Cryptocurrencies like Bitcoin (CCC:BTC-USD) were thought to be great hedges against inflation. However, that didn’t pan out quite so well, even though it looked like that was the case in 2020. Instead, cryptocurrencies are more closely tied to “risk-on” assets and as those assets have come under pressure, the market ended up with a bunch of bargain cryptos as well.

Now here comes the tough part. Because the inflation-hedge thesis failed to play out, investors have to come to realize that cryptocurrencies are risk assets and are trading as such.

Specifically, crypto bulls have come to realize that many cryptocurrencies were simply not worth what they hoped for. Instead, they rose as speculation in these assets rose, with “the greater fool theory” being used to drive price higher. That has led to the crashes we’re seeing play out today.

However, that doesn’t mean all cryptos are worthless. In fact, the wipeout has even created some nice bargain cryptos to sort through. Let’s look through a few now.

Bitcoin (BTC)

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Bitcoin is the obvious one to start with. After such a beat down in the market, it’s a clear favorite when it comes to bargain cryptos. Bitcoin has suffered a peak-to-trough decline of 74.5% and there’s no guarantee that it’s done going down!

Anytime an asset is washed out by ~75% or more though, it’s worth a second look. The reality is that Bitcoin is the most visible and well-known cryptocurrency among investors. For that reason alone, it’s a likely candidate to come roaring back to life once the crypto market comes back to life.

After its latest tumble, BTC now has a market cap of roughly $400 billion. Just over 90% of all Bitcoins have already been mined, so at some point, investors are hoping that demand heavily outweighs Bitcoin’s limited supply and drives the price higher.

Instead, I’m more focused on risk assets — like tech stocks. Bitcoin seems to have a higher correlation with this group than anything else. If they turn higher, Bitcoin may too.

Ethereum (ETH)

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While Bitcoin has the best recognition, Ethereum (CCC:ETH-USD) may have the best functionality. There have been different evolutions along Ethereum’s path, including Ethereum Classic and Ethereum 2.0.

Ethereum has plenty of practical uses, including a faster transaction speed than Bitcoin. That makes it more useful when it comes to buying and selling goods and services in Ethereum. The cryptocurrency is also capable of smart contracts, unlocking portions of payment per milestone. Lastly, it’s helping fuel the NFT market and will likely end up fueling other markets as well.

As it moves from a proof-of-work concept to a proof-of-stake, Ethereum will also consume far less energy. That may make it a more attractive cryptocurrency going forward, too.

Lastly, Ethereum was never meant to compete with Bitcoin, but work alongside it. However, that’s not how many market participants have approached Ether. However, I believe both can thrive alongside each other over the long term and with its sub-$150 billion market cap, Ethereum could have upside should the money flow back into this space.

Worldwide Asset Exchange (WAXP)

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This last one is much more speculative than the first two, but Worldwide Asset Exchange (CCC:WAXP-USD) — known better as WAX — should be on investors’ radar as well. WAX is currently trading for around 9 cents, traded at nearly $1 at its one-year high and sports an all-time high of $5.01.

Of course, it’s been decimated like the rest of the crypto space and has been sold aggressively due to its speculative nature. However, there is actual promise in WAX rather than some of the purely speculative coins out there. It’s also partnered with some impressive brands.

Consider how the WAX website describes things:

“WAX (The Worldwide Asset eXchange™) is the most used and transacted blockchain ecosystem in the world for NFTs, dApps and video games — providing the safest and most convenient way to create, buy, sell and trade both virtual and physical items to anyone, anywhere in the world. Known best as “The King of NFTs”, WAX is the leading NFT network.”

For now, WAX is holding above the key 8-cent mark. If it closes below that, some investors may consider it no longer viable. However, other investors may consider it a binary situation, meaning it’s either a home run or going to zero, and they will base their position size on that premise.

On the date of publication, Bret Kenwell 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.