These Three Cryptocurrencies Are Screaming Buys Amid the Crypto Sell-Off
Take advantage of other investors' fears and go shopping when Cryptocurrencies go on sale.
It is no secret that blockchain technology has disrupted the world of finance in a significant manner. The popularity and adoption of cryptocurrencies are increasing across the world at a steady pace. These cryptocurrencies witnessed a massive rally that took the prices of many digital assets to new all-time highs in April. However, the market hit a rough patch recently, with many currencies seeing a drop in prices.
While this may come as a piece of unsettling news for some crypto supporters, it can be a great buying opportunity. With this latest downturn, digital asset prices have dropped considerably. For example, Bitcoin is trading at $37,121 per token at the time of writing. That is down from its all-time high (ATH) of around $65,000 back in April.
There are over 7000 cryptocurrencies out there, making it difficult for novice investors to pick the right investment assets. So taking into account key considerations such as price history, popularity, network updates, unique features, etc., we have listed the top three cryptocurrencies screaming buys amid the crypto sell-off.
These Three Cryptocurrencies Are Screaming Buys Amid the Crypto Sell-Off
The cryptocurrency sector is now larger than ever. There are thousands of different coins, and most of these crypto platforms bring a unique feature to the market. While many of these platforms will succeed, many will likely not. Some names in the market have the advantage of being the pioneer protocols. Bitcoin is one of them. It is the world’s first, largest, and oldest blockchain network. Consequently, it is a project that is most likely to be around for as long as cryptocurrencies hold value.
According to Satoshi Nakamoto, the creator of Bitcoin, it is an “electric peer-to-peer cash system." The intention behind Bitcoin’s invention was to build “a system for electronic transactions without relying on trust."
There are many reasons to invest in the flagship cryptocurrency. As a unique financial instrument, Bitcoin has changed the world and ushered in the digitization of the economy. It is more than just a blockchain protocol. It represents a crucial shift in global monetary policy. Unlike fiat currencies, there is no way an entity can print or create more Bitcoin. The supply is limited and built into the core protocol of the system.
There will only be 21,000,000 Bitcoin ever produced. These coins issue as mining rewards to incentivize network nodes. New BTC rewards distribute around every ten minutes. In this manner, Bitcoin has established itself as the first global predictive currency.
The scarcity continues to drive BTC prices to new heights. In just over a decade since its inception, Bitcoin prices have skyrocketed. Notably, the coin has gone from around $0.50 per token to over $60,000. The market corrected since its 2017 and April 2021 highs, but Bitcoin has remained over $10,000. That is an extraordinary ROI that has made early investors into millionaires.
Bitcoin is getting increasingly accessible to investors. There are numerous wallets, exchanges, and platforms available to users. Additionally, many merchants globally accept Bitcoin. There are Bitcoin debit and credit cards that let users spend their BTC anywhere that accepts Visa.
These services, coupled with the emerging decentralized application (dApp) sector, mean that Bitcoin is set to grow over the foreseeable future. Furthermore, there are many advanced Bitcoin-based financial products, such as ETFs, available to traders. These products help in bringing the traditional market into the crypto sphere.
It is nearly impossible to venture into the crypto market without hearing about Ethereum, which is more than just a cryptocurrency. Ethereum is a popular open-source blockchain network that streamlines smart contract scripting. The growing platform enables developers to build decentralized applications that operate on blockchains. As a result, the network has introduced us to a wide range of new protocols and functionalities.
Ether (ETH) is the native cryptocurrency of the Ethereum platform. It is currently the second-largest cryptocurrency based on market cap. Notably, a number of factors have led to ETH's popularity in the crypto market. One of the most notable advantages of Ethereum is its flexibility. While it is largely known for hosting ETH, it also powers decentralized finance, non-fungible tokens (NFTs), and industry blockchain solutions. In other words, Ethereum has applications outside the crypto world. Even if Ether itself does not succeed in the long run, we can still use Ethereum for other use cases.
One major criticism faced by cryptocurrencies, specifically Bitcoin, is how energy-intensive the network is. However, Ethereum strives to be more environmentally friendly. Developers in the Ethereum community are currently working to change how digital assets are mined to make the entire process more energy-efficient. This would give Ethereum an advantage over Bitcoin, especially amongst environmentally conscious investors.
As the Ethereum network transitions to Ethereum 2.0, some of the ETH coins could be destroyed in the process. However, this could be a good thing for the community because a smaller supply of ETH could make it further valuable and drive up its price.
As part of the upgrade, Ethereum plans to shift its network from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) model. The latter method utilizes much less electricity than PoW networks. PoS protocols rely on a staking strategy. When a user stakes their coins, they are holding them in a network wallet. The more tokens you stake, the more likely it is that you will be the next node to approve the block of transactions. In a PoS mechanism, a hacker would need to buy a large number of tokens to gain control over the network.
In this manner, PoS systems can keep their networks secure without requiring the additional computing power of a PoW system. With the highly-anticipated Ethereum 2.0 around the corner, investing now in Ether is a good start to become a part of this growing community.
Read Also: Will Ethereum Make Me Rich?
Ripple is not just a conventional digital currency. It has managed to revolutionize the ways in which we transfer funds and receive payments. Soon, it plans to change how financial institutions and banks conduct business around the world.
Chris Larsen and Jed McCaleb co-founded Ripple Labs in 2012. It is a payment settlement asset exchange and remittance system, similar to the SWIFT system used by banks and financial entities dealing with cross-border transactions. XRP is the native cryptocurrency token of Ripple. It aims to serve as an intermediate mechanism of exchange between two currencies or networks. Simply put, it allows funds to be exchanged between individuals regardless of their banks or locations.
In the Ripple ecosystem, XRP plays a very vital function. This token is the digital device that allows the use of the services of the platform. It acts as a service token in this manner and displays the value shift in the Ripple network. XRP lets participating banks carry out global money transactions without considering exchange rates and so on.
RippleNet is the community of financial institutions, banks, and professionals that comprise the Ripple business community. Since its conception, Ripple has worked hard to secure this wide network of industry professionals. The network allows banks to enjoy a seamless experience as they send money globally in seconds. RippleNet currently includes some of the most popular institutions in the sector.
Several crypto analysts and experts agree that Ripple is a future-ready protocol, and XRP is indeed an appealing investment option. It is currently trading at an inexpensive price of $0.87 per coin. Compared to its earlier high standard in 2018, it is affordable.
If you are looking to invest in Ripple and buy XRP at its best price, then 2021 is the best time as the token value is down since the start of 2021, and it is expected that Ripple will continue rising again, and will soon surpass the value of other digital assets.
It is not possible to predict the exact price movements of any cryptocurrency accurately. However, with the help of all the data we have, it is possible to predict the assets that are highly likely to perform well in the future.
Bitcoin, Ether, and XRP are some of the most promising projects out there. Investing in them now can potentially generate massive returns in the long haul.
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Virtual currencies are highly volatile. Your capital is at risk.