5 Best Layer 1 Blockchain Cryptocurrency to Invest in Now April 2022 Week 1

Time Stamp: April 6, 2022 5:46 AM
Source Node: 1251879

The cryptocurrency market has suffered a dip. Having had a good couple of weeks, its total cap has fallen by 3.5% in the past 24 hours, to $2.19 trillion. Most major coins have also fallen by similar percentages, although the market remains around 10% up in the past fortnight. This is a good posting, and for the most part, it’s layer-1 cryptocurrencies doing much of the legwork here. We’ve therefore highlighted some of the most promising in this list of the 5 best layer-1 blockchain cryptocurrency to invest in now.

5 Best Layer 1 Blockchain Cryptocurrency to Invest in Now

1. Bitcoin (BTC)

Bitcoin, bitcoin, bitcoin. The market begins and ends with bitcoin, which explains why it’s down today, because BTC has fallen by nearly 3% in the past 24 hours. At $45,287, it has declined by 4.5% in the past week, but risen by 18% in the past month.

Bitcoin (BTC) price chart - 5 Best Layer 1 Blockchain Cryptocurrency to Invest in Now.

BTC is currently coming down after the euphoria of its mini-recovery over the past few weeks. Its relative strength index (in purple above) has slid close to 30, signalling that the market is overselling it. Likewise, its 30-day moving average (in red) is inching down towards its 200-day average (in blue). If it crosses underneath, this could indicate a bearish period. But then again, previous ‘death crosses’ over the last month or so haven’t lasted for long.

Either way, BTC is in a good position. It continues to witness accumulation, with MicroStrategy buying a further 4,167 BTC in the past day. On top of this, the amount of BTC that hasn’t moved for at least 12 months has now equalled its all-time high of 64%.

Such accumulation is laying the foundation for a potentially large rally. And with the ongoing Ukraine-Russia conflict showing that BTC has genuine utility in a crisis, it’s going to continue attracting converts.

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2. Ethereum (ETH)

At $3,357, ETH has dropped by just over 4.5% in the last 24 hours. This means it’s down by 1% in the past week, but up by 13% in a fortnight and 30% in 30 days.

Ethereum (ETH) price chart.

ETH is particularly oversold right now, as highlighted by its RSI. It could therefore be in for a nice little rebound in the next few days, particularly when its medium-term momentum remains good.

And sooner or later, ETH is likely to rally very strongly this year. This is because it’s transitioning to a proof-of-stake consensus mechanism. While the launch target of “Q2 2022” is fairly vague, rollout has taken one step forwards with the launch of the Kiln testnet. This marks the final phase of testing before the final deployment, implying that things could be fairly close.

And once proof-of-stake is launched, ETH could become deflationary. Already, 10 million ETH has been staked in the Beacon Chain’s contract. This is nearly 10% of ETH’s circulating supply, highlighting the demand there will be for staking once the merge is complete.

On top of this, the successful completion of the merge will boost confidence in Ethereum and its future. This alone will cause a rush of investors towards ETH. This is why it’s one of 5 best layer 1 blockchain cryptocurrency to invest in now.

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3. Terra (LUNA)

LUNA is one of the few relatively unscathed altcoins today. At $115.99, it’s down by a very minor 0.1% in the past 24 hours. On the other hand, it’s up by 6.5% in the past week and by 46% in the past month.

Terra (LUNA) price chart.

LUNA’s indicators show that, despite the market’s wobble today, it’s maintaining some degree of momentum. This is hardly surprising, since it actually reached a new all-time high of $119.18 less than 24 hours ago.

LUNA has been rallying ever since Terra conducted a private sale of its UST stablecoin in late February. Raising $1 billion, this sale will help create a reserve for Terra denominated in bitcoin, allowing it to better support the value of UST. This has created more demand for UST, which in turn creates demand for LUNA.

More recently, Terra announced it’s buying $10 billion in BTC, also in order to shore up the value of UST. Again, this creates confidence in UST and increases demand for it. And the thing about the Terra ecosystem is that LUNA is burned whenever new UST is minted. This makes it one of the most deflationary alts in the market.

Terra is now the second-biggest DeFi ecosystems in the market, accounting for $31.36 billion in total value locked. This is an impressive figure, considering that it stood at $13.4 billion at the start of February.

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4. Dogecoin (DOGE)

DOGE is really the only major coin that has bucked the trend today. It’s up by 7% in the past 24 hours, reaching $0.161110. It’s also up by 11% in a fortnight and 33% in a month.

Dogecoin (DOGE) price chart.

DOGE is up for a very simple reason: Elon Musk. The Tesla CEO recently purchased a 9% stake in Twitter, worth around $3 billion. This set the scene for him being invited to join Twitter’s board of directors, meaning he will be responsible for setting Twitter policy and strategy.

This is bullish for DOGE for a couple of reasons. Firstly, Musk’s stake in Twitter commits him to remaining on the platform, where he’ll potentially continue to promote DOGE via tweets. Secondly, it increases the probability that Twitter could extend its flirtation with crypto by introducing the ability to pay or tip using DOGE.

And aside from Musk’s occasional boosting of DOGE, the altcoin itself continues to have a strong community. Its Reddit page has 2.3 million subscribers, while its Twitter has 3.1 million followers. This makes it ready to rally, given the right incitement.

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5. Cardano (ADA)

AVAX is down by 5% in the past 24 hours, falling to $1.14. It’s also down by 4% in the past week, but up by 38% in the past month.

Cardano (ADA) price chart - 5 best layer 1 blockchain cryptocurrency.

ADA’s indicators show that, like many other coins, the market is overselling it. The flipside of this is that overselling increases the chances of a rally in the not-too distant future.

Cardano’s fundamentals already make such a rally probable. It has been growing rapidly over the past few months, with its launch of smart contracts in September followed by Cardano’s ecosystem expanding to include nearly 900 projects in development.

From standing at only $1 million at the start of January, Cardano’s total value locked in has now risen to $240 million. This is a rise of over 24,000%, with the launch of its DEX SundaeSwap in January largely responsible for this growth.

While Cardano arguably remains an ‘unfinished’ system, there’s no doubt it’s growing quickly. Input Output Hong Kong continues to develop its capabilities, as well as announce new projects. This is why ADA is one of our 5 best layer 1 blockchain cryptocurrency to invest in now.

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