Bitcoin and altcoin prices have had a strong week as investors embrace risky assets despite the hawkish Federal Reserve statement. The total market cap of all cryptocurrencies managed to cross the $2 trillion mark as most coins jumped. Here are some of the best altcoins to buy amid the recovery.
Cronos (CRO) is a blockchain project that was previously known as Crypto.org Chain. It is a recently-launched project that was created by Crypto.com, one of the best-known companies in the industry.
Cronos is a platform that provides an Ethereum Virtual Machine (EVM) solution for building highly-scalable decentralized applications (dApps) in all industries. Most of its industries are in the DeFi, NFT, gaming and metaverse, tools and analytics, and other web 3.0 applications.
In the past few months, some of its most popular DeFi platforms have achieved substantial success. Some of those that are doing well are VVS Finance, Tectonic, and MM Finance, which have billions in total value locked (TVL).
Therefore, as its ecosystem expands, there is a likelihood that the Cronos price will do well. Cronos is trading at $0.44, which is significantly below its all-time high of almost $1. Therefore, as shown below, it has moved above the triangle pattern, there is a likelihood that the coin will have a bullish breakout.
Ethereum (ETH) price has been at the forefront of this recovery. On Thursday, the coin is trading at $3,100, which is the highest it has been in weeks.
There are several catalysts that have pushed Ethereum price higher. First, there is the fact that Ethereum has managed to maintain its market share even as it faces substantial competition from the likes of Avalanche, Solana, Kadena, and even Cronos. Indeed, its platforms are some of the biggest in the industry. Think of networks like Aave, Decentraland, and Axie Infinity. They are all built using Ethereum’s infrastructure.
Second, Ethereum is rising ahead of The Merge. This is one of the biggest events in Ethereum’s history and it will be part of its transition from a proof-of-work to a proof-of-stake platform. Recently, the developers managed to push the new platform to a testnet and the process is going on well. Therefore, there is a likelihood that this merge will happen in the coming weeks and analysts expect that it will rise.
Finally, technicals are also supportive of the coin considering that it has moved above the upper side of the triangle pattern.