As the first month of 2024 approaches, many are considering the best cryptocurrency investments at the moment. January 2024 Cryptocurrencies will bring huge profits in the future bull market!
Maker (MKR)
The Maker (MKR) token is showing positive indicators at the start of the year, suggesting that this could be a productive year. On-chain data reflects an increase in activity, indicating a possible positive trend.
Daily active addresses, a key metric that indicates user engagement, has risen since the beginning of the year. More than 600 addresses are actively trading MKR, up 4% from the initial 590. The rise in engagement indicates growing momentum and interest in the token.
Additionally, the number of new addresses dedicated to MKR trading has increased by more than 5% since the beginning of the year. The inflow of new investors helps expand the ecosystem and increase liquidity.
Last year, MKR’s price increased by 218%. Impressively, it outperformed 85% of the top 100 crypto assets during this period.
Maker holds a circulating supply of 920,112 MKR, with a maximum supply of 1.01 million. In addition, Maker ranks 6th in the DeFi token space and 13th in the Ethereum (ERC20) token space.
Furthermore, the token is trading above the 200-day simple moving average, reflecting a positive trend. In the past 30 days, there were 17 green days, accounting for 57% of the period. Maker exhibits strong market influence and high liquidity based on its market capitalization.
APT
Aptos (APT) is going through a major event with the unlocking of 24 million tokens. With the upcoming token release, its circulating supply is expected to increase from the current 308 million tokens.
The unlocking of a large number of tokens could bring different results for Aptos (APT). On the one hand, it may increase liquidity and trading activity, which may push prices higher if demand continues to grow. On the other hand, the increase in supply may put downward pressure on prices, especially if the market sees it as an oversupply. The key lies in the balance between new supply and investor demand. The current support and resistance levels will be crucial in determining the short-term price trend of Aptos (APT).
Sei (SEI): The Amazing Rise of the Crypto Market
Sei (SEI) is a layer 1 (L1) blockchain token that has experienced an incredible surge of over 1,500% since its debut in August 2023. As of January 2024, it ranks 47th in market cap, valued at $1.66 billion. The Sei (SEI) blockchain is a hotspot for traders seeking speed and efficiency, and it leverages the Cosmos SDK and Tendermint Core to build its competitive advantage. The Sei blockchain introduces Ethereum Virtual Machine support in an effort to attract developers and users of Ethereum (ETH).
Currently, Sei (SEI) price is fluctuating between $0.530 and $0.853. The 10-day moving average is $0.741, and the 100-day moving average is $0.654. Support levels are identified at $0.059 and $0.382. On the other hand, resistance levels are $1.028 and $1.351.
The future of Sei (SEI) looks promising due to its innovative features and upcoming v2 upgrade. But what will really determine the future of Sei (SEI) will be the market’s acceptance of its new upgrade and its new ability to handle EVM-friendly smart contracts. While the blockchain industry is full of potential for financial growth, it is crucial to stay sharp as the development process is unpredictable and highly competitive.
Frax Stock (FXS)
Frax is a major player in the decentralized finance (DeFi) space, offering a unique approach to cryptocurrency investing. The project introduced Frax Share (FXS) as part of the Frax protocol, providing a fractional algorithmic stablecoin called FRAX.
The project stands out by integrating staking and algorithmic elements into its stablecoin. However, Frax Share has a circulating supply of 76.23 million FXS, while the maximum supply is 99.9 million FXS.
FXS is trading above the 200-day simple moving average, indicating a continued positive trend. Moreover, the project has experienced 15 days of positive price movement in the past 30 days.
This is critical considering the current annual supply inflation rate of 370.25%. This means that 60.02 million FXS were created last year. Despite inflation, market sentiment towards Frax Share remains bullish.
Additionally, the token is actively traded on Binance, adding to its overall appeal in the crypto market.
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