If you want to grow your crypto portfolio or start investing in the crypto market this week, you may be wondering which cryptocurrencies to go with, given that majority of the market is fluctuating. Since the beginning of this month, most cryptocurrencies have been making slight gains but have retreated to lower levels, hence making it hard for investors to know which tokens to buy and which not to.
However, it would help if you were cautious when investing in the market because the crypto sector has many uncertainties. The top five cryptocurrencies to invest in this July 2021 week 3 include the following:
Shiba Inu (SHIB)
One of the tokens that you should consider investing in this July is Shiba Inu. Shiba Inu is one of the most popular meme coins that came into the crypto market to replace dogecoin and be the doge killer. Shiba Inu makes a good investment this week because of several reasons.
The first is that the token is relatively cheap to buy; hence if you are on a tight budget and looking for affordable coins, Shiba Inu makes a viable investment. The other reason why Shiba Inu is an excellent investment this week is the newly launched ShibaSwap. ShibaSwap is a DEX platform that has attracted many users.
In just two days, ShibaSwap garnered $1.5 billion in total value locked, placing it at a higher liquidity level than Uniswap, SushiSwap and PancakeSwap. The growth of this platform has boosted the popularity and value of SHIB.
Towards the end of this month, the Shiba Inu Virtual Party will happen. A virtual party is an event that has been prepared by Shytoshi Kusama. This virtual event might also boost the value of SHIB during that period.
The other exciting token in the market this week is Ripple’s XRP. XRP’s volatility is currently low, given that for a few weeks now, it has been trading between $0.61 and $0.68. If these levels are maintained for the rest of the week, XRP investors might evade huge losses.
The price of XRP is expected to fluctuate again soon, given that the case against the SEC seems to be making headlines again. After several investors stated that the Ripple case has gone cold, it seems that investors have something to watch out for soon.
Recently, Ripple filed a deposition for William Hinman, a former Ripple executive, to appear before the court and testify. However, the SEC filed a motion to block the deposition; in a recent turn of events, Ripple has disregarded the SEC and has re-noticed the motion to July 19.
If Hinman appears and testifies for Ripple, it will be a big win for XRP holders, given that it will strengthen Ripple’s case that XRP is not a security. Hinman had initially given a speech when he was an SEC executive stating that ‘Ether is not a security.”
The third cryptocurrency that makes for a good investment this week is ethereum. Since ethereum clinched the $2000 mark in June, the coin has shown remarkable resilience in maintaining its prices above this level, which could be attributed to support from the market.
Ethereum also makes an excellent investment this week because of the upcoming London hard fork update to make ETH a deflationary currency. The hard fork update has been scheduled to start from August 4, and when this happens, the value of ethereum is slated to increase, hence exposing early holders to massive gains.
Investing in Ethereum is not only suitable for the short term but also the long term. After the London hard fork, the ETH 2.0 update will also happen shortly after to transition the Ethereum network to a proof of stake mechanism, and we will witness a growth in ETH prices.
The other token that you need to invest in this July is bitcoin. Many benefits come with investing in bitcoin. First, it is available in almost all exchanges, and it is one of the safest investments that investors can make in crypto.
Even though bitcoin is one of the most expensive investments in this market, its price growth always leaves holders with significant gains. However, to make significant gains requires you have a reasonable amount of holdings, given that one BTC is valued at around $33K at the time of writing.
After China’s mining crackdown seems to be dying down, the bitcoin mining hashrate seems to be recovering. Mining is one of the factors that led to bitcoin’s crash in May; hence with many miners setting base in offshore locations, we might witness BTC’s prices rising again.
The fifth cryptocurrency that makes for a good investment decision this week is Solana. Solana makes a safe choice because of the Solanax platform, a fast and cost-effective platform that will put pressure on DeFi platforms to launch on the platform.
Besides, the Ethereum network is experiencing relatively low on-chain activity, reducing the gas fees; hence developers are looking towards Solana and other more scalable platforms. This places Solana at an advantage because the increased popularity of the protocol will see a growth in prices for SOL tokens.
SOL tokens are also affordable, unlike ethereum, hence it is more affordable to beginner traders who are entering the market with limited funds. News of developers who have launched on Solanax will have an impact on the prices of Solana.
There are many cryptocurrencies in the market, making it hard for investors to know which investments to pick from the large pool. However, those who want to invest in the crypto market can assess several factors to know what will make a good investment and what will not. Some of the factors that one can assess include the technology behind the token and the developments that have taken place in the network.
The above tokens make good choices because they have exciting developments that will boost their popularity. However, every investor needs to take the necessary precautions before investing in the crypto market because of the high volatility.