Despite news of another potential round of interest rate hikes, there is every reason to consider investing in cryptocurrencies at current prices.
For starters, those with the most stake in the market are not selling their holdings. For instance, data shows that Bitcoin whales are not only holding but also adding to their positions.
Data also shows a lot of Bitcoin buying around the $20k level. This is an indicator that investors are confident of a potential rebound. With this in mind, it makes sense to consider buying into high-quality cryptocurrencies, which are most likely to do well once the market turns a corner.
Wondering which cryptocurrencies meet this metric? Lucky for you, we have researched and compiled some of the best cryptocurrencies to buy when cryptocurrencies could be trading at the bottom.
XRP (XRP)
XRP (XRP) tends to do well when Ripple has good news. It also gets hit by the negatives, hence XRP’s underperformance since Ripple got sued by the SEC. However, besides signs that the case could be near its end, there are signs that the finance industry still has lots of faith in Ripple.
This is evident in the growing number of partnerships that Ripple is landing, especially in Asia. The latest of these is a partnership between Ripple and FOMO Pay, one of the top financial institutions in Singapore.
FOMO Pay aims to improve its transactional liquidity using Ripple’s on-demand liquidity. Since XRP is an integral part of this system, it comes off as a viable cryptocurrency to buy today.
Cardano (ADA)
Cardano (ADA) has lost much of its value since the cryptocurrency bear market started in December 2022. However, Cardano’s on-chain metrics indicate that this cryptocurrency could be about to turn a corner. Data by Santiment, one of the largest cryptocurrency data providers, shows that Cardano’s average funding rate points to a potential rally for Cardano.
According to Santiment, there has been a sharp increase in the number of ADA longs liquidated. If past instances are anything to go by, then the odds are that Cardano is at a buy position at current prices. With Bitcoin holding and bouncing off key support, it is not hard to see why ADA could be positioned for a rally.
Dogecoin (DOGE)
Elon Musk’s favorite meme coin has much potential if the markets show bullish signs again. Besides the hype that Dogecoin (DOGE) gets from Musk, a lot is going for it that could see its value go up in the year.
One of them is technology upgrades aimed at making DOGE perform better as an everyday payment currency. The latest such move is to migrate Dogecoin nodes to a new core, dubbed v.14.6. This upgrade, among others currently happening in the Dogecoin ecosystem, could help drive up Dogecoin’s price higher if there is a market rally in 2022.