3 Cryptos to Buy if You Are Feeling Greedy

  • Here are three cryptos to buy if you are feeling greedy.
  • Bitcoin (BTC): Still the biggest cryptocurrency by market capitalization and the industry leader.
  • Ethereum (ETH): A recent upgrade makes this crypto the most energy efficient one and enhances its reputation.
  • Litecoin (LTC): The leading altcoin, this crypto plays an important role in decentralized finance.

Cryptocurrency investors are feeling even more pain now. On the day when the September inflation reading came in at a hot, annualized rate of 8.2%, the Dow Jones Industrial Average rallied more than 800 points but cryptocurrency prices sold off. Bitcoin (BTC-USD), the biggest digital token by market capitalization, briefly fell below $18,000. Other digital coins and tokens also declined further, continuing a downward spiral that began in November 2021 and accelerated this past summer.  However, for investors who are feeling brave and/or greedy, here are three cryptos to buy.

BTC Bitcoin $19,400
ETH Ethereum $1,273
LTC Litecoin $51.30

Bitcoin (BTC)

Bitcoin cryptocurrency with pile of coins, Vector illustrator

Source: Sittipong Phokawattana / Shutterstock.com

This year’s downturn has been especially hard on Bitcoin. Since January, the price of BTC has fallen 60% to right around $19,400. Bitcoin is now more than 70% below its all-time high of $68,000 reached in November of last year. As confidence in the entire cryptocurrency sphere has been shaken, a crisis of confidence has arisen in Bitcoin, which serves as a bellwether for the entire digital currency sector. Yet there are people who remain bullish on BTC and are still adamant that it is only a matter of time before its price recovers to again test new, all-time highs.

It wasn’t that long ago that many Bitcoin bulls were predicting the price would climb above $100,000. While reaching that level might take a long time, there are many crypto experts who continue to see a bright future for BTC, especially as it gains mainstream acceptance.

In recent months, companies ranging from Microsoft (NASDAQ:MSFT) to Burger King and AMC (NYSE:AMC) movie theaters have announced that they will accept payment in Bitcoin. Investors, too, seem to continue to be warming to digital coins and tokens. A recently released survey showed that 13% of Canadians hold Bitcoin, more than double last year’s rate of 5%.

Ethereum (ETH)

Crypto currency etherium. ethereum coin on exchange charts. e-currency Ethereum. Ethereum price predictions

Source: viktoryabov / Shutterstock.com

Many crypto advocates were expecting a monster rally by Ethereum (ETH-USD) once the infamous “Merge” was completed in September of this year. Successfully concluded on September 15, the Merge transitioned Ethereum to a more energy-efficient, proof-of-stake protocol  from its previous energy-intensive proof-of-work operating model.

Industry experts called the upgrade to ETH a revolution for the entire cryptocurrency sector, one that is expected to cut the energy used to secure new Ethereum tokens by more than 99%. Ethereum remains the second largest and most valuable cryptocurrency.

The price of ETH nearly doubled in the summer months leading up to the switch to a proof-of-stake protocol. However, since mid-September, Ethereum’s price has pulled back hard and is down 19% in the past month. For 2022, the price of Ethereum is down 66% and hovering near $1,275. While the decline is disappointing, there are people in the crypto game who see Ethereum as the industry leader.

Not only is Ethereum now the most energy efficient cryptocurrency, but it also continues to have the most utility, given the role it plays in decentralized finance (DeFi) and smart contracts.

Litecoin (LTC)

Silver Litecoin coin facing forward on a pile of litecoins

Source: Shutterstock

Around since 2011, Litecoin (LTC-USD) remains a top performing “altcoin.” The latter means a cryptocurrency created from a fork in Bitcoin. Essentially, Litecoin has similarities with Bitcoin, but it has distinct differences that are designed to improve on the original design of BTC.

Today Litecoin is able to facilitate faster transactions than Bitcoin and is viewed by some people as a superior cryptocurrency. As with Ethereum, Litecoin offers a robust, peer-to-peer payment system that many cryptocurrency experts view as an important part of DeFi. Litecoin enables people to carry out financial transactions without the need for a bank, credit union, or other financial institution.

Like all cryptocurrencies, LTC has taken a shellacking this year. So far in 2022, Litecoin’s price has come down 66% to now trade at $51.30. In the last 12 months, the price has decreased 71%

In May 2021, the price of LTC peaked at nearly $347. While the decline is no doubt scary, investors should keep in mind that Litecoin is viewed as one of the more stable and industry-leading altcoins. As a result, it is more likely than most to survive the current crypto winter and come out stronger on the other side.

At $51.30 each, LTC is much more affordable right now than either Bitcoin or Ethereum.

On the date of publication, Joel Baglole held a long position in MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.  

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/3-cryptos-to-buy-if-you-are-feeling-greedy/.

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