The crypto market is going through its biggest dips in recent memory. Most of the gains made over the past couple of years have faded. Cryptocurrencies across the board, including the market’s barometer in Bitcoin, have taken a massive beating. Hence, it’s clear that we’ve entered a bear market.
Does that mean that we’re witnessing the end of the crypto boom? Certainly not! Over the past couple of years, cryptocurrencies have attracted massive institutional investor interest, partnerships, and immense trading activity.
The market has come of age and offers more real-world utility than ever before. Many top cryptocurrencies aren’t moving purely on hype anymore, as their use-cases have added significantly to their long-term growth runways. Having said that, let’s dive a little deeper into seven cryptos to buy for a bear market
It’s been a sorry tale for Bitcoin (BTC) over the past several months. The crypto stalwart retraced below the $20,000 mark for the first time since 2020. It’s down over 60% year-to-date, and the current risk-off sentiment doesn’t bode well for its near-term future.
Nevertheless, its growing use as “digital gold” won’t stop anytime soon. With a finite supply of 21 million coins, a laundry list of use cases, and growing legitimacy across multiple institutions and governments, it will continue to flourish at a staggering pace over the long term.
We’ve seen how institutional investors have been shoring up bitcoin, and investment banks such as Goldman Sachs operate a dedicated Bitcoin trading desk. Moreover, plenty of Bitcoin-related exchange-traded funds and multiple fintech players accept it as a payment option. Hence, BTC is here to stay and will continue to reach new heights in a more conducive environment.
Ethereum (ETH) is the second-largest crypto in terms of market cap and arguably the one that has exhibited the most real-world utility. Seeing the carnage right now, most investors feel they might’ve missed a golden opportunity they probably won’t see again.
That seems like a far-fetched notion, at least over the long term. For starters, Ethereum is inching closer to transitioning towards a proof-of-stake model, which would significantly improve transaction times and user fees. Currently, the platform can only handle roughly 30 transactions per second, but that number could be up to 100,000 transactions per second once the update is complete.
Moreover, it would require a massive 16,384 validators for a transaction to be approved, making it more secure and decentralized. With better scalability and security after the ‘Merge,’ Ethereum is poised for big things ahead.
Solana (SOL) is among the fastest and most inexpensive blockchain networks that have emerged as the leading NFT powerhouse.
It’s built an incredible platform ecosystem of designers, developers, and investors. Moreover, it continues to show innovative new use-cases, which range from decentralized finance to blockchain gaming.
SOL offers a remarkable capacity of 50,000 transactions per second, compared to just 30 transactions per second for Ethereum. The platform is also based on a proof-of-stake mechanism, which ETH is looking to replicate in the coming months.
Also, Solana moved into the fintech space with a service called Solana Pay. This leading block-based payments service allows users to purchase various goods and services using its native token.
Cardano (ADA-USD) is a crypto project that offers a clear roadmap for future development. Every update in its upgrade cycle is looking to address a specific issue.
There are five core areas that each update looks to address, which include smart contracts, decentralization, scaling, governance, and foundation. In no particular order, these core areas will ensure that the platform emerges as a major contender in the crypto space.
ADA is currently transitioning towards the Basho phase, which will look to improve scalability and take the pressure on the blockchain through sidechains. Moreover, with the implementation of smart contract functionality, ADA has been incredibly successful in adding over 2,000 new scripts.
These scripts point towards the platform’s increasing popularity as a smart contract option, which seems to be just getting started in its growth journey.
Cryptos to Buy for a Bear Market: Decentraland (MANA-USD)
Decentraland (MANA-USD) is one of the few blockchain-based metaverse platforms that made a huge mark on the sector. It comprises over 90,500 parcels of virtual land where users can effectively customize their experiences.
Its 3D virtual world of the crypto network allows users to build real estate, communicate with other players, and for brands to gain exposure. Therefore, it can effectively become a fully-functioning economy, where virtual items can be effectively traded on the Decentraland Marketplace.
Estimates suggest that the blockchain sector could grow to $67.4 billion by 2026, including social media, live streaming, e-sports, and other related elements. NFTs serve as proof of ownership in the platform, while native tokens serve as in-game currency. These two elements set the stage for a dynamic virtual ecosystem.
Dogecoin (DOGE-USD) is one of the top meme-themed cryptocurrencies out there, posting thrilling price gains during the pandemic years. It was among the top performers last year, posting over a 15,000% gain in 2021, reaching an all-time high of 74 cents.
It remained of major interest to some of the biggest investors and entrepreneurs of our time in Elon Musk and Mark Cuban. Musk’s tweets in particular had plenty to do with DOGE growing in popularity, a trend that hasn’t stopped.
Moreover, the tweaks to the system have fostered a more nimble system for cheaper transactions and faster digital payments. With strong community support and infrastructure improvements, it should be able to weather the storm and survive the broad-based sector declines.
Cryptos to Buy for a Bear Market: Algorand (ALGO-USD)
Algorand (ALGO-USD) is one of the more innovative blockchain platforms, with a key focus on decentralization, scalability, and security. It’s a developer-friendly crypto platform that never forks and supports multiple programming languages. Moreover, it’s built on a modified proof-of-stake system which allows for efficient transaction processing, resulting in whopping speeds close to 1,000 transactions per second.
With its robust real-world utility, Algorand has continued to expand its partnerships with various private and public entities. For instance, The Republic of the Marshall Islands uses ALGO as its national digital currency. Moreover, it is also building the blockchain infrastructure for El Salvador with the software company Koibanx. It also acquired two of the most popular music file-sharing services in Limewire and Napster.