The race to find a cryptocurrency that can boom in prices is never easy. There are more than 10,000 cryptocurrencies in existence as of February 2022. With this high amount of tokens in the market, the search will definitely be hard. But fear not! In this article, we compiled a list of the top 3 cryptos that have the possibility to explode in prices and make you millions.
How to Choose which Crypto to Buy?
It is true that most cryptocurrencies are correlated with Bitcoin. When BTC is up, most of the market would be up as well. However, that correlation is definitely not a 1 to 1 relation. That’s exactly what crypto traders look for when day trading cryptocurrencies. Using a little bit of leverage, combined with choosing the correct cryptocurrency would definitely be very profitable.
When approaching cryptos, it is important to look for the below 3 factors:
- The overall community hype: This means that the community is awaiting an important event or milestone in the project’s roadmap. When there is no event to look forward to, the token price wouldn’t be much interesting.
- The overall cryptocurrency market direction: It is crucial to start by assessing the macro direction of the crypto market. If the entire market is falling, it would be risky to enter a buy trade in a specific token, even if the fundamentals are there.
- The specific token’s technical formation: This is the last step, or the last trend confirmation. If there is an interesting formation such as a triangle or a resistance awaiting for the broken, the price would usually surge very high. Combined with the above, this would provide the perfect trade setup.
Top 3 Cryptos to Buy in February 2022
#1 HEX (HEX)
HEX is a very interesting project that flips traditional banking and makes it decentralized. It aims to replace the Certificate of Deposits (CODs) in banks and moves them to a decentralized blockchain. HEX uses the Ethereum network as an infrastructure for the transaction processes but deals with the consensus code and staking mechanism on its very own HEX smart contract blockchain.
The reason the token HEX is a good buy is that previously in 2021, it managed to make more than 4,000% within 4 months. If you invested just $1,000 back then, you would have made $4,000,000! Now, of course, that was from the previous all-time high phase last year, but with the current price being around $0.20, reaching that high price from the beginning of 2022 alone can make you more than 75%!
#2 Ethereum (ETH)
Ether is definitely still tied to Bitcoin and correlates positively with BTC. On the other hand, February can be a great month for ETH. We might not go back to the all-time high of around $4,900, but we might see a 20-30% increase in prices. In fact, $1 Billion worth of ETH was burned in the past 30 days due to record high OpenSea NFT transactions.
Many NFTs are selling higher and higher despite the crypto crash that occurred. With Ethereum 2.0 coming soon, ETH price should definitely explode higher.
#3 Ripple XRP
The XRP token has been sitting and barely moving for months now, despite the recovery that occurred last week. XRP can still go higher and start to move again soon, as the SEC lawsuit could be ending very soon. If this happens and XRP gets relisted on multiple exchanges, this is where XRP price can explode and potentially reach its previous all-time high price of around $3 and beyond.
XRP is still undervalued currently and has been so for a long time. Despite all the negative connotations around the Ripple project, it still stands as the 7th largest crypto project by market cap. XRP is one of those cryptos that never reached its previous all-time high, and this can all change.
The above-mentioned cryptocurrencies are definitely not the only ones that have big potential upwards. On the other hand, it’s always a good idea to start somewhere and understand the assessment behind each cryptocurrency. Additionally, it is important to only invest money that you are willing to lose. Nothing is certain in the crypto world, so always do your own research.
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