5 Next Cryptocurrency to Explode – May 2022 Week 2
Categories: Crypto News US
5 Next Cryptocurrency to Explode – May 2022 Week 2
The collapse in the price of terraUSD (UST) and luna (LUNA) has helped push the cryptocurrency market down further. Its total cap stands at $1.45 trillion, representing a fall of 5% in the past 24 hours and of 19% in the past week. Meanwhile, UST has plunged by 53% in the past 24 hours and LUNA by 83%. Other major coins haven’t been so unfortunate, yet most of the market is down. That said, with UST creating a crisis on top of poor macroeconomic conditions, the ending of this crisis — whether by UST recovering or disappearing into the night — could result in a recovery. Accordingly, we’ve put together a list of the likeliest 5 next cryptocurrency to explode.
5 Next Cryptocurrency to Explode
- Ethereum (ETH)
At $2,355, ETH is down by 2% in the past 24 hours. It’s also down by 15% in the past week and by 27% in the last 30 days.ETH indicators suggest that a rebound is due at some point. Its relative strength index (in purple) dived under 20 yesterday, signalling that traders are overselling it. Its 30-day moving average (in red) has also sunk well below its 200-day average (in blue), with previous similar dives prefiguring (at least fleeting) recoveries.
- Bitcoin (BTC)
BTC is down by 1.5% in the past 24 hours, at $31,147. It’s also down by 17% in the past week and by 26% in the past month.On top of this, BTC is seeing relatively high usage in Turkey and other countries with weak national currencies. This suggests that, despite the popular conception, the original cryptocurrency has some actual use.
- Avalanche (AVAX)
AVAX is down by a hefty 21% in the past 24 hours, at $37.48. It’s also down by 37% in a week and by 54% in a month.It’s also worth pointing out that Ava Labs, the organisation behind Avalanche, raised $230 million in venture capital in 2021. It’s also reportedly in the process of raising $350 million at a valuation of over $5 billion. Such funding provides it with the resources to continue developing Avalanche well into the future. This is why AVAX is one of our 5 next cryptocurrency to explode.
- The Sandbox (SAND)
SAND is down by 13% in the past day, falling to $1.59. It’s also down by 25% in the last seven days and by 45% in the last 30.It also continues to announce new partnerships and launches.This includes a teaming up with female-oriented NFT collection World of Women, and not to mention Atari, Gucci, Snoop Dogg and banking giant HSBC.
- Polygon (MATIC)
MATIC is down by 7% in the past 24 hours, but up by 3% in the past hour. At $0.867570, it’s also down by 19% in the past week and by 39% in the last 30 days.Aside from this big news, Polygon is also likely to see growing use even when Ethereum shifts to proof-of-stake. This is because the ‘Merge’ won’t initially make Ethereum much more scalable. Meanwhile, increased demand for Ethereum will increase demand for capacity on Polygon.Not only that, but Polygon has increasingly been pivoting to Web3 in recent weeks, something which should also increase its adoption. This is why it’s one of our 5 next cryptocurrency to explode.