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The cryptocurrency market is surging. Its total value has risen by over 10% in the past couple of days, from around $2.05 trillion to $2.3 trillion. Altcoins have led this jump, with the likes of ethereum (ETH) and cardano (ADA) rising by similar — or higher — percentages. We’ve therefore gone ahead and picked the 5 best cryptocurrency to buy for the weekend rally. This mainly covers coins rising right now, or likely to rise over the coming few days.
5 Best Cryptocurrency To Buy For The Weekend Rally
1. Ethereum (ETH)
Is the ‘flippening’ currently in progress? Ethereum (ETH) fans may certainly think so, for the cryptocurrency is certainly outstripping bitcoin (BTC) right now. At $3,946, ETH has risen by 4.4% in the past 24 hours and by 26% in the last week. It’s also 25% up in the past fortnight and just over 50% up in the last month.
ETH is currently surging above its 30-day and 90-day averages, indicating a breakout trend. There are a number of reasons to believe it could soon pass its current ATH of $4,356, set back in May. For one Ethereum has been burning a slice of transaction fees ever since its successful London hard fork of August 5. It has burned more than 100,000 ETH to date.
100,000 ETH has now been burned 🔥
EIP-1559 has only been live for 20 days.
— Anthony Sassano 🦇🔊 (@sassal0x) August 26, 2021
Because of its new burning policy, ETH’s daily issuance has in fact fallen below bitcoin’s. This has been magnified by the fact that, with increased NFT and DeFi volumes (and with a surging crypto market more generally), increasing quantities of ETH are being destroyed.
1/ For the first time $ETH‘s daily issuance was lower than $BTC‘s
ETH net inflation: 3574 ETH (1.11% annualized)
BTC net inflation: 900 BTC (1.75% annualized)
A short thread on Ethereum’s recent surge in activity and potential implications of its decreasing inflation 👇 pic.twitter.com/IBT9Vf3MNo
— Lucas Outumuro (@LucasOutumuro) August 27, 2021
Basically, ETH’s supply is growing at a significantly slower rate than it would have without the London fork. And with the eventual transition to Ethereum 2.0 looming closer, expect the market to price in a higher value for ETH.
2. Cardano (ADA)
While cardano (ADA) is doing as well as ETH, it has begun rallying. It’s current price is $2.97. This is down by 2% compared to 24 hours ago. However, it’s 15.5% up over the past week and 30% up over the past fortnight. Impressively, ADA is up by more than 100% in the past month.
ADA set a new all-time high of $3.09 yesterday. Aside from benefitting from the wider market pump, this has happened for a couple of reasons.Most notably, smart contracts are due to launch on Cardano on September 12. These will allow the platform to host its own native decentralized applications, something which will allow it to move into DeFi and NFTs in a big a way. In other words, the market is getting excited that it could genuinely become a big rival to Ethereum very soon.
Yesterday, we upgraded the #Cardano testnet, successfully deploying #Plutus #smartcontracts capability. The focus now is on final component testing & exchange integrations, ahead of the #Alonzo mainnet upgrade, still on track for deployment on 12 September 💪 #Cardano $ADA pic.twitter.com/lrdiYIiNKD
— Input Output (@InputOutputHK) September 2, 2021
While ADA has dropped below its ATH from yesterday, it’s highly likely that it could pass this record high as September 12 (next Sunday) comes closer.
3. Polkadot (DOT)
Polkadot (DOT) is by 1.7% compared to a day, at $32.96. Additionally, this represents a 35% jump over the last week and an 88% rise across the last month. On the other hand, DOT is still 33% below its $49.35 ATH of May.
DOT has benefitted from a growth in Polkadot’s interoperability platform. The latter has steadily attracted adoption in recent weeks, with its total value locked in growing to
On top of this, upcoming auctions for Polkadot parachains (side chains which connect with the main chain) have also boosted DOT’s price. These are expected to happen soon, now that sister/test chain Kusama has conducted its own auctions.
Polkadot’s parachains launch is expected to begin once two things have happened:
1. A full external audit is completed.
2. @kusamanetwork executes at least one successful auction involving crowdloans and hosting at least one functional parachain.
Read more from @gavofyork: https://t.co/m03AFJueXR— Polkadot (@Polkadot) May 17, 2021
The date for these auctions hasn’t yet been fixed. But needless to say, the Polkadot community is excited by the possibility they’ll boost demand for DOT. This excitement is supported by the fact that Polkadot’s ecosystem is already large and growing, with many projects looking to obtain a parachain for themselves.
Overview of @Polkadot Ecosystem V2021.08 $DOT $KSM #Polkadot #Kusama #Rococo #parachain #crowdloan pic.twitter.com/uT6hV7rnAH
— PolkaProject (@polkaprojectcom) August 5, 2021
So while other altcoins have overshadowed DOT a little recently, it makes our list of the 5 best cryptocurrency to buy for the weekend rally.
4. Arweave (AR)
Even with ETH’s recent bullishness over the past few days, arweave (AR) remains the best-performing cryptocurrency of the last 30 days. At $60, it’s up by only 1.7% in the past day, but by a whopping 129% in the past week. It has also risen by 440% in the past month, hitting an all-time high of $68.96 three days.
Arweave may be three years old, but it remains new to most people. It’s a decentralised information storage network, and has gained more visibility recently thanks largely to Solana. That’s because its network underpins many of the NFTs and NFT platforms also operating on Solana. Because of this, Solana’s recent surges have led to a parallel surge in Arweave.
Wild. @solana NFT apes in full force! 4x traffic increase to https://t.co/3S12ndZ16m in 12 hours.https://t.co/cXAcsN7S3I is scaling up as we speak, but remember: integrate dCDNs like @NetworkMeson and @Media_FDN to gain properly decentralised and fast access to permaweb data! pic.twitter.com/IMIpQQjQiW
— Sam Williams (@samecwilliams) August 30, 2021
It’s largely because of Arweave’s active bridge with Solana that its transactions volumes have consistently set new records in recent weeks. Monthly transactions rose by 15.5% in August, nearly hitting 1.8 million.
August had yet another all time high transaction volume on the Arweave network! Up another 15.5% from prior peaks. pic.twitter.com/nnN8SwUnGk
— Sam Williams (@samecwilliams) September 2, 2021
5. Iota (MIOTA)
Iota (MIOTA) may have been neglected in recent months by traders, but certainly not now. It’s one of the market’s best-performing altcoins, rising 7% in 24 hours, to $1.56. This represents a 57% rise in a week, as well as an 82% rise in a month.
MIOTA is, however, 70% below its record high of $5.25, set in December 2017. This may seem disappointing, but it could also be a strong indication that MIOTA remains underbought, despite recent increases.
There are good reasons to be confident in Iota. While it has avoided the kind of frenzied hype surrounding over coins, it has steadily grown in the background, adding new partners to its ecosystem. For example, in the second half of August it announced a deepening of its partnership with ClimateCHECK, which will use Iota’s Internet-of-Things blockchain for monitoring global warming.
[#ICYMI] Increasing trust in environmental data is a vital part of the fight against #climatechange. We’ve extended our partnership with @digitalmrv, @ClimateCHECK + @environmentca @eccc_news to use #IOTA #tech as a tool against #globalwarming.https://t.co/esreRevPwr
— IOTA (@iota) August 19, 2021
At the same time, Iota is working on enhancements — such as smart contracts and native assets — that will make it more attractive to projects and investors alike. So while MIOTA is one of the best cryptocurrency to buy for the weekend rally, it also has good long-term prospects.
Those already working on #IOTA Native Assets + Smart Contracts will be happy to hear that they will be available already before #Coordicide. Next step: defining specs for the Chrysalis integration.
🥳Join the discussion in #digital-assets on https://t.co/qcEar2Nd1z! pic.twitter.com/l6P72vJ7bk
— IOTA (@iota) August 20, 2021
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