an upgrade to another blockchain, this upgrade will likely push former Ethereum miners to Ethereum Classic. In the process, the influx of additional miners will make Ethereum Classic more secure and stable. This will likely increase its attraction for investors and traders.
Indeed, Digital Currency Group recently purchased $50 million in shares of the Grayscale Ethereum Classic Trust. This was ultimately the main cause of ETC’s 20% jump over the past week. It’s also part of the reason why ETC is one of the top 5 cryptocurrencies to buy for a possible rally.
3. Dogecoin (DOGE)
Dogecoin is usually a strong contender for notable short-term gains. This is particularly the case when it falls, with its strong community of supporters often responding by pumping its price (albeit briefly). It has fallen by over 3% in the past day, and 8% in the past week. It’s also down by 21% in the past fortnight and by nearly 35% in the past month.
These falls indicate that DOGE may be due for a rebound. As the best-performing coin of the past 90 days, it has accumulated a big community of followers, with the Dogecoin subReddit boasting over two million subscribers. It would therefore be unwise to discount it from recovering strongly, even if its fundamentals are otherwise highly questionable.
Robinhood recently provided one interesting piece of news concerning dogecoin. In its IPO filing, it revealed that DOGE trading accounted for 34% of its cryptocurrency revenue in Q1 2021. It also revealed that its business could be “adversely affected” if interest in dogecoin declines.
From Robinhood IPO filing. Dogecoin was the most traded crypto in the last quarter on Robinhood
pic.twitter.com/OK4Vlo03KR
— Simplanations (@simplanations) July 1, 2021
While potential investors in Robinhood might be alarmed by its reliance on dogecoin, this revelation is potentially bullish for the cryptocurrency itself. Because if Robinhood is reliant on trades in DOGE, it may market the cryptocurrency more heavily to traders. This is something it had already begun doing prior to its IPO filing.
Much happy! Very day! We’ve lowered the minimum order size from 10 $DOGE to 1 $DOGE. You can now build up your doge empire one coin at a time. We’ve also lowered the minimum order size for $BTC (0.000001) and $ETH (0.0001) so it’s easier for anybody to invest in crypto.
pic.twitter.com/p8lCUZJhdp
— Robinhood (@RobinhoodApp) April 20, 2021
We’re all paws on deck, all weekend.
— Robinhood (@RobinhoodApp) May 8, 2021
Basically, Robinhood’s indirect marketing of DOGE may be enough to sustain interest in it. In turn, it potentially puts DOGE in line for further jumps, particularly now that it’s 66% below its ATH of $0.731578.
4. Ethereum (ETH)
Ethereum has witnessed something of a price recovery over the last week or so. Having stood at $1,800 on Sunday June 27, it then rose to $2,279 by the following Thursday, an increase of 26%. It has since subsided to just over $2,000.
ETH is down by 14% over the past fortnight and 22% over the past month. However, there are plenty of reasons to be bullish about it.
Most fundamentally, it remains the foundation of much of the cryptocurrency ecosystem. If DeFi, NFTs and ERC-20 coins begin to boom again, it will be one of the prime beneficiaries. This is exactly what we saw during the bull market leading up to ETH’s all-time high of $4,356.99, set on May 12. And it’s what the market will see again.
In terms of ETH itself, the approach of Ethereum 2.0 remains probably the biggest event on the crypto calendar. As of writing, it’s likely to launch in either late 2021 or early 2022. But even now it’s having effects on ethereum’s price. That’s because just over 6 million ETH has now been staked in the Ethereum 2.0 contract.
This number represents an 185% increase in the year to date. It’s likely to continue increasing as the launch of Ethereum 2.0 approaches, taking ETH out of circulation and putting upwards pressure on the cryptocurrency’s price. This is why ethereum continues to be one of the top 5 cryptocurrencies to buy for short-term (and longer term) rallies.
Theta Fuel (TFUEL)
Theta fuel (TFUEL) has been one of the most volatile cryptocurrencies in recent memory. It has increased by over 4,000% in the past year and hit an ATH of $0.681590 as recently as June 9. On the other hand, it has since fallen to $0.360764, marking a 26% decline in the past week and a 36% fall in the past fortnight.
As the chart above illustrates, TFUEL has experienced some dramatic ups and downs over the past month. However, this is precisely why it’s one of the top 5 cryptocurrencies to buy if you’re after a dramatic short-term gain. It involves considerable risk, but there’s nonetheless potential for considerable reward.
For those unfamiliar with TFUEL, it’s one of two native tokens of the Theta blockchain (the other being THETA). Theta is a video-streaming platform, with TFUEL being used to pay for transactions (much like gas in Ethereum). Users can also earn TFUEL for watching content.
Basically, if Theta enjoys growing adoption and usage, then TFUEL should potentially rise in price. In the short-term, its price could also benefit from the launch of Theta’s Mainnet 3.0. This allows for the staking of TFUEL, something which may put upwards pressure on its price.
Mainnet 3.0 has successfully launched! At block height 10,968,061 the chain forked to MN3.0 code and TFuel staking was enabled. More than 400m TFuel is now staked and the first TFuel staking rewards are already distributed. Thanks to all Theta community who made this possible! pic.twitter.com/yhugNPVCZg
— Theta Network (@Theta_Network) June 30, 2021
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