Cryptocurrency investors are having an unforgettable months in 2022 especially with massive declines the whole market since March. After topping $3 trillion market cap last November, the whole sector has shed more than 50% of its value to sit at around $1.3 trillion, according to data from CoinMarketCap.
These unfavorable events and conditions have kept retail investors on the sidelines but once the market rebound and recover, blue chip cryptos will definitely shoot up.
We have come up with a list of blue chip coins to buy at a lesser price at the moment. These digital assets have immense real-world utility and offer tremendous upside potential. They are
Bitcoin
Bitcoin has proven its resilience over the years amidst multiple drawdowns and bouncebacks. Apart from it being the largest cryptocurrency with a market cap of $602 billion, its broad recognition during the pandemic years has made it a bonafide investment.
Despite Bitcoin’s recent slump, there are a number of positives to look at with the world’s premier crypto. One is that there is a limited total potential supply of coins – just 21 million.
As Bitcoin miners keep producing more, the supply slowly creeps toward that maximum. Since that means there will be fewer potentially available BTC coins, the resulting supply shortage for new investors will push up the price.
Bitcoin has quickly evolved into a genuine financial asset as an expanding infrastructure of products and services supports the crypto giant. Fidelity Investments has added BTC as an investment option for future 401(k) plans. It’s expected this product will roll out by the middle of 2022.
Notably, Fidelity is the largest provider of retirement plans in the United States. Around 23,000 organizations administer their retirement plans using Fidelity — a market which totals more than $2.7 trillion, covering more than 20 million folks. Moreover, Fintech firms such as PayPal accept payments in BTC, along with several of its peers.
Despite the volatility, BTC has generated mind-boggling returns for its investors and will continue to prove to be an incredible long-term asset. The scarcity and real life use-cases attached to bitcoin makes this dip the best time to stack it up.
Ethereum
Ethereum blockchain’s Ether is the second-largest cryptocurrency in the market. Led by Vitalek Buterin, it has a $244 billion market capitalization at press time.
Although it has been on a rough ride of late, there are many positives to look at with the world’s second largest crypto. As of June 1, ETH traded below $2,000, which put it down 60% of its ATH of $4,891 in November 2021.
However, once the markets stop worrying about a huge recession that might come, Ethereum could rebound quite significantly. Below is why.
ETH powers some of the most powerful and promising technologies in the crypto sector. It’s essentially a smart-contract platform that facilitates the development of everything from non-fungible tokens (NFT) to DeFi applications.
Apart from the wide adoption of its network, the upcoming Ethereum Merge makes this crypto one of the best grabs at this moment.
Presently, Ethereum operates in two parallel chains. This includes the legacy “Mainnet” based on proof of work and the new “Beacon Chain,” with a proof-of-stake consensus mechanism.
A merge, in which Ethereum’s mainnet will switch to the Beacon Chain, and staking will completely replace mining as the consensus mechanism is coming soon. When it fully launches in August and as mining ceases, there will be a scarcity of Ether tokens as supply will likely decline. This will result in value appreciation.
The move will generate energy efficiency, significantly lower transaction costs, and make the blockchain faster. The update could be massive for ETH and could help it scale up incredibly over the next few years.
Moreover, Ethereum arguably has the most utility, especially with almost all Web 3.0 development happening on the Ethereum blockchain. Thus, we expect Ethereum to be a profitable and sustainable token due to the blockchain generating revenue from various projects.
Litecoin
At the time that this report was written, Litecoin had a market cap of over $4.8 billion. Litecoin is a blue chip coin just like Bitcoin and its technology makes it one of Bitcoin’s most aggressive competitors.
Although competition has reduced Litecoin’s market share from among the top 10 to number 19, litecoin has longevity some of the hotter coins don’t have.
There is a fixed amount of litecoins in the world — the volume of litecoins can never exceed $84 million. After we reach that point, the currency has the ability to be broken down into minute payments.
Litecoin’s platform boasts transaction times that are four times faster than Bitcoin’s. According to InvestorPlace, they are also much cheaper — 2.6 cents vs. about $4.38 for Bitcoin.
Furthermore, the Litecoin network generates new blocks in two and a half minutes, as compared to ten minutes for block creation with Bitcoin. These factors make litecoin more appealing for cryptocurrency transactions.
Those underlying qualities underscore the durability and longevity of litecoin. The current decline is a perfect opportunity to ape in because it’s guaranteed to bounce back just like bitcoin and ether when the market is stable.
