3 Beaten-Down Cryptocurrencies To Buy In A Heartbeat Over Bitcoin

Concerns over Bitcoin’s energy consumption makes these downtrodden cryptocurrencies the more attractive buys

Last Updated September 3rd 2021

5 Min Read

Key Points

The number one crypto by market capitalization has gained quite strongly this year
Bitcoin’s gains could slow down due to environmental concerns
This trio of cryptocurrencies is yet to hit all-time highs but offers more promise than Bitcoin

Since the 1930s, the overall trajectory of LSE stocks has been up. The best indicator of the performance of UK equities is the FTSE 100. Since it was formed in 1984, the FTSE 100 has averaged over 10% a year.

This makes the stock market one of the most reliable routes to wealth creation in modern times. However, a decade ago, cryptocurrencies came into the picture, and they have completely changed the landscape.

Cryptocurrencies have been giving monthly returns that would take stock market indices, like the FTSE 100, decades to deliver. One of the most popular cryptocurrencies over the past decade is Bitcoin (BTC).

Bitcoin Has Been On A Roll In 2021, But It Has Its Flaws

Back in May, Bitcoin hit a high of $64,000. This was a huge move considering that in early 2020, it was trading at just a little over $8000. Essentially it rallied by over 700% in a year.

By comparison, the FTSE 100’s cumulative gains for 10-years up to 2019 were 103.98%. This goes to show the magnitude of how much Bitcoin has grown in just one year.

The average Bitcoin maximalist believes that Bitcoin will replace gold as the number one store of value. While it’s a good argument, the amount of energy used to mine Bitcoin is proving to be a cause of concern among regulators globally.

The amount of energy it uses has been going up over the years, and in 2020, Bitcoin mining was consuming more power than Argentina. This energy consumption has raised concerns amongst regulators such as those in China, and even amongst investors such as Elon Musk.

While a huge portion of the energy used to mine Bitcoin now comes from hydro-power, regulators in most countries, whose regulations can move the market, don’t seem convinced yet.

Considering that the amount of energy needed to keep the network going will only increase over time, there is no doubt that conflicts with the powers that be over the environment will only get bigger.

Now that there are lots of cryptocurrencies that do not have Bitcoin’s energy problems, and have better technical metrics, Bitcoin is easily avoidable as an investment at this point.

These Beaten-Down Cryptocurrencies Are Much Smarter Buys Than Bitcoin

Rather than buying Bitcoin, it makes more sense to invest in these three beaten-down cryptocurrencies. These are cryptocurrencies that are still way off from their all-time highs. They carry their risks, but they present a much bigger opportunity for gains than Bitcoin at this point.

Dogecoin (DOGE)
Shiba Inu (SHIB)
Ripple (XRP)

Dogecoin

Dogecoin (DOGE) is one crypto that presents a better opportunity for gains than Bitcoin going forward.

Dogecoin took a hit in May and dropped from a high of $0.77 to a low of $0.16. Unlike a couple of other altcoins that have gone on to make new all-time highs, Dogecoin is still way off from its all-time highs.

However, considering the big news that Dogecoin has in Q1 of 2022, basically within the next 6-months, it comes off as a strong buy at current prices.

The big news is that Elon Musk, through SpaceX, and partners such as Geometric Energy Corporation are working on a Dogecoin funded moon mission.

The mission is even named after Dogecoin, “Doge-1” and as Elon Musk said a while back, he aims to put a literal Dogecoin on the literal moon.

The reason why this mission is a big reason to buy Dogecoin is the hype it will create around Dogecoin. Back in 2020, and up to April 2021, Dogecoin rallied by over 12,000% out of excitement that Elon Musk was involved with the project.

Now that he is going beyond tweets, and using his space company to market Dogecoin, its price could rally more than it did in the last Bull Run. This makes it worthwhile growth crypto to buy now.

Check Out: 5 Reasons Why Dogecoin Could Double Your Money

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Shiba Inu

Shiba Inu (SHIB) may be a meme coin, but in terms of potential for value appreciation, it has a lot going for it.

One of this cryptocurrency’s biggest assets is its community. The Shiba Inu community is one of the most vibrant in the crypto space. The community’s active participation in the project makes it one of the most visible in social media cycles, and even in search engines.

This means there are a lot of people getting into crypto for the first time who are buying Shiba Inu as their first cryptocurrency.

At the same time, Shiba Inu has been growing in adoption, and this too can be linked to the active nature of its community. For instance, it was adopted by Shopping.io, and can now be used for shopping on top sites like Amazon.

This is a big deal and will help give it a positive perception amongst an even bigger number of investors. With the crypto market now closer than ever to another bull rally, Shiba Inu has the potential to give investors thousands of percentages in gains within a very short time.

Don't Miss: 3 Reasons To Buy Shiba Inu, And 1 Reason To Sell

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ripple’s XRP

Ripple’s XRP (XRP) has over the past year been beaten down by the ongoing case between Ripple and the SEC.

Despite this case holding it from achieving its full potential in terms of price appreciation, XRP has held steadily above $1 for some time now.

The key driver behind XRP’s price appreciation has been adoption. Lately, any news of adoption have pushed up the price of XRP by 20% or more.

The best part is that XRP adoption will only keep growing because of the efficiency it gives to users. When a bank uses XRP for cross-border payments, it drastically cuts costs, while also increasing the speed of such transactions. This makes it a pretty good choice of cryptocurrency to bet ongoing into the future.

There is also the potential that if the case between the SEC and Ripple ends in Ripple’s favour it could open doors for XRP adoption in the US in an unprecedented manner. The demand pressure it would create could easily push XRP to double-digit valuations.