- Investors aiming towards a good entry point can consider the following cryptos to buy for Q2 2022.
- Algorand (ALGO-USD): Its recent partnership with FIFA and other adoption trends draws substantial optimism.
- Cardano (ADA-USD): This crypto might surge in value as the number of developers in the blockchain grows.
- Near Protocol (NEAR-USD): This crypto’s network growth coupled with its to-be-released stablecoin could allow it to grow further.
The crypto crash, which started at the beginning of 2022, is nothing uncommon in the crypto universe. However, this impressive downside pressure we’ve seen across the entire sector has continued well into Q2.
Accordingly, while many investors may be looking for the best cryptos to buy in this beaten-down environment, most investors appear to be running for the hills.
I’m of the view that this recent sell-off may provide investors with some great buying opportunities. That said, in this environment, quality ought to be the focus for investors. Just like in the stock market, picking investments with something real backing these tokens is important. It’s not the time to be speculating, but building a great long-term portfolio, when prices plunge.
That’s easier said than done. Indeed, with interest rates on the rise and investors increasingly taking risk off the table, cryptocurrencies are getting sold en masse. Until this changes, the near-term outlook isn’t great.
Of course, for those who invest in the best cryptos, this pain will eventually turn once again into joy. How long that takes is anyone’s guess. But in the spirit of finding the best cryptos to buy right now, here are three of my top picks.
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3 Best Cryptos to Buy: Algorand (ALGO)
Algorand (ALGO-USD) is an open source, decentralized blockchain network using a two-tier structure. Released almost recently in 2019, the coin climbed its way into becoming one of the top 30 cryptos as per market cap.
Like most tokens, 2021 was probably the best year for this crypto. Algorand surged more than 300% as investors got to know more about this project. Algorand’s google searches hit an all-time high as this project gained substantial new coverage.
Algorand calls itself Blockchain 3.0, as it extends solutions pertaining to the issues faced by both Ethereum (ETH-USD) and Bitcoin (BTC-USD). The primary selling point of Algorand is its instant transaction approval and high speed. This allows users to cheaply and swiftly transfer funds through this blockchain network.
Overall, as far as self-sustaining blockchain projects go, Algorand is one I think has tremendous long-term potential. Those looking to buy this market dip may want to put this token on their watch list.
Cardano (ADA-USD) is one of the largest blockchains to have successfully proven that proof-of-stake consensus mechanisms could work. Unlike Bitcoin and Ethereum (though Ethereum is shifting in this direction), Cardano uses staking as a primary method of validation and security on this blockchain. This greatly reduces the environmental impact other proof-of-work (mining) networks provide.
Now approximately five years old, Cardano is officially one of the “old guard” in the crypto world. Currently a Top 10 token by market capitalization, Cardano focuses on providing a strong and stable platform for smart contract-enabled decentralized applications, and quick transactions.
Interestingly, developer interest in Cardano has been surging, with 100 to 150 active developers pushing almost 700 commits a week. In layman’s terms, this means that Cardano is one of the most-developed blockchains in the world. Accordingly, there are many who suggest that Cardano could continue to chip away at Ethereum’s massive market share lead over time.
I like this thesis. Accordingly, for those thinking long-term, Cardano may look attractive, considering the more than 80% drawdown from its peak this token has seen.
3 Best Cryptos to Buy: Near Protocol (NEAR)
Near Protocol (NEAR-USD) is a project that was crafted to become a faster and more efficient alternative to Ethereum. Like other “Ethereum killers,” NEAR-USD has seen impressive interest of late. That’s despite what many consider to be a pivotal upcoming moment, with the Ethereum merge.
Near Protocol runs a proof of stake variation consensus mechanism called Doomslug to secure its network. This project also uses Nightshade technology, which is a variation of sharding. This improves the scalability of its transactions, and could be the key to unlocking serious growth long-term. I’m a big proponent of sharding, and NEAR-USD is one of the projects on my watch list for this reason.
What is even more interesting is that Near is planning to create the decentralized and permission-less “open web.” This would mean that no government, company or individual entity will be able to shut it down.
Of course, risks always abound with projects such as Near. Whether this network can achieve its goals will ultimately be determined over time. But for investors seeking long-term outsized potential, this is a key token to watch as the crypto market seeks to stabilize.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.