Cryptocurrencies are on a bearish trend, with the premier asset, Bitcoin, leading the way. The benchmark cryptocurrency is currently trading at $48,779 and has lost 24.25% in the last one month. However, the bearish movement has opened up opportunities for investors on the lookout for the top altcoins to buy this week.
1. Ethereum (ETH)
Ethereum, the world’s first smart contract-enabled platform, is regarded as one of the top altcoins to buy this week.
Ethereum boasts a flexible network architecture that enables developers to use smart contracts and build decentralised applications (dApps).
Given the platform’s robustness, non-governmental organisation UNICEF is launching the largest-ever non-fungible token (NFT) collection on the Ethereum network to mark its 75th anniversary.
The profits from the NFT launch will go towards supporting other projects such as the Giga Initiative. The Giga Initiative is aimed at funding internet access for children worldwide.
The NFT collection, which numbers up to 1,000, directly represents the data collected by the Giga initiative from 282,200 schools in 21 countries.
With the launch of the UNICEF NFT collection, the value of the Ethereum token is expected to skyrocket in the coming weeks.
The digital asset fell by 0.29% in the last 24 hours, trading at $3,992 below the 20-day MA support price of $4,261.
2. Solana (SOL)
Solana is a DeFi-enabled platform centred on improving blockchain protocols’ scalability.
The Solana network is currently regarded as one of the fastest blockchains available, processing up to 50,000 transactions per second (TPS) at less than a penny in fees.
SOL’s high scalability features earn the asset the number two spot on the top altcoins to buy this week list.
Due to Solana’s high-end features, Opera browser, a web3-enabled browser, is set to integrate with the Solana blockchain and support dApps in the first quarter of 2022. Opera plans to remove obstacles associated with web3 and crypto to improve adoption and usability.
With Solana’s low fee and fast transaction rates, Opera would onboard more people to web3 and the entire crypto ecosystem. The integration also favours Solana as Opera will offer its millions of users direct access to Solana
Solana is a lightning-fast blockchain, and with this integration with the renowned browser Opera, SOL price is expected to reach new highs as more users on the Opera platform invest in the DeFi blockchain.
SOL is down by 2.71% and is currently trading at $164, below the 20-day MA price of $231. The current price peg is a good entry point for investors to buy the digital asset and hold for the long term.
3. Cardano (ADA)
Cardano joins others on our list of the top altcoins to buy this week for a good reason.
The Ethereum killer is an interoperability-focused blockchain geared at enabling sharing of information and tokens between one blockchain and another.
Part of the efforts to actualise this plan is to launch the first ERC-20 converter on the testnet. The AGIX ERC-20 converter is a public testnet that enables the migration of SingularityNET’s
AGIX tokens to Cardano and back to Ethereum through a permissioned bridge. The converter is live on the testnet, and users can access its capabilities, which will also give the team a chance to make changes and bug fixes to the program before it goes on the mainnet.
The converter is a step forward in Cardano’s roadmap to build and collaborate with other blockchains. The more connections grow on the Cardano blockchain, the higher the network effect, which will boost ADA’s liquidity.
The digital token DA currently trades at $1.31, which is still a low price and low-risk opportunity for substantial gains. The asset is down 1.66% and below the 20-day MA support price of $1.47.
4. Polkadot (DOT)
The Polkadot blockchain has a high degree of interoperability since it is supported by a global network of computers dedicated to running the Polkadot blockchain, upon which other blockchains can be constructed.
DOT, the Polkadot utility token, ranks as one of the top altcoins to buy this week due to the value proposition the parent blockchain offers.
Polkadot has held parachain auctions in recent weeks where several blockchains bid for a spot on the Polkadot Relay Chain.
Polkadot may join the list of blockchains that support NFTs on their platform as Efinity, a parachain, aims to bring NFTs to the Polkadot Ecosystem.
Efinity Crowdloan, which is focused on decentralising the metaverse and bringing NFTs to Polkadot, has gone live. The Crowdloan will enable Polkadot users to contribute to the movement and offer them rewards in Efinity tokens.
Polkadot’s launch into digital art and virtual reality is a plus for DOT. The NFT market would increase DOT’s valuation in the market and send prices soaring. DOT is up by 1.51% and is trading at $32.47, which is above the 20-day MA price of $27.98.
5. Avalanche (AVAX)
Avalanche is a smart contract-enabled blockchain focused on delivering high scalability without compromising its decentralisation or security.
The AVAX token is considered one of the top altcoins to buy this week. The token is known for its eco-friendliness, high transaction speed and low cost of the parent blockchain.
A liquidity network provider, WOO Network is set to support the expansion and development of the Avalanche Ecosystem by bridging applications, users and assets to the network. WOO Network, which aims to connect users to exchanges and DeFi platforms, has been onboarded to the Avalanche Network.
WOO network aims to bring smart liquidity to Avalanche with dApps such as Aave, Curve and Benqi.
The bridge was seeded with $15m by the WOO Network to promote the WOO token on the Avalanche ecosystem.
This integration between the WOO Network and the Avalanche ecosystem serves as a launchpad for the demand for AVAX tokens in the market.
AVAX currently trades at $101.01, which is above the 20-day MA price of $85.10 and is up by 0.45% on the last day. The Avalanche token is set to go on a bullish run, which encourages investors to buy AVAX.