It’s an excellent start to the week, without a doubt. The total market capitalization is back above $1 trillion. This is also the week for the much-awaited Ethereum merge, and Bitcoin, too, is doing pretty well.
On-chain metrics indicate that new Bitcoin addresses are on the rise, and the hash rate has shot up sharply. This means it is an excellent time to start scouting for cryptocurrencies with strong underlying factors that could help them outperform the market.
One of the key factors to consider when scouting for potentially high-return cryptocurrencies is the news. At a time like this, when the entire cryptocurrency market is gaining upside momentum, cryptos with news are likely to shine.
To help you maximize your potential gains this week, here are three cryptocurrencies we believe have strong enough news to outshine Bitcoin and Ethereum in the week.
Near Protocol (NEAR)
Near Protocol (NEAR) easily stands out among the top cryptocurrencies that could go parabolic this week. The news around Near Protocol is that the Near Foundation has launched a VC Fund and a lab to support Web 3.0 innovations.
The $100 million fund is aimed at drawing in content creators and franchise owners, among other important participants, to help build the next generation of Web 3.0 applications. This is a big deal as it lays the groundwork for an increase in activity on the NEAR Protocol, making it one of the most critical layer-1 solutions in the market today.
While this is the long-term goal, it is still a big deal for NEAR investors in the short term. That’s because as this news filters into the market, investors excited about the future of Near as an Ethereum competitor could help drive the price.
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
1INCH Network (1INCH)
Another top cryptocurrency that could outperform the market this week is 1INCH Network (1INCH). The big news around 1INCH today is that this project is increasing its exposure to Ethereum. With the merge expected to trigger a rally in the price of Ethereum, this move is driving investor excitement around 1INCH.
The excitement around 1INCH started last week after it announced that it would distribute 300k Optimism tokens to 1INCH holders. This is exciting because Optimism is one of the core Ethereum layer-2s aimed at cutting down on transaction costs and increasing throughput.
This week, 1INCH has gone further by selling some of its USDT and Shiba Inu to buy Ethereum. This now takes 1INCH Ethereum holdings to $27.7 million. Essentially, it means that if there is a surge in the price of Ethereum in the week, the value of 1INCH could rise as well.
Besides, by aligning itself with Ethereum even more, short-term investors driven by FOMO could trigger a rally that could easily see 1INCH end the week higher by double or triple digits.
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.