The month of January was quite bullish for the cryptocurrency industry, with numerous coins reaching new all-time highs throughout it. Will February provide similar bullish returns in the crypto space?
If so, which coins are likely to lead the way, and why? Continue reading below in order to find out.
1. Ether (ETH)
- Current price: $1,321
- Market cap: $151 billion
- Market cap rank: #2
Ether is the second largest cryptocurrency by market capitalization, trailing only bitcoin (BTC). It enjoys significant use cases, since its blockchain serves as a platform for smart contract development for numerous other cryptocurrencies.
An interesting development for ether in the month of February is the release of cash-settled ether futures by the CME Group, which are expected to be launched on Feb. 8, 2021.
After bitcoin, whose cash-settled futures launched in 2017, ETH is now the second digital asset which has futures that are handled by the CME Group. This would potentially allow market participants a simpler method of managing their risk when investing into ether.
Technical analysis wise, ETH seems to be in the final leg of its bullish impulse, but could increase all the way to $1,780 before potentially breaking down.
2. Elrond (EGLD)
- Current price: $59.94
- Market cap: $1 billion
- Market cap rank: #45
While EGLD is still a relatively small coin when ranked by its market capitalization, its price and ranking have significantly increased over the past month.
Furthermore, it has ambitious plans for the future, since it aims to create a financial system that provides near-instant transactions, while being non-inflationary. EGLD plans to make this system globally accessible.
One of the ways in which it aims to do that is with the release of ”Maiar’,’ a financial application which allows for simple cryptocurrency and money transfers globally.
The application would enable users to find a working wallet in only a matter of seconds, and unlike Venmo or Google Pay, Maiar will not collect personal information. Until now, more than 180,000 users have signed up for its release.
The launch date for this wallet and payments application was set to be on Jan. 31, 2021.
Technical analysis wise, EGLD seems to still be in a long-term upward trend despite the parabolic increase, and is expected to continue increasing towards $84 to $85.
3. Stellar (XLM)
- Current price: $0.341
- Market cap: $7.5 billion
- Market cap rank: #10
Stellar was created in 2014 with the goal of providing financial services in underdeveloped regions in the world that are devoid of them. Transactions on its network have a fixed transaction fee of only 0.0001 XLM and are near instantaneous.
The coin also enjoys institutional interest, as evidenced by Grayscale Investments, which have created the Stellar Lumens trust. In Q3 of 2020, XLM was the seventh best performing asset for Grayscale.
February has exciting developments ahead, since it was recently announced that Stellar will be an official chain for USDC.
This will allow developers to have a strong stablecoin when making transactions in the Stellar network. The global liquidity of USDC will also allow for optimal use during cross-border transactions. In addition, USDC users will ostensibly be able to benefit from nearly cost-free transactions and nearly immediate transaction speed.
Technical analysis wise, XLM seems to be correcting a long-term upward movement, but is expected to resume its upward trend after finding support between $0.19 and $0.22.
4. SXP (SWIPE)
- Current price: $1.32
- Market cap: $99 million
- Market cap rank: #162
While SXP is not ranked highly based on its market capitalization, it is part of the decentralized finance (DeFi) sector, which is known for remarkable gains and is paving the way with the highest increases relative to other altcoins throughout the month.
An interesting development in the month of February is the Swipe ignition sale. Swipe ignition is a platform which aims to bring new token projects into the Swipe ecosystem, allowing them to raise capital. It does this by enabling users to conduct public sales by using SXP.
The payment for purchases must be done in SXP, and 50% of the raised capital gets burned, serving as a de-inflationary tool. Services offered to new listings include but are not limited to: partnerships, liquidity, and market listing.
After the success of the first ignition sale, the second one could further expand interest in the token, causing a price increase in the process. The second sale will be more diverse, having both airdrops and public sales.
In the technical analysis aspect, SXP is expected to continue moving higher towards the next resistance area at $2.30.
5. XVG (Verge)
- Current price: $0.01
- Market cap: $269 million
- Market cap rank: #96
Similar to SXP, XVG is a small market cap coin, also having a tiny price of only $0.01.
Nevertheless, the XVG halving transpired on Jan. 26, and it is possible that a significant price increase will follow afterwards, similar to what happened with BTC after its third halving on May 11, 2020.
Since halvings reduce the amount of rewards gained for mining blocks by 50%, they are inherently bullish in nature. In the case of XVG, the block rewards were cut in half from 200 to 100 after block number 5,200,000 was mined. The next halving is expected to occur in September.
From a technical analysis perspective, XVG is currently in the process of re-testing the breakout level, and is expected to continue moving upwards after doing so.
Conclusion
The five coins presented in this article have both interesting developments upcoming in February and bullish looking charts based on technical analysis. While the cryptocurrency space has numerous projects with high potential, these five coins were chosen as the most promising for February based on their fundamental and technical aspects.
Be sure to check out BeInCrypto’s Top 10 Aspiring Crypto Coins for 2021.
Disclaimer
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