Best 3 cryptocurrencies to buy amid the sell-off
Cryptocurrency prices have retreated sharply in the past few months. According to CoinGecko, the total market capitalization of all cryptocurrencies has dropped from over $3 trillion in November last year to about $1.9 trillion
Historically, cryptocurrencies tend to rebound after making a making a major drop. For example, in July 2021, Bitcoin pared most of the losses that happened in the two months prior. It rose and retested its all-time high of close to $70,000. So, here are some of the best coin to buy if cryptocurrencies rebound.
Ethereum is the third-biggest cryptocurrency in the world by market capitalization. It is a platform that enables developers to build all types of applications such as those in the metaverse, stablecoins, and decentralized finance.
Ethereum price has dropped from almost $5,000 in November to about $3,000 today. This drop has happened because of the fear of the Federal Reserve and the rising competition. Indeed, many Ethereum-built apps have moved to other faster and cheaper platforms like Polygon and Avalanche.
Still, there is a likelihood that Ethereum price will rebound in the coming months as it transitions from a proof of work to a proof of stake network. Also, despite the competition, Ethereum has a big market share in its industry.
Ripple is a well-known platform that is mostly used by large financial services companies like Santander and SBI International to simplify their remittances business.
The XRP price has dropped sharply in the past few months as investors continue watching the SEC vs Ripple case. The drop is also because of the rising fears of high-interest rates and tough regulations.
There is a likelihood that the Ripple price will bounce back regardless of the judge's verdict. In case the lawsuit goes against Ripple, there is a possibility that they will appeal, a process that can take months or years to complete. Also, the worst-case scenario is where Ripple Labs and its senior executives are asked to pay a fine.
Monero is a leading privacy coin that enables people to make transfers that cannot be tracked. It is widely used in the dark web marketplaces.
In the past few days, the case for Monero use has been made. For example, in Canada, the government has sanctioned several Bitcoin wallets as part of its crackdown on the ongoing protests. In the US, the FBI has announced a task force on cryptocurrencies. Also, the agency recently announced that it had recovered funds stolen in the Bitfinex hack.
Therefore, these issues will likely push more people to use Monero, a cryptocurrency that uses encryption technology to prevent the vulnerabilities that Bitcoin has.