Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.
Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.
Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021.
Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors.
Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins.
Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.
How to buy Dogecoin
As DOGE is such a new asset, it’s yet to be listed on major exchanges. You can still purchase DOGE using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy DOGE right now, follow these steps:
1. Buy BNB on a regulated exchange or broker, like Binance ›
We suggest Binance because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your BNB for DOGE
Now that you’re connected, you’ll be able to swap for 100s of coins including DOGE.
Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave.
Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.
The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.
SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.
How to buy Sweat Economy
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Register with OKX instantly
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Register with Binance instantly
The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.