At press time, the cryptocurrency market is making a correction in price formation. Gains have begun to outweigh losses and some coins and tokens have broken out in trading prices. BTC has moved back up to the $5,300 mark and altcoins are following suit.
But even with this upswing, the risk of trading or trading against any cryptocurrency is still ever-present and this is even more pronounced in coins that are yet to maintain a reliable form of stability.
As opposed to this, the week still presents some very promising cryptocurrencies and the numbers are more than a handful. However, these three happen to stand out in consistency and stability.
Bitcoin Cash (BCH)
BCH has been on an impressive run since the past weeks. In just this month, BCH has moved up by more than $100 in trading price. With factors like BSV’s delisting playing a huge role in BCH’s upclimb, the numbers are not expected to slow down. BCH was previously nearing resistance level of $360 after hitting $332 before of fell back to its current trading price of $290.
However, as the market continues to make a correction, BCH is more than likely to return to the $300 price level and progressively head to the higher average between resistance levels of $360 to $390.
Now sitting on the 6th spot, had LTC has continued to manifest its strengths and this is not just reflected in the back and forth between its closest rival EOS, which it had previously surpassed with $1 million in market cap, LTC has seen a substantial growth process on trading price and volume for the longest time this year. Despite having lost nearly $1 billion in the past 24hrs, the trading price of $76 is less likely to stumble as it continues to garner gains.
Binance Coin (BNB)
BNB’s slow and steady movement depicts consistency in the most accurate way, such that the coin maximizes every factor in place to enable it to make a consistent upsurge, but this is not to be credited to its increase in trading volume alone, although this has set the coin for the $30 mark, BNB’s growth can largely be credited to the influence of the Binance exchange.
It has also been estimated that the exchange saw a rise in its OTC trading which yielded a good $78 million in gains in the first quarter of the year, in the same manner, BNB is only $2 away from its overall all-time high of $26 which was in 2018. With the level of stability attained over time, BNB is soon to annihilate this record.
Disclaimer: The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.