3 Cryptos To Buy On The Dip

Last Updated August 18th 2022
5 Min Read

Cryptocurrencies, like many other investment options, are volatile by nature. As a result, it is common for traders to see prices of these currencies swing wild in a short period. For example, the crypto market has witnessed widespread turbulence since May 2022, resulting in a loss in the value of assets like Bitcoin, Ether, etc.

However, crypto market-wide crashes like this are advantageous to traders and investors because they present an opportunity to buy digital assets at lower prices, commonly known as “buying the dip.” If you have been looking to invest in crypto but are reluctant because of the sky-high prices, here are the top 3 cryptos to buy on the dip currently.

Bitcoin (BTC) 

Being the veteran crypto, Bitcoin is still one of the most well-known cryptos around the world. Since its 2013 price hike, it has steadily risen along with minor crashes. As the first digital asset that created our current crypto ecosystem, BTC has gained a massive underground following for years. Early investors saw it as the future beacon of the digital monetary system. Today, Bitcoin is a well-known household name given the urgency of governments and institutions to develop different ways to serve the demand for exposure from the customers' end. 

Since the crypto’s prominent bull run in 2013 before eventually crashing down again, the platform has garnered some doubts from several investors. However, it slowly has risen again, reaching multiple highs over the years. 

Bitcoin's instability in price is yet another sign of just how volatile the crypto market is. Nevertheless, knowing how the market is, many people see it as a sanctuary asset as it has become one of the best-performing assets in recent times. 

While it is impossible to predict the future status of Bitcoin precisely, it is still worth holding on to this crypto for the next bull run. You might be hesitant to purchase any crypto at the moment, but this recent crash can prove to be a great investment opportunity if the coming run follows the pattern of recent years, making it one of the top 3 cryptos to buy on the dip.

buy bitcoin

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

Ethereum (ETH) 

Ethereum, commonly known as Ether, is the second-largest cryptocurrency behind Bitcoin, even outperforming Bitcoin at times. Last year, Ethereum instituted an upgrade that reduced the ETH supply, currently at around 120 million coins. The upgrade also allows the network to handle more transactions per second, improve the platform’s scalability and lower transaction fees.

Compared to Bitcoin, Ethereum lacks scarcity (Bitcoin supply is capped at 21 million coins) and widespread acceptance by companies and governments. However, unlike Bitcoin, Ethereum is not just a store of value. It is also an infrastructure on which apps can be built. Other cryptocurrencies are issued on this platform which serves as the foundation of decentralized finance and one of the 3 promising long-term crypto investments.

Many metaverse projects, including Star Atlas, Axie Infinity, and The Sandbox, use the Ethereum blockchain, as do most NFTs. Another upgrade, scheduled for August, will transition Ethereum to a Web3-ready proof-of-stake mechanism that will reduce energy consumption by 99.5%, according to Consensys.net, and further increase security and scalability.  

Ethereum is currently experiencing a major slump, making it one of the top 3 cryptos to buy on the dip. Some analysts say the low price presents a good buying opportunity for investors waiting for the right time to test the cryptocurrency waters. The coin might also appeal to current investors who bought high and would benefit from dollar-cost averaging. 

buy eth

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

Litecoin (LTC) 

Litecoin is one of the most valuable cryptos in the industry and a prime candidate to buy on the dip. It was created through a fork in the Bitcoin blockchain and is one of the oldest cryptos in the market. After recording notable gains, 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 to purchase goods and services or even invest in other crypto projects as they emerge.

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

Additionally, Litecoin began processing Lightning Network transactions months before BTC. In May of 2017, the crypto 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. 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, Litecoin does have a long-term case due to its unique features and value to its users, making it one of the top 3 cryptos to buy on the dip.

buy litecoin

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

Bottomline

The bear market provides a unique opportunity to buy the dip. Check out these three cryptos that are little low on luck currently, but have the potential to earn high ROIs. 

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