The latest cryptocurrency sell-off has resulted in a significant overall dip, with more than $200 billion disappearing from the crypto market in a single day. Bitcoin and Ethereum, the two most popular cryptocurrencies, have dropped to their lowest levels in at least a year. But the market is now showing signs of a potential crypto bounce.
This dip, according to experts, is due to rising inflation and geopolitical tensions, as well as lingering recession fears resulting in poor investor sentiment. A plunge in stablecoins like TerraUSD, which otherwise offer protection in the event of market volatility, is adding fuel to the flames.
Experienced investors, on the other hand, see the drop as a chance to buy strategically and diversify their portfolios. Prior trends and market predictions suggest that the present scenario is more of a short-term slump than a long-term bear market.
Should You Buy the Dip?
Bullish experts are re-evaluating the crypto market, with huge corporations such as Nike entering the metaverse and are driving its popularity. NFT diversification is also attracting more investors and profits, which will lead to a market reversal sooner rather than later.
And yet, rather than trying to buy currencies that are still in the red and lagging behind the rest of the crypto market, betting on strength is the better strategy.
In this light, CEL, FTM, GALA, AXS, and LRC are the five coins that have bounced the hardest recently, making them ideal coins to buy in the dip despite this week’s market fall.
The 5 Best Coins to Buy for the Crypto Bounce
1. Celsius Network (CEL): Best Growth in Last 24 Hours
Because of “extreme market conditions,” the bitcoin lending platform Celsius Network had frozen withdrawals for its 1.7 million customers, causing a market-wide selloff. The move was made to put Celsius in a better position to meet its withdrawal obligations over time.
Currently, CEL is the best crypto gainer in the last 24 hours, exhibiting the hardest bounce.
Launched in June 2018, Celsius Network provides services such as loans and wallet-style payments, as well as rewards for depositing cryptocurrency. Celsius Network’s native token, CEL, serves a variety of internal purposes when used as a payment currency, including enhancing user payouts.
Celsius aims to outsmart banks by offering financial services on terms that traditional financial institutions no longer offer and may be the best coin to buy the dip considering its strong prospects.
Today’s Celsius price is $0.316867, with a $35 million 24-hour trading volume. The current market capitalization is $75 million. There are 238 million CEL coins in circulation, with a maximum supply of 695 million CEL coins.
Your capital is at risk.
2. Fantom (FTM)
Fantom is a decentralized finance (DeFi) smart contract platform that uses its own bespoke consensus algorithm to provide decentralized finance (DeFi) services to developers.
Fantom attempts to overcome challenges connected with smart-contract platforms, notably transaction speed, which developers claim to have lowered to under two seconds, using their in-house coin FTM.
As an alternative to Ethereum, the open-source decentralised smart contract platform for dApps and digital assets aims to address the constraints of previous generation blockchains by balancing three components: scalability, security, and decentralisation.
Today’s Fantom price is $0.254175, with a $475 million 24-hour trading volume. The current market capitalization is $646 million dollars. There are 2.5 billion FTM coins in circulation, with a maximum supply of 3.175 billion FTM coins.
Your capital is at risk.
3. Gala (GALA)
Gala Games aspires to revolutionise the gaming business by giving gamers back control over their games. The goal of Gala Games is to create “blockchain games that you’ll actually want to play.” It intends to bring creative thinking into games by using blockchain technology to give players ownership over the games and in-game assets.
Within the Gala Games ecosystem, players can possess non-fungible tokens (NFTs) and influence game governance. Gala Games uses GALA, its own utility token, in addition to purchasing NFTs for individual games.
Gala Games has grown to 1.3 million monthly active users since its introduction in 2019, and 26,000 NFTs have been sold, with the most expensive piece valued at $3 million.
Gala’s current price is $0.064673, with a $563 million 24-hour trading volume. The live market capitalization is at $451 million. There are 6.98 billion GALA coins in circulation, while the maximum supply is unknown.
Your capital is at risk.
4. Axie Infinity (AXS)
Axie Infinity is a Pokemon-inspired play-to-earn metaverse game that runs on the Ethereum network. Lunacia’s Axie homeland consists of 90,601 land units. The crypto has recently exhibited a hard bounce in the wake of the dip.
The company wants to build an ecosystem of incredible gaming experiences built on player-owned economies. This feature distinguishes Axie Infinity from other games in that you get more awards the longer you play.
Axie Infinity is currently trading at $14.96, with a 24-hour trading volume of $278 million. The market capitalisation is currently $948 million. 63 million AXS coins are now in circulation, with a total quantity of 2.7 billion AXS coins.
Your capital is at risk.
5. Loopring (LRC)
Loopring, a public protocol for establishing decentralised crypto exchanges, has also shown considerable bounce. LRC is the name of its Ethereum-based cryptocurrency coin.
Loopring’s stated goal is to provide a hybrid platform that combines centralised order matching with decentralised order settling on the blockchain. It intends to do so by combining the greatest features of both centralised and decentralised exchanges.
Loopring’s current price is $0.384178, with $196 million in trading volume in the last 24 hours. The market capitalization is at $510 million. With a maximum quantity of 1.37 billion LRC coins, there are now 1.33 billion in circulation.
Your capital is at risk.
What to Keep in Mind When Buying the Dip?
The “buy the dip” concept assumes that price drops are temporary and will eventually correct themselves. Dip buyers expect to profit from price drops by purchasing at a discount and profiting when prices rise again.
Temporary dips, according to some analysts, have historically benefited crypto investors and are good entry points for anyone looking to build a robust cryptocurrency portfolio.
However, such large dips also indicate that cryptocurrencies are volatile and speculative assets, and you should avoid letting price fluctuations influence your investment plan.
Buying the crypto dip ultimately comes down to your risk appetite, so be sure you’ve covered all of your financial bases, from retirement accounts to emergency funds.
Read more:
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Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Source: https://insidebitcoins.com/news/crypto-recovery-buy-these-coins-for-the-bounce