There are some of the most widely discussed digital assets in the market, and investors often consider whether they should buy, sell or hold them in their portfolio.
The crypto winter is already knocking at our doors. Many trending cryptos have been struck down recently due to liquidity problems and bankruptcy. Despite the market volatility, there are still some solid cryptos worth considering. In this post, we discuss and differentiate which top trending cryptos are worth buying, holding or selling. Let’s find out more.
Bitcoin (BTC)
Despite being the most prominent cryptocurrency, Bitcoin has been known to crash quite often, including in 2018 and 2020, before rebounding just last year. With a 74% drop just recently in June 2022, Bitcoin’s plunge has been a bit scary lately.
Over the past months, the trading range of the coin has fluctuated between $20,000 to $25,000. However, serious crypto investors seem to take a much more long-term approach and appear to be calm around this year's price circulation.
Several crypto analysts even ensure a welcoming note for the current turmoil, including the reduction of BTC’s price and claiming it to be a much-needed “washout” for the crypto market.
As of now, the stabilized price of BTC above the $20,000 mark can be seen as a relief. Moreover, it is crucial to remember Bitcoin is the most used digital token across the globe. It is doubtful that such a digital asset will disappear anytime soon. So, is it buy, sell, or hold? Our take on this trending crypto is to hold.
Verdict: Hold
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
Ethereum has been doing its fair share of making a good run lately. Even with its recent pullback in price, it has still managed to pull a significant upswing by mid-June.
This crypto had met a low end of about $880.93 in June but has increased by about 80% to trade ever since. This makes ETH a high-performing crypto asset in recent months.
Ethereum’s exceeding performance can be seen as the influence of their upgrade called the “Merge,” which will initiate on Sept 15th. This new upgrade will reportedly make the ETH network faster and increasingly appealing to investors.
Leading up to the event, Many analysts anticipate a price hike of over $2,000/token for ETH. And if executed successfully, the Merge can lead other cryptos to switch to a different operating model, i.e., proof-of-stake. This builds enough interest for any crypto investor to make a decent bid on Ethereum.
Verdict: Buy
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin (DOGE)
Long ago, many investors wished to put a price hike of $1 for Dogecoin. But perhaps that was too hopeful. DOGE currently trades for about 7 cents. So far, the coin has spiked over 60% and recovered from earlier losses.
Despite the hike, the infamous appearance of CEO Elon Musk on SNL has somehow resulted in a fall of about 91%. It is reported that the CEO stopped hyping up the coin, thus resulting in a lawsuit as well against Musk from an investor.
As such, investors don’t see much value in a crypto asset that began as a joke and subsequently features a cartoon image of a dog, which again serves no practical use other than being a “meme coin”.
Despite the criticism, the coin continues to trend. However, in terms of actual value, DOGE remains a very speculative investment with significantly less value. This makes it incredibly volatile crypto. So, should you buy, sell or hold this trending crypto? For now, we suggest selling it.
Verdict: Sell
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Litecoin (LTC)
Litecoin or altcoin is quite similar to Bitcoin, with some alterations in terms of the codebase. This has resulted in quicker mining and lower transaction fees. So, are you confused about whether to buy, sell, or hold? Here’s our take on one of the 5 top-trending cryptos, Litecoin (LTC).
This crypto is currently accepted by over 3,000 merchants globally, and about a hundred payment gateway, including PayPal, allow individuals to transact through Litecoin.
Due to its similarities and resemblance to Bitcoin, the price of LTC moves in unison with BTC. The coin reached its all-time high of $386.45 last year in May. Although it has suffered a tumble, LTC has rebounded by about a 30% price hike since hitting rock bottom in June.
Being a very old and trusted altcoin, this particular crypto tends to rise quickly.
Verdict: Hold
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Cardano is a crypto that does not get the attention it deserves. It is one of the cryptos created via rigorous research by mathematicians and engineers.
The platform is the result of co-founders such as Charles Hoskinson, an initial developer of ETH (Ethereum). Discontented with Ethereum's direction, Hoskinson helped in developing and launching ADA. The Cardano team developed the blockchain via multiple experiments and research. Thus, giving them a much-needed touch of authenticity in the crypto market. Furthermore, developers claim to make ADA a leading finance operating system across the globe via DeFi products.
The ADA coin is currently trading at around 45 cents, about a 70% drop from Jan. So, should you buy, sell, or hold ADA? Here’s our take on the last of our 5 top trending cryptos.
Verdict: Buy
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bottomline
It is natural to worry about the turbulent state of the market. However, keep in mind that all cryptocurrencies have different possibilities and therefore warrant different responses. The above top 5 trending cryptos are no different. The decision to buy, sell, or hold these cryptos depends on your risk profile, the projects themselves, and the market situation. Therefore, always do your ample research on your own before taking such major decisions.
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