Top 3 Crypto Tokens to Keep an Eye on During Thanksgiving.
The cryptocurrency market is still having trouble recovering from its current downturn. The market capitalization of all cryptocurrencies worldwide is at $872 billion, up 1.6% over the previous day, yet less than $900 billion. It is unlikely that the markets will experience any favorable changes anytime soon because interest rates are likely to rise once more in the upcoming month.
However, throughout the Thanksgiving holiday, some cryptocurrency tokens merit investor attention.
Holiday cryptocurrency projects to keep an eye on
Among the top 100 crypto tokens, Litecoin (LTC) has remained the top performer. There are numerous ways to accomplish this. It’s possible that investors in Solana (SOL) who abandoned the cryptocurrency project are now investing in LTC. Additionally, the LTC will be cut in half in August 2023. Even the maximalist for Bitcoin (BTC), Micheal Saylor, claimed that LTC is similar to a digital good like BTC.
There are indications that LTC’s positive trend may not continue for very long, though. On November 22, the weekly RSI for LTC/BTC spiked above 70. Many experts consider RSI readings above 70 to be overbought.
At the time of publication, LTC was up 34.4% in the previous week, trading at $77.40.
The native cryptocurrency token of the biggest exchange in the world, Binance Coin (BNB), has recently seen significant growth. There is a lot of ambiguity surrounding exchanges and exchange tokens as a result of the FTX crisis. After releasing its proof of reserves, Binance may have helped boost market sentiment.
Additionally, Binance is starting a new project. That might have sparked the recent rise.
BNB has risen 9.5% in the previous day’s trade to $299.28 as of the time of publication.
It’s wise to keep a watch on the initial cryptocurrency, Bitcoin (BTC). Markets typically follow Bitcoin, so a trend reversal on its charts is positive news for all parties. BTC, however, is at a very precarious stage right now. As the cryptocurrency once again hits sub-$16k levels, investors are on the alert. Older investors may be in for bad news, but novices who can purchase Bitcoin at a discount may benefit.
BTC was trading at $16,685.05 at the time of publication, up 1% over the previous 24 hours.