It is no news that the past weeks have been a nightmare for many crypto traders and investors as bitcoin and several altcoins started a bearish trend. While some are seeing the crypto crash as an opportunity to buy bitcoin and some altcoins at a low price to increase their holdings. Some crypto investors are however scared to increase their crypto investment due to the uncertainty of how long the bear market will last.
Although almost all cryptocurrencies entered the bearish trend, there are certain cryptos you have to be on the lookout for. Below are some of the cryptocurrencies to look out for in the current bear market as they have the potential of yielding a great return on investment.
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● Bitcoin
Bitcoin, the number one crypto asset, has a good history of price comebacks. Bitcoin reached an all-time high of about $64k in February 2021 before the crash in May when the digital asset dipped to as low as $30k. After the crash, bitcoin made attempts to start an upward trend trading close to $40k. However, the price dipped again to trade at about $30k. Although the performance of the asset after the crash isn’t as expected by many investors, However, this isn’t the first time the price of bitcoin will crash and it will recover amazingly. In fact, the recent crash isn’t up to the 2018 crash and bitcoin later went on a massive bullish run. While many investors would prefer to buy cheap altcoins instead of choosing to buy bitcoin at the moment, it is very important to keep tabs on the leading crypto in the present market situation as it is capable of doing the unthinkable. The price of bitcoin is currently consolidating between $30,000 and $40,000.
● Ethereum
Ethereum is the second leading cryptocurrency based on market cap, basically, it is the number one altcoin in terms of market cap. Ethereum started operation 6 years ago and since then, it has grown to be the center of the Defi revolution. For many, ether, the native cryptocurrency of ethereum has always been the go-to crypto if they don’t want to buy BTC. Over the years, the price of crypto has been quite impressive. ETH was also affected by the recent price crash of cryptocurrencies with the asset trading below $2k after just clocking an ATH of above $4k. Similar to the price actions of bitcoin, ETH began a slight correction for a few days, however, the price dipped again to about $1800.
ETH is currently trading at $2150, which is quite low compared to the high before the crash, however, there is a huge chance that when the bullish run begins, ETH might even break its previous ATH.
● Cardano
Cardano is home to the Ada cryptocurrency, it is a public blockchain platform created to aid P2P transactions and decentralized apps development, similar to ethereum. Its similarity to ETH is one of the factors that have aided the adoption of crypto. At the time of writing, ADA is in the top 5 cryptocurrencies with a market cap of about $40,000,000,000. Just like the top cryptocurrencies, the price action of Cardano was quite impressive before the crash. The cryptocurrency witnessed a price surge of nearly 100 percent in seven days in early February 2021, and it clocked an ATH of $2.46 on May 16. A few days later, Cardano declined rapidly trading close to $1, which is a dip of about 57%. The price of Cardano went up after the crash, however, another dip followed the upward consolidation with the asset trading below the previous low. ADA is currently trading at $1.21 and it is one of the few cryptos that have the potential of yielding great returns on any investment you make at the moment. If you don’t want to buy BTC or ETH because of their price, ADA isn’t a bad choice.
● Polkadot (DOT)
Dot is the cryptocurrency of the Polkadot network. Polkadot was created by Gavin Wood, a co-founder of Ethereum to improve on the Ethereum network. At the time of writing, DOT has a market cap of about $14,000,000,000 which makes it one of the top ten cryptos in terms of market cap. Before the crash, DOT was also having an amazing year as it also reached a new ATH of $49.69. Just some days after reaching this peak, DOT was trading at about $15.9 which is about a 67% decline. After trading at around $13, DOT started making an upward movement which was cut short by another decline below the previous low of $13. At the moment, DOT is making a sideways movement, with no impressive growth to the upside, and is still trading around $13. However, DOT has great potential and will be worth keeping an eye on.
● Ripple
Ripple is the home of the XRP crypto. Ripple is a payment network that was developed in 2012 to facilitate cross-border transactions. The price of XRP surged in 2021 from $0.20 to a high of $1.94, however, it wasn’t able to break its ATH of $3.84 in 2018 which makes it slightly different from other top assets that had a new all-time high in 2021 before the bear market. On May 19, the price of XRP declined rapidly from about $1.63 to about $0.90. Several days later, Ripple began trading at $0.64. From this point, XRP started consolidating upwards, however, the price of the crypto dipped further to trade at about $0.5. While all these might not be impressive, XRP has been gradually but slowly consolidating upwards over the past few weeks and is currently trading at around $0.6. It would be a good idea to add XRP to your portfolio or increase your holdings during the current bear market.
In conclusion, the prices of the cryptocurrency analyzed above might not be encouraging at the moment which is the case for most crypto. However, now might be the best time to find out how to buy bitcoin or any of these assets to take advantage of the low price to avoid buying at a higher price when the bullish trend begins.
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