3 Cryptos To Buy If You Don't Think The Industry Is Doomed - Our Picks
Here is a rundown of the best 3 cryptos to buy if you don't think the market is doomed. Continue reading to find a detailed overview of each coin.
Bitcoin - The oldest and most widely adopted cryptocurrency is indeed a buy now
Ethereum - The crypto that fuels the ongoing development of Web3
Litecoin - A crypto with massive upside potential
A Closer Look At The 3 Cryptos To Buy If You Don't Think The Industry Is Doomed
The bloodbath of 2022 exposed many flaws in the crypto industry. The prolonged crypto winter, the implosion of the cryptocurrency exchange FTX, the crash of the LUNA ecosystem, and the innumerable attacks on crypto firms have affected the price rally of almost all cryptocurrencies. The crash of the FTX exchange has thrown the entire crypto sphere and digital tokens into disarray. The effects of the crash are so massive that we already have predictions of doom foretelling the death of the crypto sphere.
While the situation is obviously dire, despite all this gloom and doom, there are still some investment opportunities that have the potential to become quite attractive in the coming years. Let’s see why these three cryptos are a buy if you don’t think the industry is doomed.
Bitcoin (BTC)
Bitcoin, the de facto of cryptocurrencies, was one of the coins drastically affected by the crash. The crypto, which was trading above 20K, plummeted below $16K. But regardless of all this, BTC is still one of the most established and widely accepted crypto to buy if you don’t think the industry is doomed.
Experts believe that BTC is sure to bounce back with the rapid increase in adoption by retail investors and institutions. Analysts also expect Bitcoin to cement itself as a reserve currency one day, although a lot of progress needs to be made in terms of transaction speed, fees, and scalability.
Yet another argument for why BTC is a good buy in 2023 is that its utility could increase even higher in the coming years. El Salvador has already made BTC its legal tender, showing how useful it can be. The country undertook the endeavor to begin a new era of monetary sovereignty in the nation and provide citizens with equal financial opportunities. Following EL Salvador, the Central African Republic (CAR) has also made Bitcoin their legal currency. In addition, institutions like Tesla, MicroStrategy, and PayPal have already added BTC to their balance sheet, and the adoption rate is expected to increase in the future.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
Ethereum, the open-source blockchain platform, is used for the creation of decentralized applications (dApps), decentralized communication, and performing crypto transactions. ETH has grown massively in value and price since its inception in 2015 and is one of the 3 cryptos to buy now. The crypto plays a significant role in facilitating DeFi transactions and smart contracts, giving it a practical, real-world utility. This overwhelming performance of Ethereum has attracted the attention of both traditional and institutional investors alike. The platform boasts over 3,000 unique dApps, which touch a wide range of use cases from gaming to security and social media.
Another catalyst for Ethereum’s growth is the execution of a long-awaited technology upgrade in September, The Merge. It transitioned the crypto’s blockchain foundation from the resource-intensive Proof-of-Work to an energy-efficient Proof-of-Stake design. This move has made ETH one of the most eco-friendly crypto platforms in the market today. It has also made the network more efficient, scalable, and ready for new updates like sharding by dramatically reducing transaction fees. Major upgrades like The Merge and Shanghai, which is scheduled for the second half of 2023, are carefully planned and executed to ensure that the blockchain can support growing demand from its users.
Although the Merge didn’t light a roaring fire under the ETH price, the network upgrade would attract more users and developers to the crypto, boosting the demand for the token and eventually pushing the price higher in 2023 and beyond.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Litecoin (LTC)
Launched in 2011, Litecoin was created as “a lite version of Bitcoin.” The proposed goal was to address Bitcoin's flaws and introduce more practical use cases in everyday transactions. Over the years, LTC has marked its place in the crypto sphere as a strong peer-to-peer payment system. Crypto experts view it as a significant part of the developing decentralized financial networks. Although LTC price is trading below its all-time high of $412.96 in 2021, analysts are quite optimistic about its performance, making it the best crypto to buy if you don’t think the industry is doomed. LTC seems to be a great buy in 2023 as it was brightly shining even amidst the FTX-induced chaos in the crypto market.
Despite the market crash, Litecoin has several updates in 2022. The platform saw its first NFT marketplace, the LiteVerse, launched this year. Developers also announced the development of a Litecoin-based Lightning Network mobile wallet and user-friendly MWEB-integrated mobile wallets. On top of that, in May 2022, LTC finalized the privacy-focused Mimblewimble Extension Blocks (MWEB) upgrade. MWED significantly enhanced its prospects as the go-to payment system for confidential transactions. These positive developments helped LTC get through the bearish market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Bottomline
As we are nearing the end of this year, several investors are looking for prospective and potential digital coins that can result in gains. Therefore, these are the 3 cryptos to buy if you don’t think the market is dooming.
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