January was a pretty bullish month for the cryptocurrency industry.
Will February bring the same bullish returns in the crypto arena?
The five cryptocurrencies featured in this article feature both interesting developments coming up in February and some bullish looking charts.
January was a pretty bullish month for the cryptocurrency industry, with many digital coins reaching new highs throughout this time frame. Will February bring similar bullish returns in cryptocurrency?
If so, which pieces are likely to show the way, and why? This is what we will see below.
The ether is the second largest cryptomonnaie by market capitalization, behind Bitcoin (BTC). It benefits from important use cases, since its blockchain serves as a platform for the development of smart contracts for many other cryptocurrencies.
An interesting development to come for the ether during the month of February is the publication by the CME Group of the cash settled ether futures contracts , which are expected to be launched on February 8, 2021.
After Bitcoin, whose cash-settled futures were launched in 2017, ETH is now the second digital asset whose futures are managed by the CME Group. This would potentially allow market participants to have a simpler method of managing their risk when investing in ether.
From a technical analysis perspective, ETH appears to be in the last phase of its bullish momentum, but could rise to as high as $ 1,780 before falling
While EGLD is still a relatively small coin when ranked by market capitalization, its price and rank rose significantly during the month of January.
Additionally, Elrond has ambitious plans for the future, as the company aims to create a financial system that allows for virtually instant transactions, while being non-inflationary. EGLD plans to make this system accessible globally.
One of its means to achieve this is by launching “ Maiar ”, a financial application that enables simple money and crypto transfers around the world.
The application would allow users to have a functional portfolio in just a few seconds. Unlike Venmo or Google Pay, Maiar will not collect personal information. So far, over 180,000 users have signed up for its release.
The launch date for this wallet and payment application was set for January 31, 2021.
From a technical analysis standpoint, EGLD still appears to be in a long-term uptrend despite its parabolic rise, and should continue to climb towards $ 84-85.
Stellar was established in 2014 with the goal of providing financial services to areas of the world that are underdeveloped and lack them. Transactions on its network have a fixed commission of just 0.0001 XLM and are virtually instantaneous.
The coin also enjoys institutional interest, as evidenced by Grayscale Investments, which created the Stellar Lumens fund . In the third quarter of 2020, XLM was Grayscale’s seventh best performing asset.