Amid uncertainties in the digital currency market, you may be contemplating the best cryptos to buy now. This selection process can be easier when you know your desired goals.
A lot has happened in the crypto industry in the past year. Several cryptocurrencies, such as Bitcoin and Ethereum, have dropped almost 75% from their all-time high (ATH) values.
While developers have doubled down on their building efforts, other firms such as Celsius, Three Arrows Capital (3AC), FTX, Alameda Research, and BlockFi have all gone bankrupt.
Lower crypto values could be the result of the bearish market intensified by the collapse of the Terra ecosystem and FTX trading protocol. Nonetheless, there are solid crypto assets investors can buy and earn some profits. This guide encompasses some coins to buy now and hold either short or long-term.
Seven best cryptos to buy now
The current crypto winter has had some far-reaching effects on the industry. Investors wanting to buy crypto for investment sakes may opt for less volatile assets, such as stablecoins or wrapped tokens.
In the same way, you may decide to invest in diverse crypto assets.
The rationale behind this is to have a diversified portfolio to minimize risk. Investing in just one crypto asset may be extremely risky, given the volatile nature of cryptocurrencies.
Thousands of crypto assets exist in the market, making it challenging to choose the best investment. However, this guide simplifies the selection process. Below are eight digital coins investors can buy now.
Bitcoin has remained at the forefront of the crypto market since the release of its white paper in 2008. With a market capitalization of more than $321 billion, Bitcoin represents about 36% of the entire cryptocurrency market.
Currently, Bitcoin trades at $16,696, 75% down from its all-time high (ATH) value of $68,000 in October 2021. While Bitcoin does not show any potential of rising to double its current price, it remains the safest bet for most investors.
Even though the price of Bitcoin is highly speculative, it still dominates thousands of other existing crypto assets in the market. This is all thanks to the Bitcoins Lighting Network, which prompts lower fees and higher transaction speed.
Bitcoin currently maintains a resistance level of $17,000, and failure to break through may result in a downside movement. An hourly relative strength index (RSI) of above 50 points and resistance levels at $16,800 and $17,000 could make this a good time for “buy the dip” investors to step in. Nonetheless, Bitcoin has shown significant growth since the beginning of the year.
Ethereum has shown significant consistency in the last few years. It not only trails Bitcoin as the second-largest cryptocurrency based on market capitalization, but is also a central hub for crypto developers.
This is evident in the development of decentralized autonomous organizations (DAOs), decentralized finance (DEFI), and non-fungible tokens (NFTs).
With a market capitalization of about $144 billion and a price of $1,184, Ethereum is down some 69% off its all-time high (ATH) value of more than $4,000, reached in October 2021.
Currently, thousands of crypto-based projects are built on the Ethereum network, which makes it extremely valuable among crypto developers. In addition, regular upgrade such as the EIP 1559 and the “Merge” makes Ethereum reliable and faster, and deflates the native Ether token.
Dogecoin is the fastest-rising memecoin in the crypto industry, all thanks to the push by Tesla founder Elon Musk. Created by Billy Markus and Jackson Palmer, this open-source coin was forked from Litecoin in December 2013 as a fun crypto.
Currently trading at $0.077, Dogecoin is about 89% down from its all-time high (ATH) value. Nonetheless, Dogecoin is highly speculative and has turned several investors into millionaires and billionaires.
Doge’s success story is closely linked to Musk’s love for it. In early 2021, the billionaire tweeted about Dogecoin by sharing a Lion King DOGE meme, prompting a strong rally with intermittent dips. Several months later, the coin’s price tanked by more than 70% following Musk’s seeming lack of interest. Nonetheless, occasional tweets by Musks show he still has power over the price of Dogecoin.
For instance, when Musk announced his intentions to acquire Twitter, the popular microblogging platform, the price of DOGE briefly spiked by 10%. If you are looking for quick gains, DOGE may be one of the top cryptos to buy now.
Considered an Ethereum killer, Cardano (ADA) boasts a whooping market capitalization of more than $9 billion. Currently trading at $0.26, the ADA token is in excess of 80% down from its all-time high (ATH) price of $3, reached in October 2021.
Charles Hoskinson, the network’s founder, announced the Alonzo hard fork in August 2021, prompting Cardano to surge by more than 116% the following month. The hard fork launch in September 2021 ushered in smart contracts deployed in just 24 hours.
Even though Cardano’s rate of developing products may be slow compared to other projects in the crypto market, it still promises to launch “gigantic” products. And its investors pride themselves on this.
Ripple (XRP) currently boasts the position of the seventh-largest coin in the industry, with a market capitalization of roughly $17 billion. The XRP coin currently trades at $0.34, 85% down from its all-time high value of $3.40, achieved more than five years ago.
The price of XRP has struggled for years due to the lingering legal battle between the company and the Securities and Exchange Commission( SEC). The contention is whether or not XRP is a security.
The SEC filed a lawsuit against Ripple and two of its executives in December 2020 on the allegation that they traded $1.3 billion worth of XRP tokens as security without being registered with the commission.
The current interest is whether or not the SEC will file for reconsideration of summary judgment. Investors believe XRP will have a favorable outcome, ultimately leading to a bullish run. This explains why XRP is being closely watched by crypto investors.
Binance has been in the news lately, especially with the collapse of the FTX trading protocol. The largest crypto trading protocol also stated that it will build Proof-of-Reserves to drive transparency in the crypto industry.
Build and Build (BNB), the native coin of the Binance exchange, currently trades at $247, more than 65% down from its all-time high value of $600, reached in October 2021. One of the advantages of Binance is its developmental strides as it strives to not only be an exchange, but to become an infrastructure service provider for the entire blockchain ecosystem.
Unlike Bitcoin, which suits the need of aspiring investors whose aim is a long-term investment, Binance is ideal for short-term investors. In addition, Binance’s stablecoin, BUSD, has maintained optimum stability as its books show that the token is tied to real-world assets.
Polygon is a popular blockchain infrastructure built on the Ethereum protocol to enhance scalability and lower transaction fees. As a layer-2 solution, Polygon enables developers to build optimistic rollup chains, ZK rollup chains, and other stand-alone chains. Over time, Polygon has transformed the Ethereum network into an internet of blockchains.
Polygon is well known for its partnership with companies such as Meta, Robinhood, and Starbucks. These partnerships serve as a frontier to scale its native token, MATIC.
MATIC currently trades at $0.8, about 60% down from its all-time high of $2.32 a year ago. Investors believe that a bullish run may result in a surge in the price of MATIC.
Best cryptos to buy now – what to consider
Before buying any cryptocurrency, some factors must be considered. These include:
• What is the risk involved?
• Do I store the coins in a hot or cold wallet?
• Does the coin fit into my long-term or short-term portfolio goals?
If, after answering these questions, you feel convicted to invest, then you should. But do not compromise on security.
Holding crypto is risky. Losing your recovery phrase, sharing your password with third parties, physical damage to your hardware wallet, or even a malicious attack on your hot wallet or exchange wallet may result in the loss of coins. Caution must be taken at all times.
Best cryptos to buy now – conclusion
It is essential to understand that there is no perfect cryptocurrency to invest in at the moment. It all depends on individual choices and the risk level each investor can take.
The issue of speculation must not be overlooked. Major news in the industry could affect the market positively or negatively, ultimately leading to a profit or loss. With cryptocurrency investments being tricky, every investor must research adequately before deciding to invest.
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