Cryptocurrency prices are bouncing back as investors rush to buy their favorite currencies at a discount. Bitcoin price has gained by more than $10,000 from the lowest level yesterday. Similarly, Ethereum, Cardano, Ripple, and Dogecoin prices have jumped by more than 30% in the past 24 hours. As a result, the combined market capitalization of all digital currencies has jumped by more than 6%.
It is hard to tell whether this relief rally will last. Furthermore, in the past, relief rallies tend to be short and brief. This is simply because many people who rush to buy the dip tend to exit quickly at a profit. Let us look at some of the best cryptocurrencies to buy and hodl if the recovery holds.
Polkadot is a digital currency that was started by Gary Wood, a former Ethereum co-founder. The platform is similar to Ethereum in that it helps other developers build decentralized applications like those in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT). The platform has a market capitalization of more than $27 billion and is the eighth-largest platform in the world.
Polkadot is a good cryptocurrency to buy because of its proof-of-work technology and the fact that many developers are already in its platform. Some of the best-known projects built on Polkadot are Chainlink, Polkadot, Kusama, and Ontology, among others.
Polkadot price at publication: $31.23
Solana is another exciting project whose goal is to be an alternative to Ethereum. The network uses proof-of-stake technology and combines it with proof-of-authority. It is a relatively easy-to-use platform that is also relativly faster than Ethereum. In the past few months, Solana has added more than 151 developers on its platform. Among the best-known of them are Akash, Soleon, MoonPay, Tether, Terra, and SErum, among others. Solana has a market capitalization of more than $12 billion and is the 17th biggest cryptocurrency.
Solana price at publication: 44.
Polygon is a blockchain project that was previously known as Matic. It is a fast-growing project that helps developers build apps that are compatible with Ethereum. This strategy has made it increasingly popular among developers. Recently, Aave, the second-biggest Decentralized Finance (DeFi) platform announced that it was moving to the platform. Other developers will likely see the benefit of this transition and embrace the platform.
Some of the developers in the platform are EsayFi, Polymarket, and Decentral Games, among others. Therefore, if you believe in Ethereum – as I do – Polygon is a good crypto project to buy.
Polygon price at publication: $2.17
Monero is one of the most undervalued blockchain projects in the world. The currency solves most problems that Bitcoin was to solve. For starters, Monero is a privacy-focused cryptocurrency that has been around for more than 7 years. The currency allows people to send money through an encrypted network that is hard to crack. Unlike Bitcoin, Monero transactions are difficult to track.
Like I wrote a while ago, the Internal Revenue Service (IRS) has offered a reward for anyone who can crack the currency. To date, no one has done that. Therefore, if you believe that demand for highly encrypted transactions will be there, Monero is a good cryptocurrency to buy.
Monero price at publication:
Binance Coin (BNB)
Binance Coin is a cryptocurrency that powers the Binance Chain network. This is a fast-growing network that is also an alternative to Ethereum. BNB is also the native currency for the Binance platform. For starters, Binance is the world’s biggest cryptocurrency exchange in terms of volume. Some of the projects built on the chain are Binance USD, which has a market cap of more than $7.7 billion. Others are PancakeSwap and Ontology among others
Binance Coin price at publication: $404
As you have seen, I have purposely avoided Bitcoin and Ethereum, which are well-known cryptocurrencies. Historically, if these two currencies do well, the rest of the crypto industry tend to follow suit. Other good cryptocurrencies to buy in the right conditions are VeChain, Elrond, and Crypto.com coin.