5 Top Coins Crypto Traders Are Buying Now?

Cryptocurrencies have been in the spotlight lately amid the debacle of Terra’s flagship stablecoin UST and weakness in the price of the king of the crypto realm – bitcoin (BTC) – amid changes in the macroeconomic environment in top economies including the United States.

24-hour trading volumes have stabilized to some extent following a wave of liquidations that started in early May when over $100 billion worth of crypto assets exchanged hands on a daily basis compared to an average of around $40 to $70 billion when market conditions are relatively stable.

As of today, 5 tokens stand out as the most active among traders according to data compiled by CoinMarketCap. In this article, we will be providing you with this list of 5 top coins crypto traders are buying now along with some background on why trading volumes may be as high as they are.

#1 Among Top Coins Crypto Traders are Buying Now – Bitcoin (BTC)

5 Top Coins Crypto Traders Are Buying Now - Bitcoin

BTC/USD price chart – Source: TradingView

The price of the top coin by market capitalization in the space is apparently holding steady at a crucial area of support at $29,000 per coin as highlighted in the chart above. This support is crucial for the future of Bitcoin as the price action has bounced on multiple occasions from this level and that emphasizes its relevance for market participants.


Bitcoin’s trading volumes are accounting for 38.9% of the market’s total with $30.54 billion exchanging hands in the past 24 hours.

Despite these elevated volumes, the crypto asset is trading at a mild loss of 0.4% compared to yesterday’s closing price of $29,950 per coin.

A break below this crucial threshold may lead to a sizable decline in the price of bitcoin (BTC) and traders are probably watching closely what will happen in the following days as this could mark a make-or-break moment for the entire market.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

#2 – Ethereum (ETH)

Ethereum price chart

ETH/USD price chart – Source: TradingView

Similar to bitcoin, the price of ethereum has bounced off a crucial support at $1,700 per coin but it is not entirely out of the woods yet as the token has not made a higher high, meaning that it remains on a downtrend until otherwise proven.

Momentum indicators might be pointing to a short-term bottom in the price of ETH as the MACD has made a U-turn after sharply drifting to negative territory in the past few weeks and the indicator has just moved above the signal line – an event that is typically considered a buy signal.

Based on data from the past 24 hours, Ether (ETH) is accounting for 18.5% of the market’s total trading volume and so far today its price is dropping 1.9% at $1,933 per coin.

According to data from Etherscan, transaction volumes within the Ethereum network this year have stood relatively range-bound between 1 and 1.3 million and have never drifted below that lower bound. Therefore, network adoption does not seem to be declining and this means that higher risk premiums may be the top reason why this crypto asset has shed 47.4% since 2022 started.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

#3 – Bitcoin Cash (BCH)

5 Top Coins Crypto Traders Are Buying Now - Bitcoin Cash

BCH/USD price chart – Source: TradingView

Bitcoin’s hard fork and payments-focused crypto asset Bitcoin Cash (BCH) is making the cut in this selection of top coins crypto traders are buying now as its trading volumes are accounting for 3.2% of the market activity in the past 24 hours.

Coincidentally, luxury brand Balenciaga said yesterday that it will start accepting payments in Bitcoin and Ethereum initially as more and more companies within the fashion industry keep embracing the so-called web 3.0.

Gucci, one of the pioneers of this trend, is accepting payments in Bitcoin Cash (BCH), Dogecoin, and even Shiba Inu as some wild estimates about the valuation of the up-and-coming digital fashion industry have been surfacing lately. The price of BCH is declining 1.4% today at $188.9 per coin.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

#4 – BNB (BNB)

BNB price chart

BNB/USD price chart – Source: TradingView

The native token of the renamed BNB Chain is accounting for 2.8% of the crypto market’s trading activity in the past 24 hours shortly after Coinbase announced that it will start supporting the up-and-coming smart contracts network so users can have more alternatives when swapping tokens via the Coinbase Wallet.

Coinbase has been indirectly involved in the Terra Labs debacle as the company was one of the project’s earliest backers. The pure-play crypto exchange headed by Changpeng Zhao reportedly lost billions of dollars amid the collapse of LUNA this month and it recently extended a lifeline to Terra’s developers by creating the tools for them to easily migrate their projects to the BNB ecosystem.

The BNB Chain Fund, an initiative that seeks to provide funding for promising crypto projects, will give Terra’s developers access to much-needed capital and also to resources including network, tokenomics, and marketing support.

Same as Ethereum and Bitcoin, the price of BNB (BNB) is bouncing off a key support at around $205 per coin weeks after breaking the bearish flag that led to its latest collapse. Momentum indicators are favoring a short-term bullish outlook as the MACD just crossed above the signal line while the Relative Strength Index (RSI) is on a steady uptrend and is getting closer to the 50 level.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

#5 – Flex (FLEX)

5 Top Coins Crypto Traders Are Buying Now - FLEX

FLEX/USD price chart – Source: CoinMarketCap

The price of Flex (FLEX) has been on a sharp uptrend in May and has gone against the market’s overall trend as the total value locked (TVL) within the exchange rose to a record of $273 million on 7 May to then decline sharply to the current level of around $112 million.

The reason for this increase in TVL may be attributed to the attractive yield offered by the platform for staking FlexUSD – the network’s stablecoin. The annual yield currently stands at 16% and its utilization rate is standing at 91%.

Even though the platform’s TVL has declined sharply compared to its recent all-time high, the value of Flex has stood relatively unchanged at $4.95 per coin.

In the past 24 hours, trading volumes for Flex have accounted for 2.1% of the market’s total activity with $1.7 billion worth of the crypto assets exchanging hands during that period. This makes it the 5th among the top coins crypto traders are buying now.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.