After a mixed performance in the past month, the cryptocurrency market enters February on a clean slate, with these four coins looking to impress.
The cryptocurrency market struggled to impress in the past month. Following the approval of spot Bitcoin ETFs in the United States, the market euphoria that led up to that landmark faded, pushing Bitcoin below $40,000.
However, the leading cryptocurrency has since made a substantial rebound, dragging most of the market alongside it. While February presents a fine opportunity for the rebound to continue, we believe these four cryptocurrencies will be worth keeping an eye on for several reasons.
Shiba Inu (SHIB)
After losing 18% in the first month of the year, the second largest memecoin by market capitalization will be out to impress once there is a clear indication of where the market is heading. Whales have been accumulating the cryptocurrency since it slipped below the $00001 mark, while ecosystem initiatives such as burns have remained steady.
Additionally, several key indicators, including the widely trusted TD Sequential, all point towards an imminent recovery. It will be interesting to see whether February brings that reversal that SHIB investors hope for. The asset is trading at around $0.0000088 at the time of writing, faced with the mountain-like task of regaining the $0.00001 mark in the coming month.
XRP
January was a month to forget for XRP as the asset lost both the $0.6 mark and the $0.5 levels. The woes were further compounded by a security breach on personal wallets held by Ripple Chairman Chris Larsen.
These developments and the mixed broader market price action mean that XRP is currently exchanging hands at $0.49. Yet, many analysts point to XRP’s underperformance as being similar to a period in 2017 leading up to parabolic price action.
Market participants will be keen to see whether February marks the beginning of such potentially bullish price action. After all, a different outcome would mean even more trouble for XRP holders, and the asset must start giving investors reasons to believe again.
Cardano (ADA)
Ranked within the top 10 cryptocurrencies, Cardano is another altcoin that will be out to impress. In January, ADA lost ground on its position as the eighth-largest crypto asset as Circle’s USDC grew significantly.
Although ADA remains eighth, it now needs to gain nearly $9 billion in market capitalization to catch up with USDC. Notably, the asset boasts an impressive average monthly return for previous February months and will look to improve that position once again. ADA is trading at $0.489 at press time.
Polygon (MATIC)
Polygon’s MATIC did not escape the January onslaught on altcoins. The asset lost 20% during the month, slipping below the psychological $1 price as a result. However, February might be the opportunity for MATIC to retrace its course, especially if a mini-altcoin season begins within the month.
The asset is usually among the first movers among altcoins and will relish a chance in the spotlight as soon as market performance improves. A surge back above $1 may not be on the cards, but it will not be completely ruled out, given MATIC’s impressive record of taking the market by surprise.
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