In 2023, the cryptocurrency market has been on a roll, with several hot cryptos across the board. As we approach the week of February 6, 2023, it is critical to stay up to date on market happenings.

As a result, we have chosen a few cryptocurrencies to keep an eye on based on their potential for a rally, the pace of their underlying network developments, and the appealing narratives they support.

The following are the five digital assets to keep an eye on in the coming week:

Ethereum (ETH)

The market’s second-ranked cryptocurrency is back in the spotlight as the community prepares to withdraw the staked ETH. In this vein, Ethereum has seen increasing network activity in the run-up to the Shanghai hard fork, which will provide investors with access to their staked ETH following the historic Merge upgrade.

Investors are currently practicing the withdrawal procedure following the launch of the Zhejiang testnet. Before withdrawal, Ethereum has the highest staking market valuation among crypto projects allowing smart contracts.

Meanwhile, the Ethereum network continues to grow, with 130,000 new addresses added per day in 2023. Several factors come into play when looking at the price of Ethereum in the following week. First, it will be interesting to see how the Zhejiang testnet affects the asset’s value.

At the same time, technical research suggests that Ethereum may be on the verge of a price breakout. According to technical analysis, Ethereum effectively moved past the symmetrical triangle, which is expected to increase the asset’s price to around $3,500.

Cardano (ADA)

Increased network activity has aided the decentralized finance (DeFi) platform in its quest to become an ‘Ethereum killer.’ Indeed, the Cardano (ADA) blockchain is gaining traction, with reports that the network acquired 50,000 addresses in January alone. Following the adoption, ADA experienced a spike in capital inflows.

Additionally, smart contracts, one of Cardano’s major KPIs, have surpassed the 5,000 mark. Notably, Cradano ranks second in the market cap of staked assets among crypto projects utilizing smart contracts, at $10.4 billion. Cardano was the second crypto project with the greatest development activity on GitHub, according to Finbold.

Moving into the new week, ADA is worth keeping an eye on, particularly how growing interest in the platform may affect the price. Indeed, the recently prolonged accumulation of the token has laid the groundwork for a likely rally in ADA.

Lido DAO (LDO)

Lido DAO has been one of the hot cryptos in 2023. Notably, the asset’s gains have tracked the progress of the Ethereum network. Lido DAO is one of the top Ethereum liquid staking solutions in this category, and the imminent Ethereum Shanghai upgrade encouraged the initial gains. As a result, LDO stands to benefit because it holds a sizable portion of the staked ETH.

LDO is an asset to keep an eye on, given that the Zhejiang testnet is the most recent development activity toward accessing the staked ETH. Furthermore, with Ethereum owning a large valuation of staked ETH by market cap, the factor will most likely influence LDO once the staking withdrawal is enabled.

Simultaneously, Lido DAO has made considerable advances in the DeFi ecosystem, retaining a significant portion of the total value locked (TVL).

Avalanche (AVAX)

Avalanche has seen its value rise due to its extensive acceptance across many platforms and the general market’s bullish sentiment.

Transfer services SafeTransfer and Delta Prime DeFi have just integrated the token into their services. At the same time, AVAX‘s value has increased due to Avalanche’s cooperation with Amazon Web Services, which fully supports Avalanche’s infrastructure and decentralized application ecosystem.

Aside from acceptance, the Avalanche network aims to maintain its significance in the crypto market by expanding its network. A new update release that makes it easier for validators, in particular, will most likely benefit the network.

According to Ava Labs developers, the new upgrade, dubbed Banff 8, can have a direct impact on optimizing support for earlier version clients, as well as improving peer-to-peer (P2P) network interaction.

Polygon (MATIC)

Polygon, an Ethereum scaling blockchain, is one of the hot cryptos that has seen substantial activity, propelling the asset to new highs. MATIC, for example, has recently eclipsed Ethereum in terms of daily active users, while also seeing an increase in DeFi activity, as the total value locked (TVL) in the protocol has topped $800 million.

MATIC has had an impressive run overall, with network upgrades improving its staking and gas rates.

Non-fungible tokens are another area that has propelled Polygon to crypto market highs.

Polygon’s NFT expansion has resulted in the network selling higher than Ethereum. As a result, the price of MATIC is likely to be influenced by these activities in the following days.

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