Invest in these top cryptos that are likely to rally soon.
Most people are familiar with famous cryptocurrencies like Bitcoin and Ethereum. But the crypto-verse has over 20 thousand coins to date. With many options available in the crypto market, it is natural to get confused about which cryptocurrencies to invest in.
While there is risk in investing in cryptocurrencies, you can reduce risk and maximize profits by identifying undervalued assets.
Although it may be too early to determine which undervalued cryptocurrency will maximize your returns, here’s a look at the 7 cryptos to buy for a bear market in 2022.
Bitcoin (BTC)
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Its price has skyrocketed as a household name. In May 2016, you could buy a Bitcoin for about $500. As of November 2021, BTC reached $65,000+. Even though the price has dropped a fair bit from its all-time high, Bitcoin’s RSI was down at 33%. This indicates the crypto is close to being oversold and is a prime crypto to buy for a bear market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
Both a cryptocurrency and a blockchain platform, Ethereum is a favourite of program developers because of its potential applications. For example, it allows smart contract functionality that automatically executes certain actions when conditions are met. The network is also the first home of non-fungible tokens (NFTs).
Ethereum has provided the foundation for thousands of decentralized applications (dApps in various industries. Its high gas fees and slow transaction speeds could be a thing of the past soon with the upgrade to a Proof-of-Stake mechanism. Experts believe ETH will surge in value by the end of this year, making it one of the top 7 cryptos to buy for a bear market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Solana (SOL)
Developed to help power decentralized finance (DeFi) uses, decentralized apps (dApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that allow it to process transactions quickly and securely. Its native token SOL powers the platform.
Solana is often called the ‘Ethereum Killer’ as it performs significantly better than its rival Ethereum across many metrics. Solana is home to a decentralized blockchain that permits the deployment of smart contract agreements.
For example, the network can handle over 65,000 transactions per second. Transactions are also free on the network, whereas Ethereum is extremely expensive compared. SOL is one of the top cryptos to buy for a bear market as it is poised for a bull rally soon.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin.
Cardano also works like Ethereum to enable smart contracts and decentralized applications. These are powered by ADA, its native coin.
Updates to the network go through rounds of peer review, with papers published outlining intended developments. This helps Cardano foresee potential problems while providing a robust ecosystem for dApp developers and businesses to use the blockchain for their own needs. It is likely to rally in 2022, making it one of the 7 cryptos to buy for a bear market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Decentraland (LAND)
The technology behind a real estate metaverse, Decentraland, is one of the best cryptos to buy in 2022. This is especially true if the metaverse industry is something you wish to explore.
Decentraland is a virtual reality (VR) platform on the blockchain of Ethereum. It allows users to experience, create, and monetize content and applications. Simply put, it allows users to buy virtual property, develop the property like creating an estate in the real world and maintain it as an online business.
Every transaction executed within the Decentraland ecosystem is conducted in the platform’s native crypto – MANA. And because of that, MANA has performed very well since it was launched a few years ago and will continue to do so, making it one of the top cryptos to buy for a bear market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
Dogecoin is one of the best cryptocurrencies to buy for the long term. It is also considered one of the best meme coins and most undervalued cryptos in 2022.
It is in the top 20 most popular cryptocurrencies in the world. Keeping up with its popularity, Dogecoin has continued to see massive adoption. Analysts believe that DOGE has a further upside potential to offer investors. As per price predictions, the meme coin is expected to hit the $1 mark by the end of 2022, making it a must-buy in the current bear market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Algorand (ALGO)
Algorand is a 'Pure Proof-of-Stake' blockchain that looks to offer a viable alternative to Ethereum, as it seeks to be far more scalable while remaining decentralized. The project was founded by MIT scientist Silvio Micali, who won the Turing Award in 2012.
ALGO is the native token of the Algorand network and is used for staking and paying transaction fees. However, ALGO investors can also hold their tokens in a non-custodial wallet to earn passive rewards, which combines neatly with the token's speculative potential.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
In Conclusion
Even though the current bear market has shaken the faith of many investors, industry experts will tell you that now is the time to expand your market share. Do your research into the above-mentioned 7 cryptos to buy for a bear market and start growing your portfolio.
Read More:
How To Buy Decentraland (MANA)
The 5 Best Ways to Buy Cardano (ADA)
15 Most Promising Cryptocurrencies To Invest In
Top 10 Best Long-Term Cryptocurrencies To Buy And Hold