Why Crypto Prices Are Skyrocketing Today – Which Cryptocurrency Should You Buy Now?

After the bearish mood in the markets some crypto prices are exploding today. Even longer is through the bear market many coins available for a fraction of their all-time high price. So the question quickly arises: Which cryptocurrency should you buy now? So below you will find one List of some of the best coins in the last seven days. In addition, you will also learn everything about reasons for the increase. Now read the article for no attractive and cheap option to miss!

Reasons for the rise in crypto prices

A couple of reasons has caused increases in cryptocurrencies in today’s trading day. You can find out what they are in detail below:

Correction of the US dollar index

Crytpo Prices Explode - Which Cryptocurrency To Buy - US Dollar Index

The dollar index is considered a Safe harbor for the financial markets. Added to that Interest rate hikes from the US Federal Reserve fed. The next thing is that Interest rate difference between USD and EUR increased enormously. That’s why he is US dollar a strong upward trend educated.

However, DXY today a correction to the 161.8 Fibonacci extension laid down and it EURUSD also breaks out. This trend may continue in the short term. The dollar, on the other hand, often has one negative correlation to bitcoin and hence it is bullish for cryptocurrencies.

In addition, the rise in the dollar also has a twist great influence on the stock markets. Because above all the course of The NASDAQ 100 is highly dependent on the development of the US dollar. A correction in USD may again be due Correlation between the stock markets and cryptocurrencies ensure further price increases.

If, on the other hand, the sideways range of the past few years is projected, USD may still rise to more than 119 points. Because of it high interest rate difference between the euro area and the United States as well high weighting of the euro in the dollar index should therefore expected a stronger US dollar and a weaker euro in the medium term will. However, this has an effect again tend to be quite bearish on cryptocurrencies out.

Oversold US indices

Crypto Prices Soar - Which Cryptocurrency To Buy - S&P500

After the announcement of the Fed’s interest rate hike in September, the US stock indexes downward trend resumed. But these returned from June made this year.

In addition, indices such as the S&P 500 are also very much strongly sold out. This can happen, for example, at RSI and stochastically read on a daily basis, which within the area oversold Note. So anyway a counter movement very likely in the short term. However even more extreme values ​​can be reachedif the descent continues further.

The seasonal regulations are improved from September to October

seasonally
S&P 500 seasonal, source: www.suricate-trading.de

that The worst time of the year is now almost over with the end of September. Of October, on the other hand, is already looking much better out. Then follows Christmas meetingwhich also usually leads to price increases. Because that’s what it’s all about strongest quarter of the year. This is also known by investors and therefore it is used by many.

Which Cryptocurrencies Should You Buy Now?

There are a few cryptocurrencies that you especially like in the bear market with a big discount can buy. Of course they evolve The markets are not only going in one direction and the market environment is still somewhat tense, until the central banks take a more dovish stance again. Still offer the cheapest deals for long-term investors, especially during a bear market. You can now find some of the best in the following sections:

Tamadoge (TAMA)

Crytpo Prices Explode - Which Cryptocurrency To Buy - Tamadoge TAMA

New crypto project Tamadoge wants to transform the world of metaverse through their lifelike NFT pets enrich. Of meme coin stands out from all fun currencies because of its usability. The dogs can have one VR app taken everywhere and the like Pokemon Go sent to competitions. In addition, they also offer more features in other games and metaverses.

The dogs will like it Tamagotchis groomed and trained, allowing them to get better results in matches. You can then play the play-to-earn crypto game for the best performance rewards is earned in the form of coins.

The sale caused quite a stir. Because with that tiered pre-sale were all sold out within days and even just hours. In this context, the first investors already have one Return of 150% served. Even today, Tamadoge is one of the daily winners with one remarkable price increase of 7.2 per cent. Since September 27, the common currency has been on the rise Crypto exchange OKX listed. In this context, the course increased by 46.5% in a few hours and then formed a consolidation.

Pancake exchange (CAKE)

Crytpo Prices Explode - Which Cryptocurrency To Buy - Pancakeswap CAKE

Another coin, which one better not lose sight of it should be CAKE. Because he could has been steadily increasing in price over the past few days. PancakeSwap is clearly trending even in the tense bear market over the past month increased more than 19%. One reason is likely regular burns, which is integrated in several places in the system. It is at the moment main DEX on Binance Smart Chain.

The reasons for this lie, among other things, in Introduction of Multichainwith what now other blockchains must be supported by the decentralized trading platform. Thus, one of the most popular DEX now offers next to it Lottery, Liquidity Farming, Staking, Predictions, NFTs and Launchpads other useful functions.

Additionally, PancakeSwap is one of them first points of contact for new cryptocurrencies. Not just through them possibility of emission to do about it. Finally can each coin by adding the wallet address integrated into the trading venue on the relevant network and made tradable. So there is one enormous flexibility and liquidity.

Synthetix (SNX)

Crytpo Prices Explode - Which Cryptocurrency To Buy - Synthetix SNX

The project was originally called The garden launched. It is a decentralized asset insurance protocol and one DEX. With its help synthetic decentralized assets are created and traded. These can be on both Base of cryptocurrencies as well as other assets be. In this context it tracks the development of an asset and rewards, without having to own it. That’s the way it is compared to derivativesexcept these are on the blockchain of Ethereum be decided.

With the aid of Oracles in the form of smart contracts price delivery protocols the assets can be monitored. This way the assets should be whole tradable without slippage and liquidity problems will. In addition, can third parties spared Stay.

Secured the derivatives are thereby over Synthetix Network Token (SNX). As a guarantee, the manufacturers of a synth deposit at least 750%. So users can then much easier to trade different cryptocurrencies, since she herself save on various wallets, exchanges and conversion fees be able to. In addition, everyone Synths can be combined with each other.

tamadog logo

Tamadoge (TAMA): The new Shiba inu with 100x potential?

Tamadoge (TAMA): The new Shiba inu with 100x potential?

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  • Neutral market analyses
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Any trade is risky. No guarantee of winning. All content on our website is for informational purposes only and does not constitute a recommendation to buy or sell. This applies to assets as well as products, services and other investments. The statements on this website do not constitute investment advice and independent financial advice should be sought whenever possible.

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