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3 Troubled Cryptos Worth Digging Out of the Rubble


  • These three troubled cryptos have incredible potential for a bull market rebound.
  • Bitcoin (BTC): Volatility is nothing new for Bitcoin, and it has plenty of potential to soar again.
  • Ethereum (ETH): “The Merge” is coming soon.
  • Solana (SOL): Speed and cost are about to become more important than ever.

Cryptos to Buy - 3 Troubled Cryptos Worth Digging Out of the Rubble

Source: Wit Olszewski / Shutterstock

Figuring out which cryptos to buy has been tricky. After all, the crypto market has been hit very hard of late. Indeed, calls for “crypto winter” appear to be correct right now. Accordingly, the list of troubled cryptos investors once thought of as “solid” projects is continuing to grow.

Of course, many such troubled cryptos may not be worth a look at these levels. There are reasons for the decline in the crypto market. Whether we’re talking about macro concerns and crypto’s higher correlation to equity markets, or contagion-related concerns tied to lending and leverage in the crypto sector, it’s really a different bear market from the one we saw in 2018.

Accordingly, digging through the rubble to find the troubled cryptos to buy for a bounceback in this environment isn’t easy. I’d dare say that’s a daunting task.

That said, there are some projects with long-term value I think are worth picking through. Crypto has seen a number of bear market bounces. And while the bottom may not be in, there are some projects that could be better-positioned for growth after this significant drop-off.

Let’s dive into the projects I think are worthy of a look at these depressed levels.

Bitcoin BTC-USD $22,951.00
Ethereum ETH-USD $1,506.81
Solana SOL-USD $42.19

Bitcoin (BTC)

A Bitcoin (BTC) coin surrounded by gold.
Source: Shutterstock

The world’s largest cryptocurrency, Bitcoin (BTC-USD), has been hit just as hard as many altcoins this year. Down more than 50% on a year-to-date basis alone, Bitcoin doesn’t leap out among the cryptos to buy now. Despite rising more than 17% from its all-time low hit less than a month ago, it’s clear Bitcoin’s status as a “safe haven” asset is under siege.

That said, it’s important to note that Bitcoin’s adoption among institutional investors is the envy of the sector. This cryptocurrency continues to be among the most-traded assets in the sector, for good reason.

It’s been around for more than 13 years, and is often viewed as the overarching “gold standard” for the sector. Until this view changes, Bitcoin is likely to retain its crown as the most valuable cryptocurrency in the world.

There are plenty of experts calling for six-digit price targets that remain bullish on those estimates. During this bear market, I think it’s unlikely Bitcoin can inch toward those levels.

However, over the long term, there’s a reason why so many are bullish on this token. This is a troubled crypto I think is worth considering, should new lows be made in this cycle later this year.

Ethereum (ETH)

A concept image of mining an Ethereum (ETH) token.
Source: Shutterstock

Ethereum (ETH-USD), the world’s second-largest cryptocurrency, is another bellwether token investors watch closely. This network’s value comes primarily from its ecosystem.

Ethereum pioneered the development of smart contracts and dApps, expanding the viability of the cryptocurrency sector. Indeed, much of the real-world utility that’s created in the blockchain space is because of Ethereum.

Like all cryptos, Etheruem has been caught up in some major selling pressure. Down nearly 60% on a year-to-date basis, Ethereum still among the cryptos to buy and hold. The potential upside on this troubled token is worth the risk at these levels.

One key catalyst investors will no doubt be watching with Ethereum is the network’s upcoming merge. With Ethereum’s official Beacon Chain merge will come a new era of proof-of-work validation. This will ease the network’s burden on power grids, and improve its scalability and efficiency. At least, that’s the prevailing thesis right now.

That said, the timeline for this merge continues to be pushed back. Accordingly, more volatility over the near term could proliferate. But for those taking the long view of this sector, this is one token worth a look on dips moving forward.

Solana (SOL)

Concept art of the Solana (SOL-USD) blockchain.
Source: Shutterstock

Solana (SOL-USD), one of the fastest and most cost-effective proof-of-stake blockchains out there, has seen the largest hit among any top-10 crypto on a year-to-date basis.

Down almost 80% this year alone, Solana has struggled for a variety of reasons.

The key issue plaguing Solana of late has been network disruptions. The Solana network has had more downtime than many networks, in part due to surging demand.

While many investors may view this positively (if something breaks because too many people want to use it, isn’t that a good thing?), it’s clear that the fact that Solana has had trouble handling its higher volumes does raise questions about this network’s ability to scale in a stable fashion.

That said, Solana’s unique architecture, and mass adoption, provide a compelling long-term growth thesis for this token. Given how fast Solana has risen to a top-10 position in the crypto world, some level of selling could have been anticipated. While this selling pressure has been incredible, investors do have a compelling opportunity to pick up some tokens at a significant discount. Thus, this is one project I’d put on the watch list, if not the buy list, right now.

On the date of publication, Chris MacDonald has a position in Ethereum and Solana. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media, https://investorplace.com/cryptos-to-buy/.

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