Another week has arrived and the cryptocurrency market is full of opportunities. Some currencies are trying to make some gains after a small bearish move in the second half of last week. So investors can find some of the top cryptocurrencies to buy this week.
We’ll look at some of these coins in the review below so you can put yourself in a winning position going forward.
1. Solana (SOL)
Solana’s SOL token is kicking off our list of top cryptocurrencies to buy this week. The blockchain token was one of the hottest properties of 2021, seeing growth of nearly 10,000%. Its performance was a little lackluster in 2022, but it’s in line with the broader market.
The SOL is currently trading at $95.11 – up 4.84% in the last 24 hours. Compared to the broader market’s 2.78% jump in the last 24 hours, SOL is doing relatively well. It is also worth noting that the SOL has performed better than most large-cap coins during recent rallies.
There is also a lot of hype surrounding the SOL for long-term traders because of Solana’s growing prospects. Last week, banking giant Morgan Stanley released a report highlighting how the Ethereum blockchain may be losing its place as the leading blockchain platform.
The report explained that Ethereum could lose its smart contract superiority to other competing blockchains. As expected, Solana comes to mind first – marking another bullish push for the SOL.
This month, Solana also launched Solana Pay in partnership with FTX, Circle, Checkout.com and Citcon. The tool is expected to be a peer-to-peer payment infrastructure for online merchants and point-of-sale providers to accept payments in select currencies easily.
With the Solana ecosystem continuing to grow, SOL has good prospects.
2. Binance Currency (BNB)
Another feature in our top cryptocurrency to buy this week is BNB. Binance’s native token, BNB powers various functions in the Binance ecosystem.
BNB is currently trading at $387 – up 1.68% in the last 24 hours. The asset is a far cry from its all-time high of $691. However, recent moves by Binance show that the company is serious about growing – and raising the price of BNB in the process.
Last week, Binance announced that it has partnered with the Russian Banking Association to facilitate dialogue with the country’s local authorities on cryptocurrency regulation. The association, which includes more than 300 banks and covers 90% of Russia’s financial landscape, has approved Binance’s entry by creating a dedicated specialist center for digital assets and finance.
With Binance’s participation, the Russian Banking Association believes it can turn Russia into a cryptocurrency hub. Interfacing with regulators is a key part of this, and they hope to achieve that going forward.
The move sets the pace for Binance’s potential expansion in Russia. Along with the other countries where Binance has been making headway, the company seems keen to maintain its growth trajectory.
3. FTX Token (FTT)
Exchange tokens remain a hot topic in the crypto space right now, and FTT is another top cryptocurrency to buy this week. It is on our list of the best coins to buy because of the moves being made by FTX – one of the biggest exchanges in the world right now.
FTX has been the darling of the cryptocurrency industry since it was launched. The exchange deftly navigated the market, offering a viable challenge to the Binance-Coinbase duopoly. When it comes to derivatives trading, FTX has comfortably outperformed Coinbase.
Despite the bearish routine that started the year, FTX got off to a rocky start. The exchange has launched a venture capital arm that will spend its $2 billion on other fledgling companies. FTX is also preparing to enter traditional equity offerings.
All the good news culminated in FTX’s new funding round, which saw the company raise $400 million on a valuation of $32 billion. FTX US, its American arm, raised the same amount of money – albeit with a value of $8 billion.
If you believe in growth, it’s hard to understand why you wouldn’t invest in a company that managed to nearly double its valuation in less than a year.
4. XRP (XRP)
XRP has lost a lot of steam on CoinMarketCap charts, but it remains one of the top cryptocurrencies to buy this week. The asset has given way to other big-name coins, and the lawsuit between its developer, Ripple Labs and the SEC (Securities and Exchange Commission) hasn’t helped either.
But XRP had an impressive ride last week. While most other large-cap coins saw big drops in their values, XRP lost just 0.03%. As of Monday, XRP is already up 1% over the past seven days – most other large-cap names are significantly below or above less than 0.1%.
XRP’s big break came from Ripple Labs getting permission to respond to the SEC’s Memorandum of Law supporting the strike motion’s fair warning defense.
The move brings another twist to the seemingly never-ending affair between the two, and investors are still following developments closely. Can XRP ride this wave back above the $1 line? We will see.
5. Earth (MOUNT)
Terra has been one of the greatest unsung heroes in the crypto space. The asset has quietly entered the top 10 of the CoinMarketCap ranking, and it doesn’t seem to be leaving that position anytime soon.
This year, Terra has done a lot to strengthen its position in the sector. The blockchain decentralized autonomous organization (DAO) started sponsoring the Washington Nationals baseball team. Also, they recently injected $450 million in its UST stablecoin on the Anchor protocol to bolster the latter’s yields.
With an expanding ecosystem, Terra’s LUNA token looks more attractive to investors. The asset has gained 4.46% in the last 24 hours, beating all other coins in the top 10 of the rankings.