5 cryptocurrencies to buy in the current bear market
While many investors get depressed in a bear market, these market conditions are known to be the best time to accumulate assets which could return multiples when the next bull market comes around.
We do think that the following 5 crypto projects will be able to survive an ongoing bear market and have the potential of returning multiples to investors.
Disclaimer - Nothing in this post is financial advise
Bitcoin - The undisputed king
With a market cap of 421 Billion dollars, according to CoinGecko, Bitcoin(BTC) is by far the largest cryptocurrency to date. Taking the lead in front of Ethereum with a market cap of 185 Billion dollars.
Even in the bear market, Bitcoin still processes between 200,000 and 300,000 transactions per day on its Blockchain, according to ycharts.com.
Before reaching its maximum supply of 21 million, there are currently still over 2 million Bitcoins left to be mined, with the last Bitcoin being mined in about approximately 120 years.
While Bitcoin is the largest cryptocurrency, it will probably return the least on your investment when considering its already massive market cap. At the same time, many investors will consider it a "safe bet", while knowing there are no safe bets in the crypto market.
Despite the current market conditions, many experts, for example, the infamous investor Cathie Wood, still believe that Bitcoin will have a 1 million valuation per coin by 2030.
Ethereum - The mother of dApps
Roughly half of all functioning dApps on the market are based on the Ethereum network, with more than 600,000 active users interacting with dApps regularly. Most popular dApps on Ethereum are the likes of OpenSea, Uniswap, Metamask, and Sushi.
The Ethereum Foundation is currently working on the transformation, known as the "merge" of its proof-of-work mechanism to a proof-of-stake mechanism for the Ethereum Blockchain. By switching to proof-of-stake, Ethereum wants to save up to 99% of its energy consumption.
Today, the annualized energy consumption for the Ethereum Blockchain equals the annualized consumption of Chile with 81.24 TWh, according to digiconomist.net.
Ethereum(ETH) currently has a price tag of about $1,500, offering a discount of 70% from its all-time highs in November 2021.
While many experts expect a price tag of about $15,000 by 2030. Once again, Cathy Wood thinks ETH could be worth about $170,000. That would be the equivalent of about 40 times the current valuation of Bitcoin.
Cardano - The contender
The blockchain created by Ethereum Co-Founder Charles Hoskinson is known to be a competitor of taking Ethereum's place in the crypto world.
Cardano(ADA) has a different approach to developing its blockchain. It states that it is a "scientific project which means that it is subject to a challenging development timeline in exchange for making foundational contributions to the crypto space".
Many think that this scientific approach might be the reason why it is still lagging behind Ethereum when looking at market adoption.
Nonetheless, Cardano has major advantages compared to Ethereum, once it reaches all its milestones.
Cardano is already built on a proof-of-stake mechanism, has significantly cheaper fees, better scalability, and higher transaction throughput and speed than what is currently offered by Ethereum’s 1.0 blockchain.
Cardano is currently down 84% from its All-time highs with future estimates ranging between $7 and $150 by 2030, which is a very unlikely scenario in our point of view.
However, the lower end of the price prediction would still leave us with a 1328% upside potential.
Polkadot - The Multichain connector
Polkadots vision is to build a truly interoperable decentralized web, aiming to be the multichain for a true Web3.
There are currently about 100 specialized blockchains called parachains running on the Polkadot protocol. With that amount of parachains, the Polkadot network can process more than 1,000 transactions per second(tps), an incredible number compared to 7tps for Bitcoin and 30tps for Ethereum.
Polkadot(DOT) is currently down nearly 90% from its All-time Highs last year, offering a buying opportunity last seen in 2020.
Many experts estimate that the price of DOT should be above $200 by 2030, which we think is a low prediction, knowing that DOT already traded at a quarter of that price in 2021.
Polygon - A scaling solution for Ethereum
The decentralized scaling platform, built on Ethereum, enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing security.
According to the official Polygon website "19k+ dApps choose Polygon to scale" an impressive number to say the least.
Polygon recently also made it into the news when Disney announced it had selected Polygon, as the only blockchain project, to join its Accelerator program — which aims to develop technologies to create new storytelling experiences.
The Walt Disney Company (WDC) itself announced that the program was about artificial intelligence, augmented reality, and non-fungible tokens (NFTs).
Polygon(MATIC) is down over 70% since its All-time High in late December 2021. With a market cap of $6.6 billion, the project has the lowest valuation on our list. Experts see MATIC reaching a valuation of more than $50 by 2030.
Disclaimer - Nothing in this post is financial advise
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