Another week of trading is upon us, and today, we’re going to dig into crypto, uncovering some fast-rising stars of the market. We’ll also give you a rundown of the key events that should be inside your trading diary this week. Let’s get to it, shall we?
Crypto is expanding
Crypto has had a sticky time of late. The market does seem to be settling down somewhat — at the time of writing at any rate! It’s a market that never sleeps, while also comprising some of the most volatile financial instruments on the planet, so anything is possible.
Those who don’t follow crypto would be forgiven for thinking that Bitcoin was the only one worth shouting about. In actual fact, the world’s number one crypto is just one of the 10,410 tokens and coins officially out there and this number is expanding on an almost daily basis.
Today, we’re going to dig into five cryptos that you really should check out.
#1 Cosmos (ATOM)
Cosmos brands itself as the “Internet of Crypto”. It’s “an ever-expanding ecosystem of interoperable and sovereign blockchain apps and services, built for a decentralised future.” It’s supposed to be a platform on which all crypto blockchains can cross-communicate and share data with each other seamlessly.
Cosmos is a proof-of-stake blockchain, powered by its native ATOM cryptocurrency.
ATOM hit an all-time high of $32.14 about a month ago, before the late-May crash. It currently trades around the 12 USD mark. Many analysts believe it’s currently undervalued, with 2021 price predictions ranging from 30–40 USD.
Hands up, who loves a three-letter abbreviation? This one stands for “New Kind of Network”, which is quite sweet when you think about it.
NKN is a public blockchain that uses economic incentives to motivate Internet users to share their network connection and utilise unused bandwidth. It claims to be the “biggest blockchain network in the world”, with 88,940 nodes. Pretty neat, right?
NKN very briefly hit its all-time high 2 months ago, peaking at $1.48. Since then, you might say the price has somewhat tumbled (!) to its current level of $0.27.
Despite that drop, the outlook looks pretty positive for this one and many in the crypto community are excited. Depending on the behaviour of the wider market, many believe it will return to, and possibly eclipse that ATH value later this year.
#3 Polygon (MATIC)
Polygon (formerly known as MATIC) is an Indian blockchain scalability platform, often labelled as ‘Ethereum’s Internet of Blockchains’ (sound familiar?). It aims to create a multi-chain ecosystem of Ethereum compatible blockchains. It provides free Ethereum based cryptographic token transfers and payments.
Okay, so think ATOM, but not quite as grandiose. Yeah, you’ve got it.
MATIC has had a very interesting 2021, as the chart above shows. It’s seen some remarkable volatility in the last couple of months, even by crypto standards. It started the year at $0.01, reached its ATH in May, hitting $2.68, then rapidly slid to $0.90. All of that before catapulting back to $2.27. Then the market slump happened, and the price dropped again.
Many crypto-heads are bullish in the long run, but with many competing solutions (***ahem, ATOM, ahem***), you do feel like it will be a race to the death — who wins that is anyone’s guess.
Crystal ball at the ready!
#4 Chainlink (LINK)
We’ve written about this one a few times and it just doesn’t quit — so here we are again.
Chainlink is a decentralised network that provides real-world data to blockchains. It is one of the main sources of data used to feed information to applications in decentralised finance.
2021 was shaping up to be an unbelievable year for LINK, right up until that May 19th crash. Before then, it had risen 1221.52% in 12 months. Regardless, as one of only a handful of similar solutions, things look positive for Chainlink. This is definitely one to watch.
Celo is an open-sourced Proof-of-Stake blockchain designed to support stablecoins and tokenised assets with an algorithmic reserve-backed stability mechanism. Which is pretty cool.
Celo has had a bumpy 12 months. Sharp peaks in September, March and May have all been followed by steady bearish momentum. However, many analysts are pretty positive on Celo’s outlook. Stable coins are an interesting mechanism which have obvious benefits, especially in a world that is yet to truly embrace crypto in a real sense.
Yep, we have the Ceelo Green song in our heads too.
What’s On The Trading Agenda This Week?
Crypto aside, here’s everything you need to keep track of this week.
No major events planned.
● GBP — Employment Change (Mar)
● USD — Retail Sales MoM (May)
● GBP — Inflation Rate YoY (May)
● CAD — Inflation Rate YoY (May)
● USD — Retail Sales MoM + Fed Interest Rate Decision +
● NZD — GDP Growth Rate YoY (Q1)
● AUD — Employment Change (May) + Unemployment Rate (May)
● JPY — Inflation Rate YoY (May)
● JPU — BoJ Interest Rate Decision
Here at Contentworks we closely follow market movements and prep content that we think your traders would love to read. Let’s get you started right here.
The Contentworks team