London, England, 2nd July 2021, ZEXPR – Since reaching an all-time high of nearly $64,000 in mid-June, Bitcoin (BTC) has lost up to half of its value. Other cryptocurrency values have also fallen, with some price recoveries failing to hold. Are you attempting to determine which cryptocurrency to buy now, given the recent severe volatility in the cryptocurrency markets?
Choosing which cryptocurrencies to invest in in such an atmosphere might be difficult. Should you sit on the fence and wait for the market to level off?
If you’re looking for the best cryptocurrency to invest in right now, Victoria-Coins broker, Dan Leos, compiled a list of five options for you to consider.
Ether, the second-largest cryptocurrency by market capitalization behind bitcoin, has fallen from a peak of over $4,300 to a low of approximately $2,300. According to BROKER NAME, the short-term prognosis is negative, with 15 technical indicators indicating bearish signs against 14 indicating positive indications. Market observers and analysts predict ether will rebound and climb to new highs in the long run, making it one of the finest cryptos to invest in right now.
Smart contracts run on the Ethereum blockchain, allowing for decentralised financing (DeFi) and non-fungible coins (NFTs). These new applications are still in their early stages, but they are anticipated to expand into other sectors, pushing blockchain adoption and raising the price of ether.
Ethereum is undergoing a number of improvements, including a switch to the less energy-intensive proof of stake (PoS) algorithm for transaction processing and the implementation of EIP-1559, which would lower gas, or transaction costs. These upgrades are intended to accelerate its uptake.
The ADA cryptocurrency, which is based on the Cardano blockchain, has grown quickly this year to become the fourth-largest coin in terms of market capitalization. Cardano is one of the most widely used PoS blockchains. Later this year, the developers intend to deploy smart contracts as an alternative to Ethereum for DeFi applications that require fast speeds and low transaction costs.
During the recent volatility, the ADA price has found some relative support. It has dropped 53% from its highs, whilst ether has dropped 55.5 percent. At the time of writing, it was trading at 34.7 percent below its all-time high, indicating a rebound. Ether is still 45.3 percent behind its all-time high.
According to BROKER NAME, the short-term mood for ADA is optimistic, with 23 technical indicators indicating bullish signs and just four indicating negative signals. In the long run, analysts anticipate that the ADA price will rise beyond $2 and reach new highs in the next years.
The Polygon protocol, formerly known as MATIC Network, is designed to aid developers in the creation of Ethereum-compatible blockchains. The protocol June then connect the blockchains, allowing Ethereum to become a multi-chain system known as the “Internet of Blockchains,” according to Polygon.
After billionaire investor Marc Cuban announced his investment in the project on June 26, the MATIC price more than quadrupled, having dropped from its all-time high set on June 18.
The price dropped from $2.68 on June 18 to $0.75 on June 23, then rebounded to $2.44 on June 26 before dropping below $2 in recent days. As a result, the price has remained stable in comparison to other cryptocurrencies.
Sushi Swap (SUSHI)
SushiSwap is a decentralised cryptocurrency exchange (DEX) that began as a fork of the Uniswap exchange in September 2020. Transactions in SushiSwap’s liquidity pools are subject to a 0.3 percent fee. The SUSHI token distributes a portion of the charge to users.
SUSHI is now trading at about $10-11, down from an all-time high of $22.52 on June 18th. SUSHI is undervalued, according to some market watchers, because it is worth no more than its yearly revenue from fees of approximately $1.39 billion and a market capitalization of around $14 billion.
“SUSHI is now obviously mispriced even on a [fully diluted value] FDV basis after accounting in inflation,” said Jeff Dorman, chief investment officer at digital asset management firm Arca.
According to BROKER NAME, the short-term attitude is pessimistic, with 15 technical indicators indicating bearish signals and eight indicators indicating positive indications. However, experts such as Digitalcoin believe the price will rise to new highs before the end of the year.
Chainlink is a decentralized data processing network that was one of the first to allow off-chain data to be integrated into smart contracts via an oracle network. This allows blockchains to safely connect with external data, events, and payment mechanisms, giving sophisticated smart contracts the information they need to implement advanced functionality in decentralized apps and NFTs.
On June 10, the LINK price hit $52.88 before falling to $15.09 on June 23. In recent days, it has risen above $29 again. Some analysts believe the coin is undervalued at under $40. It’s expected to recover to that level later this year, according to forecasts.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
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