Bitcoin and the cryptocurrency market bounced back strongly in July after a severe correction during the second quarter. Bitcoin increased in value by 17%, its highest monthly performance since October 2021, according to a CryptoRank Platform tweet on August 1.
The July climb indicates that the market is starting the new month on a positive footing after maintaining its crucial levels to sit above the important $1 trillion market cap in the opening few days.
In light of that, investors are coming back to the market as the path of recovery continues. Below are three coins to invest in, in August, in order to cash in on the rebound.
Ether, the second largest cryptocurrency based on market capitalisation has enjoyed a rally recently, thanks to the announcement of its upcoming ‘Merge’.
And now, the community is starting August on a positive note as plans are now in place for the Goerli Merge to occur on Aug 11, the final testnet merge prior to transitioning to a proof-of-stake (PoS) blockchain.
The Merge is a massive step for Ethereum and the community and that is the reason to bet on it in August. It keeps showing great strength of bullish movement as the anticipated merge gets closer.
Ethereum is currently trading at $1,730 but a break of this region would send Ethereum’s price to $2,400 and even higher if the bulls and sentiments of the market stay strong ahead of the Merge.
It should definitely be on the list of your coins to invest in August.
Kava is an extremely fast layer one blockchain that combines the Ethereum and Cosmos ecosystem into a single, scalable network. The ecosystem has seen groundbreaking developments which bode a positive movement for its native token.
On August 31, Kava 11 is set to launch and it is expected to greatly increase the total value locked in the platform. The main features of the upgrade will include: KAVA liquid staking, KAVA earns – a yield aggregator, MetaMask support for all KAVA transactions and Protocol owned liquidity.
The sentiment in the KAVA community has been positive and there seems to be an air of excitement which means it should be on your list of coins to invest in.
BigONE Exchange’s chair Anndy Lian explained to Capital.com that Kava’s function to lend and borrow assets using a number of cryptocurrencies as collateral still serves as a big plus for the platform.
“The slide in the price recently is due to the overall market conditions. Some investors may see steeper plunges due to the performances of their collateralised assets. In my humble opinion, there is nothing to be worried about at this point, their codes are sound and their treasury is still holding up well.”
In the build-up to the upgrade scheduled for late in August, the native token is expected to trade around $5, over 100% of its current market price of $2.18.
Consider having it in your list of coins to invest in.
Monero is a secure and confidential blockchain that focuses on providing complete privacy for its users with $XMR as its native token.
The network will undergo a network upgrade on Aug 13 which will introduce various new features, such as an upgrade in Bulletproofs algorithm and a ring-size increase from 11 to 16.
One key reason $XMR is one of the coins with potential in August 2022 is its rapid growth rate. This will eventually boost the adoption of the Monero network, pushing the price of $XMR to new highs.
The token has enjoyed a decent rally in the last 30 days by moving from around $117 to its current price of $166. If it breaks out from that region which is very likely due to the hype surrounding its new features, the price would be expected to increase towards the $200 mark.
Monero($XMR) should be on your list of coins to invest in!
Are there other cryptocurrencies you believe ought to make the list? Please suggest in the comment box.
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