On Coinmarketcap, there are over 4,800 cryptocurrencies in circulation, with new coins and tokens launching almost daily. We've compiled a list of the top five cryptocurrencies to invest in and trade.
1. Ethereum (ETH)
With a market capitalization of $316 billion, Ether is the second-largest cryptocurrency after bitcoin. The Ethereum blockchain, which was launched in 2015, runs smart contracts that allow decentralized applications (dApps), which are expected to take off in 2021. Though investors prefer to keep bitcoin as an asset similar to gold, ether is used to power decentralized applications (dApps), such as the increasingly common decentralised finance services (DeFi). As a result, Ethereum has a higher number of public blockchain transactions than Bitcoin.
Since the beginning of the year, the price of ether has increased by $2,000, increasing from $739 in January. In recent days, the price has outperformed bitcoin, rallying to new highs while bitcoin's price has fallen. Some industry analysts predict that the price of ether will hit $3,000 in the near future, with long-term price targets ranging from $10,000 to $25,000.
According to CoinCodex's technical review, the ether price is bullish in the short term, with 26 indicators indicating buy signals. The nearest support is $2,697.90, and the closest resistance is $2,815.74 up to $2,933.57.
2. Binance Coin (BNB)
With a market capitalization of $90.9 billion dollars, Binance Coin is the third-largest cryptocurrency. The Binance coin, which was launched in 2017, is the native cryptocurrency of not only the Binance exchange, which is one of the largest in the world, but also the wider Binance ecosystem, which includes the Binance Smart Chain (BSC). Binance aspires to be the blockchain ecosystem's main technology services provider.
The cryptocurrency rally has sparked a boom in trading, which is fueling strong growth in Binance transactions. The price of BNB has risen from $38.80 at the beginning of 2021 to about $600 this month, attracting investors as well as exchange users. Binance Coin is expected to rise even higher to $1,000, according to market analysts. Short-term technical analysis is also bullish, with 24 indicators indicating buy signals and zero indicating sell signals. Support is at $543.66, with the highest support at $506.50, and resistance is at $617.99.
3. Chainlink (LINK)
Chainlink is a decentralized oracle network that connects DeFi smart contracts on the Ethereum blockchain to real-world applications since blockchains can't access external data otherwise. When those requirements are met, the oracles feed information from the real world into the network, triggering smart contracts.
The Connection cryptocurrency's price has risen from $11.32 at the beginning of the year to $42.66 earlier this month. In the last two weeks, it has retreated to around the $35 mark.
LINK's initial price goal is $50, with the coin projected to increase to $100 in the long run. Short-term technical analysis reveals neutral sentiment, with 17 indicators indicating bullish signals and seven indicating bearish signals. Support is tight from $35 to $33, with resistance in the $37-39 range.
4. Solana (SOL)
As more applications launch on the blockchain, Solana, one of the fastest-growing DeFi ecosystems, is gaining traction. After three years of growth, the project was officially launched in March 2020. The network's native cryptocurrency, SOL, has risen from $1.62 to a high of $47 this month. With a market capitalization of $11.19 billion, it is now the 14th largest cryptocurrency.
For the time being, CoinCodex's technical outlook on the SOL price is neutral. According to forecasting sites such as Wallet Investor and Digitalcoin, the price is projected to rise beyond $100 as popularity grows rapidly. Solana uses a Proof-of-History (PoH) consensus algorithm to achieve one of the fastest transaction and smart contract execution speeds of any blockchain. It also has low transaction costs for users who are searching for an alternative to Ethereum's rising fees.
5. Polygon (MATIC)
Polygon is the new name for the Matic network, which reflects its aim of being "Ethereum's Internet of Blockchains." Polygon is a protocol and framework that aims to connect To scale and build infrastructure, Ethereum blockchains will be combined to form a multi-chain system. It was founded in 2017.
On March 11, the MATIC token, which was released in 2019, was listed on the Coinbase crypto exchange, causing a price surge. The price has risen from $0.0017 at the beginning of 2021 to $0.36 at the beginning of April and a new peak of $0.92 at the end of the month.
According to CoinCodex's technical review, sentiment is bullish, with 24 indicators providing signals and no bearish signals. MATIC has risen from $0.78 to $0.61, reaching resistance levels of $0.94, $1.01, and $1.11.