Top 5 Cryptocurrencies to Watch This Week – Post-Christmas Winners

It’s been a roller coaster ride for crypto investors this year 2022. This month the entire cryptomarket capitalization from about $2.2 trillion at the start of the year to about $850 billion.

Several high-profile bankruptcies this year exacerbated the precipitous decline in valuation.

The market for cryptocurrencies is still consolidating, with the majority of assets failing to make large gains.

Despite the current crypto winter, cryptocurrencies remain by far the most profitable asset class to invest in, with the ability to erode losses and reach record highs over the long term.

Currently, investors anticipate that the cryptocurrency market will strive to end the major sell-offs in 2023.

A protracted crypto winter is trying investors’ patience, but it’s one of the best opportunities to buy good cryptocurrencies at a discount.

Meanwhile, curiosity remains as to how certain crypto assets will end in 2022 as their price action will offer a glimpse of what to expect in the year to come.

Here are five cryptocurrencies to keep an eye on for the week of December 26th.

The year has not been good for the cryptocurrency with the largest market cap. Bitcoin has lost more than 60 percent of its value since early 2022.

Because of this, over 50% of BTC investors are currently losing money, causing the market to crash. Still, a number of indicators point to Bitcoin making a strong comeback in 2023.

As of this writing, Bitcoin is trading at $16,864, up 0.7% over the past seven days, data from Coingecko shows.

Benjamin Cowen, a well-known cryptocurrency specialist, predicted that once bitcoin bulls take control of the market, a “long period of accumulation” will begin.

Pixabay image: Pixabay

Ethereum’s current price is $1,221, up nearly 3% over the past week. The 24-hour low is $1,203 and the 24-hour high is $1,222. The cryptocurrency is up 0.1% over the 1-hour and 24-hour time frame.

The Ethereum Exchange Reserve for All Exchanges measure shows that ETH reserves on CEXs have fallen by more than a quarter, according to on-chain data. So investors are acquiring Ethereum and becoming more bullish.

At the time of writing, the bulls need to show a strong push and consolidation above the $1,230 zone before a countertrend strategy can be considered. The next bullish target would be $1,300 and possibly $1,350.

Cardano (ADA)

Despite the turmoil of 2022, onchain activity from Cardano (ADA) continues to set new standards.

Cardano smart contracts have surpassed 4,400 this year, an increase of 395 percent, and 57 million transactions have been processed, an increase of about 140 percent.

At the time of writing, ADA is trading at $0.26, up 0.2% over the past 24 hours, after a nearly 3% weekly chart correction.

Despite its poor performance, ADA remains in the top 10 largest cryptocurrencies by market cap with a valuation of around $9 billion.

Crypto Total Market Cap Nearly $772 Billion On Daily Chart | Chart: TradingView.com

polygon (MATIC)

Several major cryptocurrencies are expected to fall below their recent lows, but MATIC has outperformed as it attempts to establish a stable footing well above its yearly low.

In the first months of its existence, the price of MATIC was very constant, fluctuating between $0.01 and $0.03.

MATIC’s price, up 0.9% in the last 24 hours and trading at $8030, hit a in late 2020, a year after its launch all-time high from around $1.40 as the overall cryptocurrency market started to rally.

This represented a huge increase of more than 4,600% compared to the original price.

XRP

Since hitting the all-time high of $1.98 in April 2021, the XRP price has lost 80% of its market value.

The XRP community is awaiting the verdict in the case between Ripple and the Securities and Exchange Commission (SEC).

The final verdict is likely to affect the price of XRP, which has shown brief trips into the green zone despite an ongoing difficult market.

The bulls are targeting a post-Christmas breakout as XRP price surges to $0.35 at press time.