3 Beaten-Down Cryptocurrencies To Buy Now 

Buy these cryptocurrencies now to reap sizable returns later.

Last Updated August 19th 2021
6 Min Read

Cryptocurrencies have been growing at an unstoppable momentum. Countries worldwide are embracing this new form of currency and shifting toward a digital mode of payments. However, the past couple of months were not ideal for some cryptocurrencies as they took a bad hit. On the bright side, we can expect some of these digital assets to rise and shine soon. So what are the 3 beaten-down cryptocurrencies to buy now? Read on to find out.

Cryptocurrencies reached record highs in May but have been caught up in a whirlwind so far. But with the market maturing, it is imperative to invest in cryptos with a long-term growth runway. Hence, the best cryptos to buy are those with real-world utility and a solid track record of innovation.

So, what are the best cryptocurrencies to invest in right now and hold over the long term? Let us have a look.

3 Beaten-Down Cryptocurrencies To Buy Now 

Litecoin (LTC) 

As one of the most widely accepted cryptocurrencies, the price of Litecoin has seen colossal growth recently. 

Litecoin is one of the most valuable cryptos in the industry. It was created through a fork in the Bitcoin blockchain and is one of the oldest cryptos in the market. It has gained 54% in the past 12 months. However, it has stumbled quite a bit of late. In the past weeks, though, LTC has shown signs of a rebound, which indicates a reversal of its fortunes.

Litecoin was one of the earliest cryptocurrencies to enter the market. Consequently, it remains one of the largest coins in the sector by market capitalization. Users can find this popular coin on nearly every crypto exchange. Also, it is one of the most widely accepted cryptocurrencies in the world. You can use Litecoin for purchasing goods, services or even investing in other crypto projects as they emerge.

LTC developer Charlie Lee began his Litecoin project by borrowing the core code from Bitcoin. He then made several necessary modifications to the protocol. One of the main upgrades he introduced was the reduction of the block approval time from 10 minutes down to 2.5 minutes. 

Many traders view Litecoin as a more sustainable option within the market. Their views are not without reason. For one, LTC often experiences less volatility than Bitcoin. Also, the development team behind this project is a bit more advantageous than Bitcoin’s development team. Specifically, LTC developers have proven their desire to remain technologically ahead of the competition time and time again. The platform was the first to add the Segregated Witness update.

Additionally, Litecoin began processing Lightning Network transactions months before BTC. In May of 2017, LTC adopted the Segregated Witness protocol months before Bitcoin was able to do so. That same year, the development team behind the project also conducted its first Lightning Network transaction from Germany to San Francisco.

Similar to BTC, LTC is open-sourced and highly decentralized. Additionally, it is also quicker than BTC, as it takes only 2.5 minutes per transaction, rather than nine minutes. Its transactions are also at least 40% cheaper than Bitcoin. However, it has been an uphill battle to maintain its market share and brand equity. But, LTC does have a long-term case due to its unique features and value to its users, making now a good time to buy LTC

Check Out: Will Litecoin Make Me Rich in 10 Years?

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

2. Bitcoin Cash (BCH)

Thanks to its noteworthy supporters, Bitcoin Cash could be a good buy now. 

Bitcoin Cash is a peer-to-peer (P2P) electronic cash system that resulted from a Bitcoin hard fork. It is by far the most successful hard fork of the Bitcoin network. Bitcoin Cash is notably faster than Bitcoin. BCH also has some very noteworthy supporters. It is currently working to resolve scalability issues faced on the Bitcoin blockchain. BCH is also easier to mine when compared to BTC because of the integration of new protocols. 

While Bitcoin can process about seven transactions per second (TPS), Bitcoin Cash can support more than 100 transactions per second. Bitcoin Cash makes the list of best crypto to invest in because of its faster processing of transactions with low fees. 

Bitcoin Cash is the direct result of scalability problems encountered on Bitcoin’s blockchain. In 2017, many issues took center stage as Bitcoin’s transaction time and fees reached new heights. The increased fees and delays were the results of too much network congestion resulting from larger transaction sizes. Bitcoin Cash does away with these concerns through an increased block size. 

These larger blocks can fit more transactions per block. This strategy increases the network’s transactions-per-second rate as a whole. Bitcoin Cash utilizes a Proof of Work (PoW) consensus mechanism similar to Bitcoin to mine new coins. Both Bitcoin and Bitcoin Cash integrate a difficulty adjustment algorithm (DAA) to keep block times consistent. Originally, both Bitcoin and Bitcoin Cash used the same DAA. However, In August 2017, Bitcoin Cash introduced an addition to the DAA, called an Emergency Difficulty Adjustment (EDA) algorithm, allowing the network to be more responsive.

BCH offers scalability, which implies its potential to grow in the future is massive. Now is the best time to invest in Bitcoin Cash as the prices have slashed down.

Read Also: 15 Reasons Why You Should Invest in Bitcoin Cash Today

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

3. Ripple (XRP) 

Ripple XRP has seen significant traction from financial institutions and investors alike. 

XRP is the native cryptocurrency for Ripple, a payment technology released in 2012, intended to make international money transfers faster, cheaper, and easier. Ripple blockchain network is enticing to many investors because the platform facilitates seamless international transfers. With a traditional bank, international money transfers generally take up to 10 business days. Ripple enables the transactions within mere seconds.

XRP serves a fundamental purpose within the Ripple Ecosystem. This token is the digital asset that facilitates the use of the network’s utilities. In this way, XRP functions as a utility token. This token represents the transfer of value across the Ripple Network.

Ripple's XRP is a popular digital asset in part because of how strong its breakout has been in the past. It is also well known for its rare but explosive price movements. For instance, Ripple surged from under a penny to $3.58 per token in just one year before dropping 99% because of how strong the move was. 

Ripple also has partnership contracts with big banks across the globe. The more contracts it signs, the more accessible XRP is to investors. Despite being embroiled in a recent lawsuit with the US Securities and Exchanges Commission (SEC), Ripple currently holds the upper hand. It has drawn attention to the company’s outstanding team of developers, and this popularity is boosting the growth of Ripple. Also, it intends to go public, which is a significant factor to consider if you wish to invest in XRP.

Don't Miss: How Much Will XRP Be Worth In The Next 5 Years?

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

Bottom Line 

Cryptocurrencies such as Bitcoin have entered the public consciousness, thanks to their outlook of revolutionizing the concept of money. But Bitcoin is not the only promising crypto asset out there.

LTC, BCH, and XRP are 3 beaten down cryptocurrencies to buy now as they have a lot of room for growth. That said, cryptocurrencies are volatile, and investors are advised to perform due research before investing. 

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