Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.
Bitcoin
Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.
Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021.
Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors.
Dogecoin
Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins.
Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.
How to buy Dogecoin
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Solana
Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave.
Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.
Sweat Economy
The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.
SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.
How to buy Sweat Economy
eToro
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Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.
