Here are three coins to buy in August to profit from the market's recovery:
Profit from the market's recovery:
Following a severe correction during the second quarter, the price of Bitcoin and the cryptocurrency market sharply recovered in July. According to a tweet from CryptoRank Platform on August 1, Bitcoin's value surged by 17 percent, marking its best monthly performance since October 2021.
The increase in July suggests that the market is off to a good start in the new month after holding onto key levels to remain over the significant $1 trillion market cap in the first few days.
In light of this, investors are returning to the market as the recovery process moves forward. Here are three coins to buy in August to profit on the recovery.
Ether has recently appreciated as a result of the announcement of its impending "Merge," making it the second-largest cryptocurrency by market capitalization.
And now that plans have been made for the Goerli Merge, which will take place on August 11 and mark the last testnet merge before the switch to a proof-of-stake (PoS) blockchain, the community is beginning August on a promising note.
list of currencies to buy
Ether is anticipated to soar to unprecedented heights after The Merge.
It makes sense to wager on The Merge in August since it will be a significant step for Ethereum and the community. As the anticipated merger approaches, it continues to exhibit very strong bullish action.
Ethereum is now trading at $1,730, however if this area is broken, Ethereum's price might rise to $2,400 or much higher if market mood and bulls remain strong before the Merge.
It should unquestionably be on your list of coins to buy in August.
Kava is a layer one blockchain that operates incredibly quickly and unifies the Cosmos and Ethereum ecosystems into a single, scalable network. The ecosystem has experienced ground-breaking changes that portend well for its native token.
Kava 11 is scheduled to debut on August 31 and is anticipated to significantly raise the overall value locked in the platform. The primary features of the upgrade will be Protocol owned liquidity, KAVA liquid staking, KAVA earns, a yield aggregator, and MetaMask support for all KAVA transactions.
August 31 will see the release of Kava 11.
It should be on your list of coins to invest in since the KAVA community has a good attitude and there seems to be an aura of excitement about it.
According to Anndy Lian, chair of BigONE Exchange, Kava's ability to lend and borrow assets utilizing a variety of cryptocurrencies as collateral is still a huge benefit for the platform.
"Recent price declines are a result of general market conditions. Because of how their collateralized assets have performed, certain investors may experience sharper drops. My modest opinion is that there is currently no cause for concern because their treasury is still in good shape and their codes are sound.
The native token is anticipated to trade at $5 in the run-up to the upgrade, which is due for late August and will be over 100% of its current market price of $2.18.
Think about including it on your list of coins to buy.
With $XMR as its native token, Monero is a safe and private blockchain that focuses on giving users total anonymity.
On August 13, the network will undergo a network upgrade that will add a number of new features, including an improvement to the Bulletproof algorithm and an increase in ring size from 11 to 16.
The quick growth rate of $XMR is one of the main factors making it one of the coins with promise in August 2022. This will gradually increase the number of people using the Monero network, driving up the cost of $XMR to all-time highs.
On August 13, the Monero network will receive an upgrade.
In the past 30 days, the token has seen a respectable increase, rising from about $117 to its current price of $166. The price would be anticipated to rise to the $200 mark if it leaves that area, which is extremely possible given the hoopla around its new features.
You should put Monero ($XMR) on your list of coins to buy!
Are there any additional cryptocurrencies that you think should be included? Post your ideas in the comment section.