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.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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