The cryptocurrency market has witnessed a pronounced climbdown in the past 24 hours. Its total cap has dropped to $1.088 trillion, a 6.5% fall in a day and a 9% drop in a week. No major coin has escaped the selloff unscathed, with bitcoin (BTC) down by nearly 7% in 24 hours. However, with some economic data (oil prices and job numbers) pointing to a possible recovery, there remains every chance of a rebound for the cryptocurrency market. In light of this, here’s our pick of 5 cryptocurrency that could see a price boom this weekend.
These 5 Cryptocurrency Could See Price Boom This Weekend
1. Battle Infinity (IBAT)
Battle Infinity (IBAT) is a new play-to-earn crypto gaming platform running on Binance Smart Chain. Having sold out its presale within a couple of weeks, it has just celebrated its first listing, on PancakeSwap. Having become tradable on August 17th, it’s still too early to pull any price data. However, there’s a very strong chance it will be rising beyond the $0.0015 at which it was made available during its presale.
Hi Community, we are glad to share with you that $IBAT will be,
🙌 first listing on @PancakeSwap 🙌
🎉 17 August 2022 at 16:00 UTC 🎉
— Battle Infinity (@IBATOFFICIAL) August 11, 2022
There are various reasons to suspect that IBAT will become a successful altcoin. Its native platform, Battle Infinity, is developing a sports-themed gaming metaverse. The latter will include a variety of games, such as the IBAT Premier League, which enables players to create their own fantasy sports team. Made up of NFTs representing real-life athletes, such teams will compete against each other, potentially earning their owners crypto rewards.
With its team based mostly in India, Battle Infinity will also offer other crypto and NFT-based games, as well as a competitive staking feature, its own DEX, and an NFT marketplace. In light of how quickly its presale sold out, we expect it to do well out of its PancakeSwap listing. This is why it’s in our list of 5 cryptocurrency that could see a price boom this weekend.
2. Lucky Block (LBLOCK)
At $0.00038968, LBLOCK is down by 12% in a day. It has also fallen by 28% in a week and by 60% in a month.
LBLOCK happens to be down by 96% compared to its all-time high of $0.00974554, set in February. It’s also only 2.3% up from its all-time low of $0.00038085, set a few hours ago. What this means is that LBLOCK has likely hit a bottom, and can only go up from here.
The reason why it looks more likely to go up now is that it is celebrating a few new listings on prominent exchanges. Most notably, it will go live on Gate.io — the fifth-biggest exchange in the world — on September 12. This will expand its market and liquidity considerably, helping it to mature as an asset and also attract more buyers.
Date – week commencing 12 September 2022 – exact date will be closer to listing 🔜 pic.twitter.com/Louv8KbIOJ
— Lucky Block (@luckyblockcoin) August 16, 2022
This listing is of the second version of LBLOCK, which in this case is an ERC-20 token (as opposed to a Binance-based coin). With its launch of an Ethereum-based LBLOCK, it will likely receive more listings like this in the near future, as it already has from MEXC Global and LBANK.
More generally, Lucky Block has recently expanded its ecosystem to include various NFT-related competitions. By purchasing a Lucky Block NFT, users will now be able to enter a number of prize draws. This includes draws for Bored Ape Yacht Club NFTs, $1 million in bitcoin, a luxury holiday, a FIFA World Cup package, and also a house worth $1 million.
Gm! Start your day by grabbing one of the Platinum Rollers Club #NFTs 🌤️
— Lucky Block (@luckyblockcoin) August 18, 2022
With its ecosystem expanding rapidly and with new listings coming in, there remains a very good chance that LBLOCK will rally again.
3. Ethereum (ETH)
ETH is down by 5% in the past 24 hours, at $1,740. This equates to 7.5% drop in the past week, although the altcoin is up by 12.8% in the last 30 days.
ETH’s chart shows that, despite today’s dip, it’s enjoying good momentum. Its relative strength index (in purple) had risen to 70 in the past few weeks, and remains above 50. At the same time, its 30-day moving average is in the process of catching up with its 200-day average (in blue). If it overtakes the longer term average (which is likely), ETH could have a breakout on its hands.
Such a breakout is becoming a increasingly likely. This is because the much-awaited Merge is drawing close. Having successfully merged the final testnet (Goerli) in mid-August, developers are now looking at September 15 as the likely date when Ethereum will shift to proof-of-stake.
In the #Ethereum Core Devs Meeting today a final mainnet TTD of 58750000000000000000000 was confirmed!!!
This means the Ethereum Merge will officially go live in ~28 days around September 15th! pic.twitter.com/hT1h4KijAE
— Crypto-Gucci.eth ᵍᵐ🦇🔊 (@CryptoGucci) August 18, 2022
It’s probable that ETH will rise significantly in the days leading up to this data, and soon after. Not only will the completion of the Merge offer a strong validation of the strength and competence of the Ethereum community, but it will set ETH on the path to becoming a deflationary cryptocurrency.
By squeezing ETH’s supply (via locking up ETH in staking), the Merge will boost its price in the short- and long-term. This is why we think it’s one of 5 cryptocurrency that could see a price boom this weekend, and beyond.
4. Bitcoin (BTC)
At $21,850, BTC is down by 6.5% in the past day, and by 8.5% in a week. It also happens to have fallen by 6.4% in a month.
BTC’s indicators are tangibly weaker than ETH’s. Its RSI has fallen below 40, while its 30-day average remains a fair distance below its 200-day. Still, this lack of momentum could easily be taken as a sign that the market is overselling BTC, which is going at a steep discount.
Despite its uncertainty right now, there are numerous reasons to suspect that a big BTC rally is overdue. Most notably, BlackRock — the world’s largest asset manager — has dived into bitcoin in a couple of ways recently. For one, it signed a deal with crypto-exchange Coinbase, enabling its clients to buy BTC on Coinbase using its Aladdin investment system. Secondly, BlackRock also announced its very private bitcoin fund a week ago, meaning it will be buying BTC itself and offering its institutional clients exposure to its holdings.
Wake up, miss the boat!
— Crypto Rover (@rovercrc) August 11, 2022
This is massive news for BTC, given that BlackRock manages some $10 trillion in assets. Its involvement in and endorsement of BTC will encourage more institutional investors to wade into the cryptocurrency’s market. In turn, we can expect to see a boost to BTC’s price in due course.
Investors can trade BTC pretty much everywhere.
5. Gnosis (GNO)
Having jumped by 5% in the past 24 hours, GNO is up to $184 today. It has also risen by 20% in a month, making it a rare top-100 coin that has rises more or less across the board.
GNO’s indicators are very strong right now. Its RSI has risen to 70, while its 30-day average is moving steadily upwards. This suggests ongoing growth for the coin, which remains 71% below its all-time high (of $644) from November.
Gnosis has been rising for a variety of reasons. There’s excitement surrounding the airdrop of SAFE, which is the native token of wallet platform Gnosis Safe (now known simply as Safe).
50M tokes (5% of supply) will be dropped to Gnosis Safe users before Feb 2022.
Check if you’re eligible here:https://t.co/1fmuR4Fc3V
— DeFi Airdrops 🦇🔊 (@defi_airdrops) August 18, 2022
There’s also excitement surrounding the fact that GNO will likely become collateral for the issuance of the algorithmic stablecoin DAI. This will be a big endorsement of GNO and its stability, while it will also serve to squeeze its supply. All other things being equal, this will result in price rises in the medium-to-long term.
The @GnosisDAO has submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token.
The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year. https://t.co/PmubzWsOyN
— MakerDAO Growth (@MakerGrowth) August 18, 2022
Traders can find GNO on Binance, Uniswap and Bittrex, among others.
Your capital is at risk.