With the current crypto bear market, savvy investors have an opportunity to purchase high-valued crypto assets at a discount. With that being said, here are some of the best cryptos to stock up on during this phase of the market.
The first on the list is the most established crypto, Bitcoin (BTC), with its current market cap of around $370 billion. Bitcoin’s price has skyrocketed over the years and is like a household name. In May 2016, one BTC was worth $500, now one BTC is worth $19,217 – a 3,500+% increase.
Furthermore, BTC is a go-to favorite in times of crypto market crisis given its long-standing position in the market and its resilience against bear markets.
For investors who want to wait for signs that the crypto market is in a consolidation or recovery phase, a stablecoin may be the best investment option for now. A stablecoin is a special type of crypto whose value is pegged to another larger value, such as a fiat currency, commodity, etc.
The biggest stablecoin by market cap is Tether (USDT) which is pegged to U.S. dollar reserves. It has also been in the market for a long time and survived the most bear markets among all of the stablecoins. However, there is speculation whether or not Tether has the U.S. reserves that they claim they have.
An alternative to USDT that investors can buy into while the bear market plays out is USD Coin (USDC), which is powered by Ethereum.
Another crypto coin that could be a good investment during this bear market is Binance Coin (BNB), with a market cap of around $35 billion. BNB is the native utility token of Binance, the largest crypto exchange in the world.
Since Binance launched in 2017, it has expanded its range of services and offerings that were initially limited to just crypto trading. BNB’s price in 2017 was just $0.10 and by early July 2022, its price had risen to around $215, which is an approximate 214,900% gain.
The Binance platform continues to make strides during a time that many of its crypto exchange competitors are laying off staff and consolidating funds. One example is Binance bringing on 2 new brand ambassadors. One of the ambassadors is the world’s biggest football icon, Christiano Ronaldo. The other brand ambassador is a well-known TikTokker, Khaby Lame.
Cardano (ADA) is the next coin on the list that investors should look into buying. The team behind the coin has been rapidly developing their blockchain during this bear market with its most anticipated upgrade ever still on the way; the Vasil Hard Fork. ADA is arguably one of the most undervalued coins in the crypto market at the moment.
Meanwhile, Solana (SOL), similar to ADA, is an Ethereum competitor. Although ADA leads the way in terms of community and market cap, SOL is still a good option to invest in. One problem reported with SOL is the number of recent network outages that its blockchain has experienced. However, this is mainly due to SOL pushing the limitations of blockchain technology.
If SOL’s team can improve the stability of the blockchain, this could be one of the best-performing tokens in the space with one of the most performant blockchains on the network.
Last on the list is Polygon (MATIC), which is a layer-2 scaling solution that aims to scale the Ethereum (ETH) blockchain further. By coupling Polygon with Ethereum, the Ethereum blockchain can achieve higher transaction speeds with lower transaction fees.
Given that ETH is the largest altcoin by market cap, it could reportedly push up the value of MATIC over the coming months or in the next bull run.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
