Send me real-time posts from this site at my email
Motley Fool

3 Top Cryptocurrencies That Skyrocketed Higher This Week

What happened

The crypto markets are broadly red today, and have seen significant selling pressure since Wednesday. However, there are pockets of winners in the cryptocurrency sector that are inspiring confidence. Among this week's outperformers are Terra (CRYPTO: LUNA), Polygon (CRYPTO: MATIC), and Algorand (CRYPTO: ALGO).

Compared to last Friday's close, Terra, Polygon and Algorand appreciated 63%, 35.1%, and 10.1%, as of 1:30 p.m. ET.

Image source: Getty Images.

So what

Terra Luna has been among the biggest winners in the large-cap crypto space this week, and in recent weeks. This price momentum translated into Terra's move into 11th spot in the crypto rankings as of this morning, just a hair behind meme token Dogecoin. Yesterday, Terra surpassed Shiba Inu on news that new proposals for this blockchain network could improve tax reporting capabilities and liquidity for investors.

Polygon's surge this week appears to be related to the layer-2 network's adoption by another key protocol. Uniswap announced it would join Sushiswap and Aave in utilizing Polygon's layer-2 functionality.

Algorand has been more volatile in recent weeks, surging on news that this token would be added on various exchanges. It appears investors like Algorand's proof-of-stake consensus mechanism, and this network's overall utility.

Now what

Each of these three large-cap cryptocurrencies represent underlying blockchain technologies investors are gravitating toward right now. Each have token-specific drivers that are providing outperformance in this period of relative volatility.

Of course, investing in any digital asset remains a risky endeavor, and we're seeing significant volatility continue to emanate in the crypto world. However, for investors looking to put some money on winners in the crypto sector and letting it run, these three tokens are worth considering right now.

10 stocks we like better than Terra
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and Terra wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of November 10, 2021

Chris MacDonald owns shares of Algorand. The Motley Fool owns shares of and recommends Aave and SushiSwap. The Motley Fool has a disclosure policy.


Source

Popular posts

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue