The crypto market remained under pressure last week as Bitcoin and top tokens retreated, erasing billions of dollars in value. Bitcoin moved to $80,000, while the market cap of all tokens dropped by over $2.86 trillion. This article explores some of the top cryptocurrencies to watch this week, including Monad (MON), Pi Network, and XRP.
Monad mainnet launch and airdrop
Monad will be one of the top cryptocurrencies to watch this week as it launches its mainnet and token. These launches come a week after the network participated in a week’s initial coin offering (IPO) in a partnership with Coinbase.
Monad has attracted attention because of its popular integrations like Wormhole, LayerZero, RareBetSports, Chainlink, Curve Finance, and Aave, among others.
Still, the most likely scenario is where the MON price retreats sharply after the mainnet launch. For one, the token launches at a time when the crypto market crash is underway, with Bitcoin trading below $90,000.
Also, as it happens regularly, most investors normally dump their tokens after an airdrop. Most importantly, history shows that most tokens, including popular names like LayerZero (ZRO), Wormhole (W), and ZkSync (ZK), drop after their token launches.
There are also concerns that the layer-1 and layer-2 industries have become highly saturated in the past few months. In addition to Ethereum, there are now hundreds of these projects.
Pi Network (PI)
Pi Network will be another top crypto to watch this week because of its recent outperformance. It remained in a tight range and notched a gain last week as Bitcoin and most altcoins tumbed.
Technicals suggest that Pi Network price is now in the accumulation phase of the Wyckoff theory. It has also formed an inverse head-and-shoulders and a double-bottom-like pattern, pointing to an eventual comeback in the near term.
Pi Network has some potential catalysts, incuding the fact that it has now pivoted into the booming artificial intelligence (AI) industry. The team recently invested in OpenMind and is exploring ways to let its node operators provide their services to companies in the AI industry.
Ripple (XRP)
XRP is another top cryptocurrency to watch this week as its price remains above a key support level. It has remained above the key support level at $1.8430, a level it has failed to move below several times since December last year. A move below that price will point to more downside over time.
The other potential catalyst for the XRP price will be the upcoming launch of ETFs by companies like Grayscale and Franklin Tempeton. These launches come as demand for other ETFs has remained steady.
The Canary and Bitwise XRP ETFs have attracted over $422 million in inflows, a notable figure since we are in a crypto bear market. In most cases, ETF inflows tend to fade when most tokens are falling.
Other top crypto to watch this week
There will be other top crypto tokens to watch this week, including popular names like Bitcoin, Ethereum, Chainlink, and Dogecoin. Like XRP, DOGE price will be in the spotlight as Grayscale launches its ETF.
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