In March, cryptocurrencies became a good investment for savers. Seventeen of the top 20 with the largest market capitalization ended March in positive territory. Rises registered increases of up to 26.8%. Which are the best ones to invest in April?
Cardano (ADA) was pushed down in the top 10 crypto by market cap when LUNA and XRP took its previous spot. However, ADA’s price has been rising over the past month and could regain previous highs as overall sentiment turns bullish. ADA is the best performing cryptocurrency by market cap in recent days.
ADA’s price has been recovering from a multi-month slump that saw its price fall from an all-time high of around US$3 to below US$1 in 2022. There are several factors contributing to the current rally: the full implementation of smart contract capabilities, the increase in developer activity recorded by the network, the improvement of Cardano to make it more decentralized and scalable. Most importantly, these factors have resulted in an explosion of its ecosystem.
At the height of the cryptocurrency market in 2021, Solana (SOL) became one of the most attractive digital currencies for investors. Throughout 2021, it recorded a valuation of almost 10,000% making it a safe bet. But in 2022, Solana plummeted from US$259 to US$40 and is in recovery.
OpenSea’s decision to integrate Solana’s NFTs into its marketplace on March 29 may have boosted SOL’s price. The rally also coincided with Solana-based NFT markets posting their best day in terms of volumes and transactions last March 29.
Solana’s price now trades at US$135. Investors should approach the current SOL price with caution. Overzealous bulls are likely to target US$150, and the target is still achievable.
Solana has received much praise for its speed and performance. In terms of processing speed, Solana is capable of challenging the dominant smart contract platform, as it is supposedly capable of reaching a speed of over 50,000 TPS. Solana uses different consensus algorithms to avoid slow transaction confirmation. This feature makes Solana one of the fastest blockchains in the industry to compete with other industries outside the cryptocurrency space.
That is why Solana has a future in the short and long term. This cryptocurrency climbed +26.8% and became one of the best investments last month.
Polkadot (DOT) is within its best moments, it has very exalting results within the week and even during the month, undoubtedly a good investment.
This cryptocurrency seems to be following the general market trend and is steadily moving north. Polkadot’s price has risen 20% in the past two weeks, setting a new high of US$23.33. It was forecast on March 15 that a triangle formation could project a 38% rally for the Polkadot price.
Polkadot’s price could warrant early investors to join the uptrend, as the digital asset currently sits above the 100-day moving average. If bulls can establish firm support in this area, prices could continue to rise an additional 20% towards US$26. In March, it was the second highest rising cryptocurrency of 14%