New Week New Hurdles: Top 3 Altcoins to Watch This Week
An overview of the top three coins to watch for this week, including Binance Coin, LooksRare, and Terra.
It was a gory weekend for a number of altcoins as the digital currency ecosystem took another downward slide. Investors chose to stay away from risky assets in the wake of the Russian-Ukrainian brawl. The global cryptocurrency market cap slid 3.99% at the time of writing to $1.74 trillion, paring off the gains accrued in the past week.
Amidst the bearish slump, three tokens are under review, including Binance Coin (BNB), LooksRare (LOOK), and Terra (LUNA) have inherent utilities and a competitive market advantage that can help them stay resilient amidst the ongoing bearish slump.
Binance Coin (BNB)
Binance Coin is still the fourth-largest digital currency by market capitalization; a figure was pegging at $62.97 billion at the time of writing. BNB is a strategically positioned coin, active as the native token of the Binance Exchange as well as the utility coin of the Binance Smart Chain (BSC) network. By default, the coin is typically under high demand, an inherent advantage that can easily spark a resurgence in the price breakout of the digital currency. BNB was changing hands at $379.22, down 4.65% during the intraday. With the broad ecosystem activities slated for this week, BNB is on track to retest the $400 resistance in the coming days.
LooksRare is an emerging Non-Fungible Token (NFT) marketplace that intends to dethroning OpenSea. Powered by the LOOKS token, the ecosystem is in a pole position to benefit from the woes of the bigger trading platform. The LOOKS token hit it off with retail NFT traders at its debut, swiftly attaining an ATH of $7.07. While the token has tracked back its gains, it is poised to make a relatively faster recovery from its current price of as many NFT stakeholders are bound to explore the platform more for its incentives and the persistent hacks being suffered by OpenSea.
Terra is a Layer-1 blockchain protocol that aids the fast performance of smart contracts and decentralized protocols. LUNA was trading at a price of $48.80. Since the beginning of the year, the LUNA token has taken a massive beating amidst the persistent bearish slump. Terra represents an innovative protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. Its usefulness is proliferating, and this has placed a corresponding demand on LUNA, a trend that can spark a recovery in the altcoin this week.
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