Explosive cryptos sometimes can make all the waiting and volatility worth it, but navigating it requires careful consideration and diversification.
With uncertainty looming, investors must choose high-potential crypto projects that can weather the current market and thrive in the future.
Selecting the best cryptocurrencies can be challenging, but this guide provides insights into profitable and sustainable options with cutting-edge technology.
In this article, I’ve highlighted three of the most promising cryptos to buy in July 2023.
Polygon (MATIC-USD)
Polygon (MATIC-USD) has experienced a significant decline in value due to increasing regulatory scrutiny from the SEC.
As a result, Robinhood (NASDAQ:HOOD) has delisted MATIC. To counteract this, holders are advised to sell and reinvest on alternative platforms, demonstrating resilience against fear-based tactics and potentially stabilizing prices.
The outcome of the SEC’s legal actions remains uncertain, and the prevailing sentiment will continue to fluctuate. Currently, the Hinman documents appear to support cryptocurrencies rather than the SEC’s stance.
Polygon stands out in the blockchain space with its implementation of zero-knowledge EVM roll-ups, an innovative technology that optimizes transaction processing and maintains compatibility with Ethereum’s (ETH-USD) code.
This unique approach has attracted major companies like Starbucks (NASDAQ:SBUX), JP Morgan (NYSE:JPM), Meta Platforms (NASDAQ:META), Nike (NYSE:NKE), and others to adopt Polygon’s blockchain for their operations. With Polygon’s price currently below its peak, investors may have the opportunity for long-term gains.
Moreover, Polygon stands out as the leading scaling solution for the Ethereum network with its zkEVM technology.
This innovative approach allows seamless onboarding of smart contracts from Ethereum to Polygon’s side chains, ensuring compatibility and security. As Ethereum’s network congestion persists, investing in MATIC provides an opportunity to benefit from Polygon’s scalability and potential future rally.
Bitcoin (BTC-USD)
Bitcoin (BTC-USD) has regained momentum, crossing above $31,000 after a period of consolidation.
While the recent rally is promising, it is important to consider the support and volume levels. The volume has been declining since June 21, raising questions about the sustainability of the rally.
Swing traders may find opportunities in the short term, but cautious investors may prefer to wait for increased volume before making significant moves.
Bitcoin continues to hold its status as the dominant cryptocurrency, with its performance influencing the broader market. As a bellwether, Bitcoin’s movements can have a significant impact on investor sentiment and on other cryptocurrencies. Given its influential role, now is a compelling time for crypto enthusiasts to consider investing in Bitcoin.
BTC’s upward trend will continue as both retail and institutional investors seek assets with lower volatility than equities.
While altcoins may entice investors with high potential gains, they also carry significant risks that could lead to financial losses. Notably, institutions like Goldman Sachs are confident in Bitcoin’s future, predicting a price target of $100,000.
Avalanche (AVAX-USD)
Avalanche (AVAX-USD) has rebounded from the challenges of the crypto winter and is regaining momentum.
Unlike Solana‘s retail-focused approach, Avalanche is targeting the institutional crypto market, setting it apart in terms of positioning and goals. Starting at $16.66 in May, AVAX briefly dipped to $14 but has since been steadily rising towards $15, indicating a potential resurgence. The increasing trading volume reflects growing interest and activity within the Avalanche network.
Avalanche stands out with its impressive network speed, processing over 4,500 transactions per second (TPS), surpassing Bitcoin and Ethereum.
Its compatibility with the Ethereum Virtual Machine makes it appealing for developers seeking a faster and more cost-effective blockchain. The Avalanche bridge streamlines asset transfers across blockchains, improving convenience.
Avalanche is currently range-bound, with positive momentum but limited movement. It also has given back its weekly gains.
AVAX is facing resistance at the $14 level, and its price movement is closely tied to Bitcoin and other altcoins. Breaking the resistance level could lead to a potential rally.
On the date of publication, Chris MacDonald has a position in ETH, META. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
