Top 5 Crypto To Watch As CPI Data Is Released This Week
- Posted on January 9, 2023
- News
- By Mark Otto
- 168 Views
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 total market cap of crypto rose by 8.25% which shows a complete reversal of investor sentiment on the market.
As market optimism grows for an economic soft landing, crypto is poised for a recovery after a year of complete disaster.
The market was devastated after multiple high-profile collapses, leaving investors as the biggest losers 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 140 millionth transaction. Litecoin accomplished that with nearly a 100% uptime, which is a rare occurrence in an era of smart contract providers.
The altcoin is also growing in adoption with LTC gaining traction as a means for payment. 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.
The original rival to Dogecoin (DOGE), this memecoin has grown in popularity and utility 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 Shibarium upgrade.
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 pumping in price since Mastercard announced its partnership with the ecosystem for its Web3 Artist Acceleration Program. Recent migrations 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.
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 4-year cycle that the top cryptocurrency followed during past bear markets.
Although the token lost 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.
SOL has been hit hard by the bear market of 2022. With the token down 88% year-to-date, the ecosystem might seem dead to some people. However, with the release of Bonk, 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 pumped 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
Source: NewsBTC
