Top 5 Cryptos To Watch In The 1st Week Of February
February is only two days away and this early, we round up the top 5 cryptos that have the potential to make it big in the first week of the love month.
We start off with Bitcoin (BTC) which, based on monitoring by Coingecko, is nearing the $24,000 level, signaling more optimism as the crypto market says goodbye to January.
Next up is Aptos (APT), a coin that has consistently maintained its positive aura and basked in the green zone in the last few weeks.
The rest in our list of top 5 cryptos are equally showing an impressive performance of late, breaking through various levels of resistance barriers and just advancing in the bi-weekly timeframes.
All cryptocurrencies are tracked by Coingecko, with focus on weekly performance.
Top 5 Cryptos Poised To Score Major Gains In February:
The current price of Bitcoin is $23,585, an increase of nearly 4% over the past two weeks. In the past 24 hours, Bitcoin has inched up by 1.8% as bulls attempt to raise the leading cryptocurrency near the $24,000 mark.
On the hourly chart, BTC has penetrated the $23,450 wall. If bulls are able to keep the rate above this level until the end of the trading day, the next 24 hours might see Bitcoin reach the $24,000 region.
The cryptocurrency industry is off to a fantastic start in 2023, with Bitcoin’s 40% rise leading the way. The bounce is part of a larger trend of heightened risk appetite, but its sustainability is questioned by doubters because of economic jitters, among other warnings from market sentinels.
Aptos (APT) is one of the best-performing currencies in 2023, having grown by more than 250% since the beginning of the year. APT is trading at $17.7 at the time of writing, up nearly 48% in the last seven days.
Development on Aptos has been extremely remarkable thus far. Aptos has more active developers than Avalanche and Tezos, but fewer than Solana, Polkadot, Cardano, and Ethereum. This may be one reason why APT has maintained its steady ascent over the past several weeks.
The vaulting mechanism that serves as a new fund for decentralized financing in the ecosystem of the Fantom network was just recently put into place.
On January 20, the Ecosystem Vault was added to the network to give alternate funding for Fantom-based projects.
Meanwhile, in just one week, the token’s price increased by 26.1% to $0.48, its highest level since May 2022. The new mechanism has reignited Fantom’s network activity.
At the time of writing, FTM is trading at $0.4759, up 24.4% in the last week.
The February price forecast for AVAX is positive. After an initial adjustment, a price increase of at least $23.17 is anticipated. In contrast, a decline below $10.64 would render this bullish scenario incorrect and trigger a decline toward $9.50.
After making significant gains in recent weeks, Avax restrained its speed and shown a modicum of composure when it encountered multiple rejections near the descending resistance line that had established over the previous seven months.
Despite this denial, the asset recovers and displays signs of strength. At the time of writing, AVAX posted a solid 20.7% climb in the weekly charts, and changing hands at $20.98.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Rounding up our top 5 cryptos list is Polygon. In terms of profit, MATIC’s daily on-chain transaction volume increased, which was also favorable. Several additional factors also worked in MATIC’s advantage.
In recent weeks, DeFiLlama’s statistics indicated that Polygon’s total locked value soared. Additionally, it was shown lately that MATIC outperformed Ethereum in terms of daily active addresses.
Last week, Coingecko data revealed that MATIC had double-digit growth, allowing it to re-enter the top 10 club of the top cryptos.
MATIC has notched a 15.3% rally in the weekly charts, and currently trading at $1.15.
Featured image from Motley Fool
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