雅虎香港財經 4 Cryptos Rekindling Investor Excitement Right Now
The approach of spring is marked by the general trend of market recovery, contributing to the growth of digital assets. This is creating several attractive cryptos to buy.
After the recent crypto market fall caused by the FTX and TerraUSD collapses, experts predicted many years of a crypto market recession and new bottoms for the Bitcoin (BTC-USD) price. However, the first signs of optimism in crypto started to show already in early 2023.
With Bitcoin breaking $25,000 for the first time in six months, investors are looking for cryptos to buy in a pre-bullish market.
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Bitcoin (BTC-USD)
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Bitcoin is the main source of current optimism in the market. After the publication of data on the slowdown in inflation in the U.S., BTC managed to move back to growth. The asset surged and reached its semi-annual high of $25,000 on Feb. 19. Positive signals about the recovery of the U.S. manufacturing sector have brought back investor confidence and interest in buying crypto.
Another event that positively influenced the price of BTC was the launch of the Ordinals protocol. The upgrade made it possible to transfer digital objects such as audio or video files on the Bitcoin blockchain. The explosive growth of interest in ordinals led to an increase in the BTC network activity. As a result, the number of non-zero wallets surpassed 44 million and network commissions reached new highs.
Negative market news is also working in Bitcoin’s favor. Its value is growing while regulators are ganging up on proof-of-stake coins, threatening them due to the passive income options they provide. On Feb. 9, U.S. authorities banned Kraken from providing staking services in the U.S. Bitcoin, whose performance still greatly depends on the work of miners, came out as the winner. Its network hashrate continues setting new records.
According to Glassnode’s calculations, BTC’s fair value is currently $33,000, meaning it’s still undervalued. With so many factors driving Bitcoin higher, it is clearly one of the best cryptos to buy now.
Bitget (BGB-USD)
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Not all crypto exchanges were negatively affected by the FTX collapse. Indeed, some benefited from their competitor’s exit. The best performer in the sector is Bitget (BGB-USD) — a token of the Bitget exchange. The platform routinely clears $650 million in daily volume in spot trading and $7.7 billion in futures trading. The BGB token, which is up 3x in the past year and repeatedly breaking its all-time high, is currently trading at 42 cents.
Last year, a Boston Consulting Group report ranked Bitget among the top three exchanges in terms of crypto derivatives trading volumes. External events have played their part in lifting Bitget’s ship, too. In the wake of the FTX collapse, Bitget’s share of crypto derivatives contracts rose from 3% to 11%, making it an attractive crypto to buy.
While its competitor Binance is having a hard time, Bitget is steadily increasing its staff. The exchange spent the last half of 2022 on a hiring spree, while competitors were shedding staff. Bitget now boasts over 1,100 employees, up from less than 200 a year earlier.
All of this feeds into a native token that is at its ATH, with a 130% increase in the past month alone. This ascent is the result of BGB’s increasing role within the growing Bitget ecosystem. Aside from supplying a discount on trading fees, BGB plays a pivotal role in the exchange’s staking and copy trading services. The further expansion of the Bitget ecosystem will likely expand the use cases for BGB and, therefore, positively influence its price.
OKB (OKB-USD)
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OKB (OKB-USD) is another runaway leader in the exchange tokens category. The asset has experienced a big upward trend since June 2022, with an even sharper surge starting in December. Its price has skyrocketed by 99% and reached record highs of $58 on Feb. 18. The sharp growth is a clear indication of the growing popularity of the token and a possible signal to buy crypto.
With almost $8.4 billion in assets and a 24-hour open interest of $3.8 billion, OKX stands as the second-largest trading platform in the market. OKB token’s growth was pushed by the announcement of the launch of the USDC Futures Contract. The initiative is one of the major steps of the exchange to expand its services and attractiveness to retail traders.
OKX also has a broad range of products that contribute to the stable growth of OKB. The platform supports dapps, a DEX, and DeFi Yield. Its native decentralized exchange partnership with CherrySwap (CHE-USD) and Floki (FLOKI-USD) projects sparked community enthusiasm and speculation about the team’s ambitions. The advent of a self-service wallet and a universal platform for the OKX network was another factor triggering the token’s price growth.
Negative regulatory-related news spared OKX given that the exchange is not registered as a Money Service Business in the U.S. While the SEC hasn’t yet scrutinized USDC, the growing market uncertainty will likely motivate investors to seek alternatives offshore.
In an uptrend, OKB is currently trading just below $53 after reaching an all-time high of $58. The weekly RSI indicates overbought conditions but not bearish divergence, suggesting that the upward trend is likely to continue. With its better-than-expected performance and optimistic outlook, OKB has attracted traders, making it a possible crypto to buy.
Filecoin (FIL-USD)
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Another project that benefits from the market recovery and a growing number of transactions is Filecoin (FIL-USD). After seeing a big drop from its ATH, the token is now showing bullish signs. FIL reached its YTD high of $9.30 on Feb. 19.
This growth is stimulated by the platform’s active development and announcements of new products that will be launched in the near future. Specifically, Filecoin plans to launch the Filecoin Virtual Machine (FVM) next month. This development is aimed at expanding the use of smart contracts and may increase the value of the token in the coming days.
The technical outlook for Filecoin remains extremely optimistic with significant growth in demand for cloud storage services. Filecoin caters to such needs by providing a decentralized storage network. It’s built on top of the peer-to-peer protocol InterPlanetary File System, where users can buy and sell storage capacity.
Despite an 80% price increase, FIL is still trading 97% below its all-time high reached in 2021. However, the demand among investors and accumulation of the altcoin have increased significantly over the past two weeks, which may indicate opportunities for further growth.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Julia Magas is a writer who covers the latest trends in finance and technology. Her work is published in a number of financial media outlets such as Nasdaq, Cointelegraph, Investing, SeekingAlpha, FXEmpire, and Beincrypto. She primarily covers cryptocurrency and blockchain technology with a focus on market performance, innovations and trends.
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