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Top cryptocurrencies traders should keep an eye on right now

After a sharp drop in 2022, the cryptocurrency market managed to stabilize over the past couple of months

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Top cryptocurrencies traders should keep an eye on right now

After a sharp drop in 2022, the cryptocurrency market managed to stabilize over the past couple of months. The environment remains challenging, though, and navigating these stormy waters is still not easy. However, even during periods of underperformance, several tokens manage to stay on top.

Not all cryptocurrencies are created equal, which is why traders interested in this market need to know how they differ from each other. Let’s take a look at four tokens that you should be keeping an eye on right now.

Ether (ETH)

Sticking with the market leaders is one of the most optimal approaches right now, given anything can happen in this environment. Ether remains a solid cryptocurrency, one that managed to outperform Bitcoin during the recent market pullback higher.

Transitioning to Proof-of-Stake, as well as other blockchain updates, improved the overall fundamental picture for Ether. Despite headwinds such as a stronger US Dollar and less appetite for volatile assets, analysts at Globe Invest Hub continue to believe Ether will benefit during periods when the market sentiment improves.

Polygon (MATIC)

As a project that attempts to explore decentralized finance for real-world assets, Polygon benefited from increased media attention as of late. JPMorgan, one of the largest investment banks on Wall Street, partnered with the company behind the blockchain, and that naturally sparked the attention of millions.

This is good news, that first and foremost shows that there are unexplored benefits with regard to this technology. Also, interest from large financial institutions might equal more institutional flows into the crypto market, as a new upward cycle is bound to occur in the future.

Technically, Polygon bottomed in June and did not revisit the 2022 lows. Buyers prevented a new lower low, so if the price will manages to rebound above $1, that can be an important development for buyers.

Quant (QNT)

One of the major outperformers during the past several months is Quant. The token bottomed around $45 and then started to rally, reaching $208 by mid-October. Considering most of the cryptocurrencies are underwater for the year, traders who put their chips on QNT have been rewarded thus far.

The price is now retracing from the highs, but the overall upward trend remains in play. Stronger support is expected close to $150 if sellers manage to drive QNT lower. Improvements in the broad market sentiment are more than welcomed and can favor tokens like this one.

Binance Coin (BNB)

When the market makes a turn, brokerages like Globe Invest Hub report that customers are more engaged in crypto trading. Same goes with cryptocurrency exchange platforms, and Binance remains one of the leading names in the industry.

As a result, Binance Coin is widely regarded as a bellwether for crypto appetite. If the market goes up, people buy crypto and generate more revenue for exchanges. Conversely, bearish conditions reduce liquidity and trading volumes diminish.

Trading BNB is an interesting way to position yourself in the dominant market direction, while also holding exposure to an established crypto project. Binance Coin is now the 4th largest crypto by market capitalization, generating over $1 billion in daily trading volumes.