Take advantage of the May 2022 crypto market crash and buy the dip with these top 5 cryptocurrencies.
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 been witnessing widespread turbulence in May 2022, causing assets like Bitcoin, Ether, etc., to drop in value.
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, which is 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 5 cryptocurrencies to buy on the dip in May 2022.
Solana is a blockchain platform that operates on a unique consensus mechanism known as proof-of-history. This mechanism uses investment data and market value data to verify the authenticity and accuracy of transactions, making it highly secure compared to other blockchains.
Additionally, Solana utilizes a system of distributed apps known as dApps to provide additional investment and user resources. Because of its investment potential, high market value, and cutting-edge technology, Solana has become one of the top cryptocurrencies in the market today.
Whether you are looking for an investment opportunity or want to stay up-to-date on the latest technological developments in the crypto world, investing in SOL is a good idea. These factors make the SOL token one of the top cryptocurrencies to buy on the dip in May 2022.
One of the relatively new and most promising investment opportunities in the world of cryptocurrency is ApeCoin (APE). APE is a digital token that uses cutting-edge technology to become a decentralized, blockchain-based network for trading physical and virtual assets. This means that investors can use the APE coin to buy and sell anything from real estate to video games, all using peer-to-peer transactions without worrying about market value fluctuations or investment risk.
ApeCoin is built on an innovative NFT framework. Investment in APE provides a vehicle for growth and access to the world of NFT assets and digital scarcity. Therefore, whether you are looking to invest in the future or explore groundbreaking new technologies, ApeCoin could be one of the top cryptocurrencies to buy in May 2022.
Fantom is a high-performance, EVM-compatible blockchain platform that plays a crucial role in the decentralized finance space. The platform also provides tools that make the integration of existing dApps simple and several built-in DeFi tools. Fantom has also received strong support from projects like Curve, C.R.E.A.M, and SushiSwap because of its cheap network fees and one-second transaction finality.
Thanks to its super-fast, highly scalable, and secure blockchain network, the digital asset is named the ‘Ethereum-killer’ by several crypto enthusiasts. Unlike other cryptocurrencies like Ethereum, which represent a single decentralized machine, FTM has an uncountable number of decentralized systems that interact with each other. The four fundamental principles that underpin Fantom are scalability, security, modularity, and open-source nature.
The network’s bespoke aBFT consensus mechanism, the Lachesis, makes it unique from any other cryptocurrencies in the market. Since network data can be processed at different times, it can tolerate up to one-third of participants engaging in faulty or malicious behavior without causing undue harm or hampering network processes. Because of these reasons, we recommend buying the dip on FTM.
Dogecoin existed on the internet as a mere joke cryptocurrency for years and was traded for less than a penny. But by 2021, the Shiba Inu-themed coin found its place on several major cryptocurrency trading platforms. Eventually, the token won over the trust of numerous established investors who realized that it was not just a Ponzi scheme. As a result, the meme coin has surpassed many giant crypto coins and generated massive returns.
Dogecoin’s decentralized nature and reasonably high supply of developer funds make it quite attractive to buy on the dip in May 2022.
Yet another factor that makes Dogecoin an excellent long-term investment option is its active mining community. Although Dogecoin employs a Proof-of-Work consensus method like Bitcoin, it uses a unique hashing algorithm called Scrypt, which is less complex than SHA-256. Also, several Scrypt miners still prefer Dogecoin over other Scrypt PoW assets, making DOGE one of the top 5 cryptocurrencies to buy on the dip in May 2022.
Binance Coin (BNB)
Binance is one of the largest cryptocurrency exchanges. It created Binance Coin (BNB) as a utility token for discounted trading fees. However, its uses have extended to numerous applications, including travel bookings, payments for transaction fees (on the Binance Chain), online service payments, entertainment, and financial service payments. In addition, the numerous use cases offered by BNB make it a top investment option.
BNB has two main functions. First, it works as a discount token to pay for trading fees on the exchange. Secondly, it fuels the Binance Smart Chain. BNB has positioned itself as an asset with great growth potential, making it one of the top 5 cryptocurrencies to buy on the dip in 2022.
Buying the dip on any of these above-listed top 5 cryptocurrencies could get you started on a healthy investment journey in digital assets. However, investors should also learn from the recent market crash and refrain from putting all their eggs in one basket. Understanding your own risk portfolio and making well-thought-out decisions will help you select the right combination of cryptos to buy in May 2022.