The market is currently trading sideways after more than 6-months in the red. Bearish sentiment remains strong, too, as macro-economic factors paint a picture of a global economy that could be headed for a recession. However, some factors paint a bullish picture for cryptocurrencies and point to a market headed for a major recovery.
One of them is data showing that 40% of U.S investors are buying crypto now. The data shows that the investors are driven by a need to preserve wealth amidst the ongoing uncertainties in the market.
Not only is this a huge validation for cryptocurrencies, but it could also trigger a rally that could see cryptocurrencies return to their most recent all-time highs. That’s because American investors have the money, a factor that could see them push the market up in August. This possibility is reinforced by the fact that Bitcoin is holding strong above the $20k support despite the market turbulence.
Going by this market potential, here are some top cryptocurrencies to keep an eye on in August.
Binance coin (BNB)
Binance Coin (BNB) has started August with a lot of momentum. When writing this article, BNB was up by 6.8%, outperforming most top cryptocurrencies. This follows a series of good news in the last 24 hours.
One of the most important ones is that Binance has entered the Argentine cryptocurrency prepaid market. With more people in South America using crypto payment cards, the uptake is likely to be huge. Since BNB is the native cryptocurrency for payments in the Binance ecosystem, this move translates to a potential increase in demand.
This potential is reflected in its price, and BNB could remain strong throughout the month. This momentum is enhanced by Binance Coin’s push through the $300 resistance. This could see more buyers gain confidence in BNB in the short term.
Polygon (MATIC) is still basking in the glory of last month when it emerged as one of the best-performing cryptocurrencies. This month, upside momentum is likely to remain strong for Polygon. That’s because the Ethereum merge is scheduled for next month, and Polygon, one of the bigger Ethereum layer-2, is likely to benefit from FOMO ahead of the merge. For this reason, Polygon remains undervalued in August, even after its most recent rally.
Flow (FLOW) is one of the best-performing cryptocurrencies in August so far. Flow’s rally has much to do with the news that Meta, Facebook’s parent company, is supporting it. Meta will support NFTs and other digital collectables on the Flow blockchain.
Given that, FLOW is still trading at massive lows compared to its all-time highs. FOMO around this news could see this cryptocurrency emerge as one of the best-performing cryptos in August. It would also not be surprising if FLOW ends the year as the first crypto to retest its all-time highs.