The global pandemic is the number one trending issue in the world right now. Next on the trending list are cryptocurrencies. This article explores the top cryptocurrency to buy this week. Our list includes BTC, BNB, EOS, TEL, EOS, AAVE.
5 Top Cryptocurrency To Buy This Week
1. Bitcoin (BTC)
Early crypto adopters can testify to the phenomenal returns they have generated from holding Bitcoin (BTC). The world’s first cryptocurrency has had a remarkable 2021. Skyrocketing to $18,803.66 on Dec. 12, 2020, BTC value has more than tripled, spiking more than 100% in the first half of this year to a record $64,350 in May before the market correction.
It has continued its remarkable run by leading the emerging crypto market to its first $1 trillion in April and adding a further $1 trillion valuation a month later.
This has seen many institutional investors line up to offer investment services, with Bitcoin serving as the underlying investment asset.
Meanwhile, the crypto market has been taken over by the bears in the last two months, and this has impacted the price action of Bitcoin. It has since lost 50% of its value, and the crypto market has also suffered.
Despite this, Bitcoin still holds a majority share in the market and is the clear market leader.
With a current price peg of $33,752.94, the BTC value is down 0.50% on the daily trading chart. The trading chart is trading slightly above the 20-day moving average (MA) support price of $33,910.16.
This shows that Bitcoin may likely rally, given that the crypto market is recovering.
Its relative strength index (RSI) currently stands at 46.22, meaning it is trading above the oversold level.
Bitcoin’s majority stake of 45.3% of the overall crypto market makes it one of the top cryptocurrency to buy for the long term.
2. Binance Coin (BNB)
Binance Global is a top cryptocurrency exchange that boasts over $40 billion in daily trading volume across over 300 different crypto assets. It launched its proprietary coin in July 2017 to reward users with lower fees when they trade on its Bitcoin exchange.
Even as the centralized crypto exchange has grown by incorporating new digital products offerings, BNB has also seen remarkable growth.
To increase the ERC-20 token’s value, the Binance exchange uses several techniques. One of these is a hard-cap limit of only 200 million BNB tokens to ever be in circulation. Another measure is that Binance uses a token ‘burn’ mechanism that sees several BNBs taken off the market as a buyback strategy.
Even BNB was created as a form of discount for its holders, its use case has since grown, covering areas like transaction fees on the Binance Chain, travel bookings, entertainment, and online services.
Price-wise, 2021 has been a bellwether year for BNB. Trading at $37.91 at the start of the year, BNB has surged more than 5,000% in the first six months, rising to a record $650 before market pressure set in. Even though it is trading at half its value at $323.32 and up 1.42%, BNB is still a top cryptocurrency to buy.
It is the fourth most valuable cryptocurrency with over $49 billion in market cap. It is trading above the 20-day MA support price of $304.34, pointing to a bullish trend. Its RSI is standing at 50.80.
3. Telcoin (TEL)
Next on our top cryptocurrency to buy list is the decentralized crypto protocol Telecoin. Founded in 2017 by Paul Neuner and Claude Eguienta, Telcoin aims to create a cross-chain platform that will bridge the telecommunication industry and the blockchain industry, especially with cryptocurrencies.
Focused on the remittance market, the Ethereum-based crypto protocol wants to eliminate the stress and challenge between billing platforms and mobile money.
Looking to topple global remittance giant Western Union, Telcoin aims to allow users to send money from their mobile phones across borders for as low as 2% compared to Western Union’s 7%.
To this end, Telcoin is partnering with telecom giants like Verizon and AT&T to tap into the billions of cell phone users. Aside from telecoms, Telcoin is also working with mobile money platforms to allow users in developing countries to access high-speed, low-cost digital remittances without using a commercial bank.
Currently ranked 27th on the most valuable crypto ranking, Telcoin has over $970 million in market cap and is up 15.48%. It is currently trading at $0.01819.
On the trading chart, TEL is trading below the 20-day MA price of $0.0221, and its RSI is at 38.20, meaning it is trading above the oversold level. Its unique use case in connecting the telecoms industry and blockchain makes it a top cryptocurrency to buy for the long haul.
4. EOS (EOS)
Another top cryptocurrency to buy is the popular ‘Ethereum killer’ EOS blockchain. According to the development team, EOS is a straightforward crypto protocol that allows businesses and individuals to build decentralized applications (dapps) easily and quickly.
This is to enable the wide adoption of blockchain technology for corporate challenges and individual needs. In addition to this, EOS also runs several services, including secure access and authentication, permissioning for protocols, data hosting, usage management, and cross-chain communication between dapps and the internet.
EOS blockchain has seen its influence grow by the day. This has largely been due to the recurrent network congestion and high gas fees that the Ethereum network has been battling. Coupled with is the danger proof-of-work (PoW) protocols like Ether may cause to the environment.
EOS is also the native token of the EOS blockchain, and 2021 has been a year of recovery.
EOS peaked at $14.37 on May 18 before dipping to $5 a day later. It has since rallied and currently trades $4.19, up 6.55% on the daily chart.
5. Aave (AAVE)
Our last top cryptocurrency to buy is Aave. The decentralized crypto platform enables users to lend to its several liquidity pools and also borrow from there.
Lenders can earn interest when they deposit to the Aave platform, whereas borrowers can use their crypto holdings to borrow from the liquidity pools through a flash loan. Aave is a decentralized platform through which lenders and borrowers can easily provide liquidity and take out loans without needing to interface with a central authority.
Aave also allows users to borrow and deposit across over 20 digital assets making it one of the most diversified lending platforms in the decentralized finance (DeFi) space.
With its AAVE native token, holders get to enjoy discounted fees as well as vote on the platform’s growth. Aave blockchain also leads the DeFi space with over 15.68%.
The AAVE token has also grown, with the DeFi token reaching a record $650 in mid-May before market pressure. Even though it is trading at $310.47, it is up 4.82% on the daily chart.
It also trades above the 20-day MA support price of $257.86, with its RSI at 57.81.