In this article, we discuss 5 rebounding cryptocurrencies to buy in August. If you want to read our discussion on the cryptocurrency market, go directly to 10 Rebounding Cryptocurrencies to Buy in August.
5. XRP USD (CCC:XRP-USD)
XRP USD (CCC:XRP-USD) is the cryptocurrency of Ripple Labs and is used on the XRP Ledger (XRPL) blockchain. The blockchain has great utility, as it settles transactions within a short period of three-to-five seconds, and the technology is carbon-neutral.
Although the impact of the SEC investigation is hanging over XRPL, that has not hindered the platform from opting for growth opportunities. The platform is looking into the viability of Central Bank Digital Currency (CBDC) to gain a favorable understanding with governments around the world. Venturing into CBDC can unlock the next phase of the growth path for XRP USD (CCC:XRP-USD).
Ripple is positioning itself as the leading platform for the launch of CBDCs. The company already has a private CBDC ledger that has been marketed as a potential solution for rolling out currencies. This would play in favor of XRP USD (CCC:XRP-USD) as Ripple would become the clearing house for the banking network, and demand for XRP would rise significantly.
4. Polygon USD (CCC:MATIC-USD)
Polygon USD (CCC:MATIC-USD) is the native currency for the Polygon sidechain on the Ethereum blockchain.
The blockchain has been in the limelight recently as leading corporations like Instagram, Adidas, and Prada have launched their NFTs on the sidechain. Around 1.8 billion transactions have been conducted on Polygon’s main net. The platform is moving forward with new updates and working with a group of known corporations. Most recently, a decentralized data marketplace in partnership with Mercedes Benz was launched on the Polygon blockchain.
Furthermore, Coinbase has allowed the trading of MATIC and other cryptocurrencies on the Polygon network. This will favor Polygon USD (CCC:MATIC-USD), as investors will save time and money by being able to use their fiat or digital currencies to fund their Polygon wallets. The number of dApps has risen to 37,000, which reflects a fourfold increase since the start of 2022.
3. Binance Coin USD (CCC:BNB-CCC)
Binance Coin USD (CCC:BNB-CCC) is the native currency for Binance, which is the biggest cryptocurrency exchange in the world.
Industry analysts believe that the price of Binance Coin USD (CCC:BNB-CCC) will surpass $274 by the end of this year. The analysts further predict the coin will reach $781 by 2025 and $1,814 by the end of this decade. Those projections are based on the consensus of 54 analysts.
The platform has come under the limelight for allegedly being a hub for drug dealers, fraudsters, and hackers. However, CEO Changpeng Zhao has countered these claims and highlighted that the exchange has one of the toughest know-your-customer (KYC) protocols and anti-money laundering (AML) measures in place. Mr. Zhao claims that the island nation of Palau has adopted the KYC protocols of Binance in its digital ID system.
2. Ethereum USD (CCC:ETH-USD)
Ethereum USD (CCC:ETH-USD) is the native currency on the Ethereum open-source blockchain.
The platform recently did a dry run of one of the most important upgrades in the history of the crypto world. For nearly a decade, Ethereum had adopted a proof-of-work (PoW) mining mechanism, which required solving complex mathematical equations and needed a significant amount of energy. A similar process is followed by Bitcoin.
However, the blockchain had been working on converting to a PoS concept known as the Merge upgrade, which is more environment-friendly and processes transactions faster. Developers will decide on the timelines for the upgrade, which is expected to take place in mid-September. There has been a rally of 60% in the last month in anticipation of a successful upgrade, and currently, the digital currency is hovering around its highest level since June 1. Ethereum USD (CCC:ETH-USD) has been 16% in the green over the last week.
1. Bitcoin USD (CCC:BTC-USD)
Bitcoin USD (CCC:BTC-USD) is the biggest cryptocurrency in the world in terms of market capitalization as of August 13.
Since the market meltdown in June, the price of Bitcoin USD (CCC:BTC-USD) has recovered 30%, and experts believe that the cryptocurrency has seen its bottom in this bear market cycle. The positive CPI data has also acted as a catalyst. Many observers think that Bitcoin USD (CCC:BTC-USD) is currently benefiting from the rally in the equity markets.
President and CEO of Franklin Templeton, Jenny Johnson, believes that Bitcoin USD (CCC:BTC-USD) is the best distraction during the current economic downturn. Investors are considering Bitcoin USD (CCC:BTC-USD) as a hedge against inflation and a safe-haven asset like gold. The cryptocurrency world received a major boost when BlackRock, Inc. (NYSE:BLK) reached an agreement with Coinbase to provide crypto trading and other facilities to institutional investors. Bitcoin USD (CCC:BTC-USD) is up 6.96% for the week.
You can also take a peek at 8 Restaurant Stocks to Avoid as Americans Begin to Cut Spending and 10 Best Cyclical Stocks for Inflation.
