The 7 Hottest Cryptos to Watch This Week


  • Bitcoin (BTC-USD): Bitcoin is above the key 60K level but is also sluggish.
  • Ethereum (ETH-USD): Ethereum needs to pick up the pace and recapture the 3K level.
  • Tether (USDT-USD): Tether is conspicuously below its dollar peg, posing broader concerns.
  • Here are some of the top cryptos to watch this week.
cryptos to watch - The 7 Hottest Cryptos to Watch This Week

Source: Chinnapong / Shutterstock

It’s not exactly the news that investors of cryptos to watch wanted to hear. Recently, CoinDesk reported that Hong Kong-listed spot cryptocurrency exchange-traded funds incurred significant outflows. With the benchmark blockchain asset dropping below $61,000 last Friday, the downside move sparked a rush for the exits.

It’s disappointing because the outflows contrasted with the initial enthusiasm that investors expressed for crypto-focused ETFs. As well, the move clashes with the strong sentiment seen toward U.S.-listed ETFs that center on cryptos to watch. Still, it’s also not the most surprising development.

Technically speaking, virtual currencies appear stuck in a holding pattern. Neither bulls nor bears appear capable of bending the sector to their will. Until we receive clarity on a whole host of issues – the global economy, U.S. monetary policy, geopolitical flashpoints and of course regulatory matters – investors may need to grow accustomed to lulls in price action.

With that, let’s see what’s on tap for this week in the hottest cryptos to watch.

Bitcoin (BTC-USD)

blockchain technology stocks

Significantly, Bitcoin (BTC-USD) has held onto the $60,000 level after some choppy sessions so far this month. At the moment, it’s trading hands at nearly $62,500, per CoinMarketCap data. Over the past 24 hours, BTC gained about 3%. However, in the trailing seven days, it lost nearly 1% of its market value.

On the not-so-pleasant side, Bitcoin has largely failed to show much upside impetus since March of this year. Instead, the price action appears to revolve around maintaining defensive lines so to speak and avoiding an onslaught by the bears. However, cryptos to watch generally tend to have a directional bias. The more the price action stays horizontal, the more pressure it adds to the bulls.

After all, acquisition volume has also been fading since March, raising questions about future upward mobility.

On the other hand, it’s possible that the peak-to-trough action we’ve seen from March till the present time may be the first half of a rounding bottom pattern. If so, it’s possible that Bitcoin could swing higher, taking other cryptos to watch with it. Still, we would need to see more activity to confirm.

Ethereum (ETH-USD)

Etereum coin is in pocket. Ethereum is a decentralized, open-source blockchain with smart contract functionality. ETH crypto
Source: Thaninee Chuensomchit /

One of the more frustrating blockchain assets to decipher, Ethereum (ETH-USD) managed to gain 2.5% in the past 24 hours since late-night Monday. However, in the trailing seven days, the number two cryptocurrency by market capitalization is down more than 3%. It’s another perplexing series of sessions. At time of writing, ETH trades hands at under $3,000.

Obviously, the bulls’ immediate target is to secure this technical and psychological benchmark. However, like Bitcoin, the problem here is that since March, Ethereum has shown little ability to spark a sustained rally. It’s clearly in a defensive position to use a miliary analogy. For that, it’s somewhat commendable that ETH hasn’t dropped well below the 3K mark.

On the plus side, it’s possible that we could be seeing a rounding bottom pattern materialize. Part of this hypothesis centers on the slowing of downside price action. However, it’s also fair to point out that acquisition volume has been fading since March, presenting risks to the contrarian bullish narrative.

Bottom line: we’ll need more data to confirm the rounding bottom scenario.

Tether (USDT-USD)

A concept token for the Tether cryptocurrency.

For those who are looking at cryptos in a purely objective framework, Tether (USDT-USD) presents some concerns. Earlier, I mentioned that analysts were seeing investor outflows from Hong Kong-based ETFs. Naturally, such a move doesn’t speak well regarding sentiment for virtual currencies. Potentially confirming this trend is USDT, which is below its one-to-one peg with the dollar.

As a stablecoin, Tether’s role is to essentially provide liquidity to the blockchain ecosystem. It does this by providing a crypto version of the dollar. Tether features the same denominational value as the greenback, with the main difference being that USDT is decentralized. Therefore, if investors see opportunities in cryptos to watch, they can engage them immediately with Tether coins.

However, at time of writing, USDT is trading hands at around 0.9994 to $1. In other words, the fiat paper currency is worth more than its digital counterpart. That implies lack of confidence in cryptos. What’s more, Tether has been trading under the 1:1 peg for most of this week.

I’m not sounding the alarm to be clear. However, investors should at least monitor this situation.


A Binance Coin sits in front of trading charts. Binance price predictions
Source: Shutterstock

Perhaps no other virtual currency exemplifies the tough assessment to make regarding the blockchain ecosystem this week than BNB (BNB-USD). In the past 24 hours, the decentralized digital asset tied to the Binance exchange sits just a hair below parity. Over the past week, BNB stands just a hair above parity. It has gone nowhere and that’s what makes me concerned.

Again, cryptos generally tend to move in one direction or another. In the traditional sense, virtual currencies don’t pay dividends so there’s little reason to hold them if they go static. Indeed, if a crypto is merely moving sideways and there’s good evidence to suggest that it will continue doing so, the best course of action is to dump it and find another opportunity. Otherwise, a static crypto will incur an opportunity cost.

And that’s why sideways cryptos are risky. This isn’t like a blue-chip stock where you can collect quarterly (or even monthly) payouts. While there are crypto-related “dividends,” the mechanisms and/or the underlying tokens are subject to a higher-risk profile.

With that in mind, investors need to be extremely careful with BNB’s almost-perfectly sideways consolidation.

Solana (SOL-USD)

Solana Coin (SOL-USD) in front of the Solana logo. Solana price predictions.
Source: Rcc_Btn /

One of the most exciting cryptos during the “Uptober” seasonality cycle, Solana (SOL-USD) easily captivated onlookers. However, upside momentum noticeably began fading in March. Subsequently, SOL has incurred a series of frustrating trades. For example, in the past 24 hours, the coin popped up nearly 5%. However, in the trailing seven days, it lost more than 5% of market value.

As with other cryptos, the main concern is the lack of upside impetus. SOL is not gaining new ground. Instead, it’s trying to get back up to prior heights. That presents a technical challenge as the 50-day moving average is noticeably above the current price tag of $146.45. Not only that, acquisition volume has been clearly on the decline since March.

On the positive side, the negative acceleration in Solana has also subsided. Should more bulls move into the space, the cryptocurrency could round out and head higher.

Still, the overall net move since the second half of April has been flat. Again, cryptos moving in a horizontal plane present a risk tied to opportunity costs. Therefore, investors should remain vigilant.


A concept image for the XRP (XRP-USD) token from Ripple.
Source: Shutterstock

Another popular altcoin that has seen better days, XRP (XRP-USD) may need to start showing some upward intention soon. In the past 24 hours, XRP – which has been at the center of a controversial legal battle – gained about 3%. That’s not going to cut it, especially because the coin also lost 6% of market value in the past week.

However, it’s not really clear when the bulls will show up. Throughout this year, XRP has been wildly choppy. Last month, a huge bout of volatility sent XRP well below its 50 and 200 DMAs. The problem for the digital asset is that it remains below these common gauges of market health. What’s conspicuous too is that it’s below the 20-day exponential moving average.

Fading volume trends haven’t been cooperative, raising concerns for XRP. Frankly, it’s hard to pinpoint a framework for upside. That’s because XRP broke down below its prior long-term trend of rising lows. Essentially, it’s in survival mode.

That’s not a great place for cryptos. It’s already bad if blockchain assets are moving sideways. If they’re consistently fading, the threat of the opportunity cost rings louder.

Toncoin (TON)

Crypto coins on a phone screen showing stats for various cryptocurrencies.. Cryptos to Buy Before the Market Swing. rising meme cryptos. altcoins
Source: Chinnapong / Shutterstock

One of the more impressive performances in cryptos recently stems from Toncoin (TON-USD). In the past 24 hours, TON gained almost 2% of market value. However, in the trailing one-week period, it soared to nearly 19%. That’s by far the most impressive performance among virtual currencies ranked in the top 10 by market cap. Right now, it holds the number eight position.

With a market value inside of a $4 million gap to XRP, it may not be too long before a switcheroo occurs. Toncoin has demonstrated upward mobility while XRP has been rather frustrating. Moving forward, though, the concern lies in whether the latest move is sustainable or not. With TON rocketing from a trough of around $4.61 to the present price of $7.15 over a matter of days, it could be due for a correction.

On the positive side, it’s one of the few major cryptos showing robust signs of life. However, with the benchmark virtual currency being stagnant, investors should be vigilant. It may not be a bad idea to trim some exposure given how capricious and unpredictable this sector can be.

On the date of publication, Josh Enomoto held a LONG position in BTC, ETH, USDT and XRP. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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