Is the crypto bottom in? Is it the right time to start buying crypto? These are some of the questions that investors are dealing with now. While cryptocurrency prices remain depressed, there is a good chance that the cryptocurrency bottom is in. One of the signals of such a possibility is that Bitcoin whales are increasingly moving their coins to derivative exchanges.
This usually happens when the bottom is in, and buyers anticipate a new speculative rally. At the same time, the upcoming Ethereum merge has given a new lease of life to the cryptocurrency market after volumes hit new lows over the last few months. Some low-flying cryptocurrencies could blow up in the coming weeks if bulls retake complete market control. Here are some of those to watch today.
Binance Coin (BNB)
Binance Coin (BNB) is currently trading in the market’s overall direction. However, it has recently undergone such network upgrades that could easily see it rally in the coming days, especially if the broader crypto market continues gaining upside momentum.
One of these upgrades is the release of the zkBNB testnet. This allows BNB to scale better by handling up to 100 million addresses and more than 10,000 transactions per second.
This is a big deal considering scalability is one of the challenges many cryptocurrencies face. That, and BNB is a deflationary cryptocurrency, makes it one of the best cryptocurrencies to keep an eye on, not just in September but for the remainder of 2022.
Ergo (ERG)
Ergo (ERG) was recently thrust into the limelight after Cardano founder Charles Hoskinson talked about it regarding the Ethereum merge. Hoskinson believes that Ethereum miners would be better off turning their machines to Ergo rather than Ethereum Classic, which he termed a dead chain.
While this is just an opinion and has no real bearing on the market, it is essential to note that Hoskinson is one of the most powerful voices in crypto. As such, his opinions on Ergo could drive investors who didn’t know about it to buy. That’s why it is a cryptocurrency worth keeping an eye on today, now that bullish signals are starting to appear across the market.
Polkadot (DOT)
Polkadot (DOT) is one of the most fundamentally strong cryptocurrencies in the market today. However, it has been flying low for the last couple of months, with no significant activity around it. This could be about to change, though.
At the moment, Polkadot is holding strong above the $6.89 support and appears to be gaining upside momentum. It is an indicator that bears are losing momentum, and buyers confident of another crypto rally are taking positions. If the Ethereum merge triggers a crypto rally in the month, Polkadot could experience a significant rally, given that it has already jumped off a critical short-term support level.