In the vast expanse of cryptocurrency, where myriad coins vie for supremacy, it’s crucial to discern which ones present viable investment opportunities. This July, several coins are captivating investors, each with unique potential. Here are the top trending coins for this month, along with compelling reasons why you should consider investing in them.
1. XRP
Recent developments in the lawsuit between Ripple and the SEC have catapulted XRP into the limelight. A U.S. judge stated that Ripple’s sales of XRP to cryptocurrency exchanges did not constitute a securities offering, causing a surge in XRP’s value. At the time of writing, XRP has exhibited a 7-day price change of +57%, making it the second-best performer in the crypto top 100. Even though it might be headed for a price correction after this swift gain, XRP remains one of the most intriguing crypto assets at the moment, with its performance potentially dictating the future of the altcoin market.
XRP/USD 1DAY – BINANCE
2. Aave (AAVE)
The Aave DAO recently launched GHO, a decentralized stablecoin that users can mint against collateral held in the Aave V3 lending protocol. Users with assets deposited in Aave V3 can use them as collateral to mint GHO, while continuing to earn yield from lending these assets. This makes borrowing GHO considerably cheaper, while ensuring stability through overcollateralization. Initially, the minting capacity for GHO is limited to $100 million, but this could change through governance. The Aave DAO governs GHO, and token holders can vote on its minting capacity, risk parameters, interest rates, and more.
AAVE/USD 1DAY – BINANCE
3. Polygon (MATIC)
Polygon has proposed a rebranding of the MATIC token to POL and the introduction of several tokenomics changes. The proposal calls POL a “hyperproductive token” allowing holders to serve as validators on multiple blockchains, benefiting from protocol rewards, transaction fees, and potentially extra rewards offered by various chains in the Polygon ecosystem. POL emissions would be used to fund a community treasury, which will support protocol development, research, ecosystem grants, and various incentives to boost Polygon’s adoption.
MATIC/USD 1DAY – BINANCE
4. Bitcoin (BTC)
Bitcoin continues to hold on to the $30,000 price level and is currently the focus of Bitcoin ETF applications filed by BlackRock and Fidelity. The Bitcoin ETF applications have faced some challenges, with the SEC citing insufficient clarity and comprehensiveness. The applications can be re-submitted, and in the meantime, Bitcoin continues to set the pace for the rest of the cryptocurrency market, which has experienced a correction in the last seven days.
BITCOIN/USD 1DAY – BINANCE
5. Ethereum (ETH)
As we approach the “Shapella” upgrade, Ethereum becomes an even more interesting prospect. This upgrade will allow holders to withdraw their staked ETH tokens if they wish to do so. While this could lead to increased selling pressure, the market doesn’t seem too worried, as ETH is posting a +5.8% 7-day price change. Ethereum’s leading position as the go-to blockchain for smart contracts and DApps makes it a critical component of the crypto market.
ETH/USD 1DAY – BINANCE
6. Binance Coin (BNB)
BNB Chain users will have a layer 2 option thanks to the opBNB platform. This platform, currently in the testnet phase, is expected to handle more than 4,000 transactions per second while keeping transaction fees incredibly low. However, the SEC’s lawsuit against Binance and Binance.US has created some uncertainty surrounding BNB, leading to a significant drop in the coin’s price. Therefore, it will be interesting to follow BNB in the weeks ahead.
BNB/USD 1DAY – BINANCE
7. Uniswap (UNI)
Uniswap recently reached a record daily trading volume at $11.84 billion, almost twice its previous record. Users flocked to trade USDC, the significant stablecoin that came under pressure after Silicon Valley Bank’s failure. This surge in volume highlights that Uniswap is a critical piece of the crypto market infrastructure, capable of handling large volumes even during market chaos.
UNI/USD 1DAY – BINANCE
8. Cosmos (ATOM)
On March 15, the Cosmos network will receive its v9-Lambda upgrade, introducing replicated security (RS) to the network. This will allow blockchains in the Cosmos network to lease security from the Cosmos Hub. The upgrade is part of the broader concept of interchain security (ICS), gradually rolling out within the Cosmos project. Cosmos-based projects can focus on their unique strengths instead of worrying about their validators and security, while ATOM stakers could see some extra yield.
ATOM/USD 1DAY – BINANCE
In conclusion, these cryptocurrencies have shown considerable potential and are worth watching in July 2023. While they each offer unique advantages, it’s crucial to understand the risks involved and do thorough research before investing. Always approach crypto investments with a clear understanding of market dynamics and your financial goals.