If Russia invades Ukraine, not only cryptocurrencies but the global economy will suffer as well. As investors watch for geopolitical turmoil, we at Kriptokoin.com are taking a close look at 6 altcoin projects that crypto expert Josh Enomoto recommends watching.
6 altcoin projects to watch
ETH. Generally among the more stable cryptos, Ethereum has been quite active lately. Just a few days ago, ETH was trading below the key psychological threshold of $3,000. Naturally, the second-largest digital asset by market capitalization fell when an armed conflict appeared to be imminent in Ukraine. For now, however, with tensions cooling, Ethereum traders took the opportunity to push the coin above the $3,100 level.
BNB. According to the team behind BNB, the cryptocurrency and its ecosystem have expanded beyond Binance and its core business of providing a global exchange for crypto. In addition, blockchain will become a multi-chain network, thus facilitating large-scale applications that include GameFi, SocialFi, and the metaverse. In the context of the Ukraine crisis, BNB’s shift to a more utilitarian web could make it vulnerable to the downside.
XRP. In the five days since the early hours of February 16, XRP has increased by about 10%. Much of this momentum is due to growing confidence among bulls that the Securities and Exchange Commission lawsuit will actually support Ripple.
ADA. At the end of the summer of last year, Bloomberg announced that ADA is the third largest virtual currency by market capitalization. If he’s not careful, it could probably drop to #8. The problem seems to be that Cardano doesn’t attract emotions like it used to.
Avalanche has the best short-term performance among the top 10 cryptos by market cap. Over the next seven days, AVAX has increased by 8%, and in the last 24 hours by about 11%. But can this extraordinary momentum continue? Emotionally, Avalanche seems more reliable than many other cryptos. However, it is not yet a complete green light for the digital asset.
Despite recent news of Russia’s pullback, Dogecoin is still trading below its 50 DMA. Also, this indicator has broken below the 200 DMA since October last year, indicating that the dominant trend is bearish. As long as DOGE continues to trade below its 50 DMA, traders who don’t really care about holding indefinitely may decide to sell and look for more favorable deals.
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