June Pick: Tezos (XTZ)
During times of pressure on the crypto space, we prefer to identify coins that we think have fundamental value. Tezos is one of these, being one of the largest open source blockchain in the market. We also feel that the company is pursuing more of a traditional operating model, including building a brand image with sponsorships including Manchester United and Formula 1.
This should allow not only a heightened exposure to non-crypto users, but also help to validate it as a viable project for the years to come. As a result, we like Tezos at the moment, with the 43% slump over the past year putting it down at attractive levels for dip buyers to get interested.
Clearly, crypto sentiment is still very fragile, so Tezos could get caught up in another wave of selling in coming months. therefore, we would be looking to buy in tranches.
June Pick: Cardano (ADA)
A majority of the crypto space has been in consolidation. A few popular names like DOGE, DOT, SAND and XRP are all in a tight range. However, Cardano has made an attempt higher. Although the price failed to hold above, this is a good sign for a potential move higher later on.
The price is currently at $0.60. I don’t think Cardano will see a significant move up unless the entire crypto market moves higher. But the fact that ADA has made an attempt higher is significant. If crypto were to change to a more bullish sentiment, Cardano would move higher than other coins. The price holding up where it has shows there are buyers who are interested. Other similar coins are struggling to hold up.
So, Cardano is my choice this month with the idea that if crypto does make a move higher after the recent pullback, it should have a more significant move than the others.
June Pick: Binance Coin (BNB)
BNB has had a positive rally in the last couple of weeks, recovering from ~$240 to over ~$300. Similar to the rest of the crypto market, BNB is down year-to-date but to a much lesser extent than other Top 10 peers. BNB sits at number 5 in the crypto market capitalisation rankings, currently at ~$48 billion.
BNB is the utility token of the Binance exchange, the largest crypto exchange by daily trading volume, which has expanded into further business lines such as launching their own NFT marketplace and Venture Capital for new blockchain projects. BNB also benefits from a quarterly burning of the BNB supply to tackle deflationary tokenomics, as well a low exchange and gas fees.
Overall, Binance is a leading player in creating a crypto ecosystem and their token has seen a significant increase in popularity.
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