Top 5 cryptos to watch when releasing CPI data this week

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The crypto market has been very bullish over the past week as the start of the year has seen positive investor sentiment for the industry, especially for our top 5 cryptos to watch this week.

Since January 1, the total crypto market capitalization has increased by 8.25%, which shows a complete reversal in investor sentiment in the market.

As market optimism grows for an economic soft landing, crypto is poised to rebound after a year of total disaster.

The market has been devastated after several high-profile crashes, leaving investors as the biggest losers and increasing fear, uncertainty and doubt.

The broader financial market is awaiting the release of consumer price index (CPI) data for December.

Here are the top 5 cryptos to watch this week: Litecoin (LTC)

The former trusted token of the crypto world, this altcoin recently recorded its 140 millionth transaction. Litecoin achieved this with nearly 100% uptime, which is rare in the era of smart contract providers.

The altcoin is also gaining more adoption with LTC gaining traction as a means of payment. With that in mind, LTC would certainly have a big and important role once the bear market cycle begins.

At the current price of $81.92, the token will play an important role in the upcoming bull market. However, if the macro data is trending lower or stagnant, LTC will certainly struggle to climb back up.

Shiba Inu Image: WBUR Shiba Inu (SHIB)

The original rival of Dogecoin (DOGE), this memecoin has grown in popularity and utility and made our top 5 list of cryptos. The Shiba Inu community is also trying to distance itself from its memecoin origins, which is more apparent as one reads the details of the Shibarium upgrade.

At the current market price of $0.00000887, SHIB has some room for growth as the launch of Shibariums approaches. But investors and traders should pay attention to macroeconomic trends due to the tokens’ high correlation with Bitcon and Ethereum.

Polygon (MATIC)

Polygon’s native token, MATIC, has risen in price since Mastercard announced its partnership with the ecosystem for its Web3 artist accelerator program. The recent migrations of y00ts and DeGods would also contribute to this bullish action.

With MATIC trading at $0.865, any good development at the macro level would mean big gains for token investors and traders.

Image: Bitcoin (BTC) cryptocurrency news

Of course, Bitcoin will always be in the top 5 crypto lists. As Bitcoin rises to $17,252, the king of crypto is leading the charge for recovery against the bear market. BTC holders are particularly bullish on the 4-year cycle that the major cryptocurrency has followed in past bear markets.

Although the token has lost its status as an alternative to gold, the coin breaking through the $17,000 resistance is a significantly bullish signal for investors and traders to watch.

Since Bitcoin is correlated with almost the entire crypto market, any movement in BTC would mean gains or losses for the entire market.

Total Crypto Market Cap Finally Surpasses $700 Billion Mark And Now At $811 Billion On Weekend Chart | Chart: TradingView.com Solana (SOL)

SOL has been hit hard by the 2022 bear market. With the token down 88% year-to-date, the ecosystem may seem dead to some people. However, with the release of Bonk, SOL rose last week and completes the list of top 5 cryptos for today.

Bonk is the new memecoin that has been creating buzz around it as it surged 1600% in the past week. This led to an increase in network activity, which also drove up the price of Solana. But with Bonks’ big pump, a correction could hurt SOL as well.

At the time of writing, the SOL price of $16.43 would certainly suffer if macro trends stagnate or remain bearish.

– Featured Image: Integrated

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