After a 2-day drop, the prices of Bitcoin, Ethereum, and co. are rising again in a massive way. What three cryptocurrencies could benefit in the coming weeks?
The collapse of Silvergate and Silicon Valley Banks has sent shock waves through the financial world. While the classical financial world is still bracing for the delayed impact, the cryptocurrency market appears to be over the crisis.
In the last few days, the prices of cryptocurrencies have experienced a significant drop. More than a week ago the possible bankruptcy of Silvergate Bank was known, which caused a sharp short-term collapse. As a result, prices stabilized for a few days, going downhill at the end of last week.
Bitcoin fell below the $20,000 mark after confirmation of the liquidation of Silvergate Bank and the bankruptcy of the largest Silicon Valley Bank. After only two days, the courses increased again. The Bitcoin price was even able to rally back above $22,000 overnight.
After the crash, prices appear to be rising again. Now there is the possibility to buy some coins at a low price. Below are the three cryptocurrencies that could rise strongly in the coming weeks.
Ethereum (ETH)
Ethereum seems to be gaining momentum in recent weeks. Of course, the Ether token also saw losses in the last 2-3 weeks. However, compared to Bitcoin and other Altcoins, Ethereum was able to perform better.
With the upcoming Shanghai update, a major piece of the puzzle for Ethereum 2.0 and an increase in scalability is nearing completion. Therefore, Ethereum could be one of the cryptocurrencies that could see strong increases in the coming weeks.
It is worth recalling that the Shanghai update is a network update designed to improve functionality and efficiency, which includes the Ethereum Improvement Proposal (EIP) 1559, intended to reduce fees for transactions in the Ethereum network.
Litecoin (LTC)
Unlike Ethereum, Litecoin (LTC) has struggled in recent weeks. Litecoin was hit hard by the drop and lost the most among the major cryptocurrencies.
No doubt this was also due to the fact that Litecoin has outperformed other cryptocurrencies in recent months. But this also gives the opportunity to buy Litecoin at a good time.
Monero (XMR)
Times of crisis repeatedly ensure that states consider particularly strong measures. This scope could be expanded in the coming months. Therefore, an anonymous option between coins like Monero could become more popular in these crises.
Monero is considered a pioneer of completely anonymous cryptocurrencies. Although Bitcoin can also be used anonymously, the Monero XMR token is a great alternative for investors. In the coming weeks, the token could become very popular, causing price increases.
By Audy Castaneda
