• This article examines the top 10 cryptocurrencies that have the potential to ignite the global crypto market during August 2023.
• It highlights Bitcoin (BTC), Ethereum (ETH) and XRP (XRP) as some of the most promising cryptos, with each having experienced significant growth over recent years.
• The article also discusses the technical indicators associated with each currency, such as their resistance and support levels, different moving averages and daily RSI values.
Top 10 Cryptocurrencies to Invest in August 2023
This article explores the top 10 cryptocurrencies that have the potential to ignite the global crypto market in August 2023. These digital assets are expected to experience significant growth due to their unique features, technological advancements and widespread adoption.
Bitcoin (BTC)
Bitcoin (BTC) is a revolutionary digital asset created by Satoshi Nakamoto in 2009. In Jan 2017, one Bitcoin was worth $1014 but its price has skyrocketed since then. As of July 29th 2023, a single Bitcoin’s price stood at around $29,278 – representing a growth of more than 3000%. At present, BTC trades at $29,274 with a market cap of $569 billion – making it account for 48.2% of the total crypto market share. On its daily chart, BTC recently dropped below the 50-day exponential moving average (50 EMA), signaling an attempt to enter a bearish state; however if it crosses its resistance level of $29947 it may reach $30374 soon.
Ethereum (ETH)
Ethereum (ETH) is another popular cryptocurrency which has seen immense growth in recent years. In February 2017 one ETH was valued at just $10 but now stands at approximately $1871 – reflecting an impressive appreciation rate of 18700%. At present ETH trades at 1$871 with a daily chart showing that it nears its short-term 50 EMA; if ETH crosses its resistance level of $1917 it may reach $2018 soon.
XRP (XRP)
Ripple’s XRP token has experienced strong growth ever since Ripple’s partial victory against SEC . Currently XRP trades at 0$.7087 and on its daily chart indicates that it nears its short-term 50 EMA; if XRP crosses its resistance level of 0$.7357 it may reach 0$.7568 soon..
Other Promising Cryptocurrencies
Apart from these three major coins there are other promising cryptos such as Litecoin (LTC), Cardano(ADA), Polkadot(DOT), Binance Coin(BNB), Tether(USDT), Uniswap(UNI) and Chainlink(LINK). Each currency has unique characteristics and features that make them attractive investments for traders who want diversity in their portfolio or are looking for long-term gains..
Conclusion
The world of cryptocurrency is constantly evolving so investors should conduct thorough research before investing any money into these digital assets as prices can be volatile.. However, many cryptocurrencies offer great potential rewards for those willing to take risks while staying informed about emerging trends in this rapidly changing sector