Cryptocurrency prices are in a tight range as investors wait for the next catalyst. Bitcoin has found some resistance at around $34,000 while Ethereum has struggled moving above $2,200. Similarly, Binance, Cardano, Polkadot, and Dogecoin are struggling to find direction.
In total, the market capitalization of all digital currencies tracked by CoinMarketCap has dropped to $1.39 trillion. Let us look at some of the top cryptocurrencies to buy if the Bitcoin price rebounds. BTC is important since most other cryptocurrencies tend to follow it.
Polygon is a layer 2 blockchain project that helps supercharge Ethereum-built projects. After rising to an all-time high of $2.7 in May this year, MATIC price dropped by more than 60% to the current $1.01. That brought its total market capitalization to more than $6.4 billion, making it the 17th biggest cryptocurrency in the world.
Polygon is a good cryptocurrency because of the ongoing trend to its network. Some of the biggest Ethereum-built projects like Aave, Ox, Poly Market, Curve Finance, and Sushi Swap have all moved to the network in the past few months.
Notably, in statements, all these developers have talked about how stable and fast their deployments have been. Therefore, there is a possibility that more developers will keep moving to the network, which will likely boost the Polygon price.
Synthetix is a relatively unknown Decentralized Finance (DeFi) project. SNX has a market capitalization of more than $1.45 billion, making it the 71st biggest cryptocurrency project in the world. Synthetix is a derivative DEX that helps people to gain on-chain exposure to various assets.
In the past few weeks, the total value locked (TVL) in the network has grown to more than $1.3 billion. At the same time, the project is being used by platforms like Uniswap, Curve Finance, and Kwenta. Therefore, I suspect that Synthetix will keep rising as user adoption grows.
Like I wrote in my last list, I am a staunch believer in the purpose of Monero (XMR). The coin has a market capitalization of more than $3.7 billion and is the 28th biggest crypto project in the world. It has also dropped by more than 50% from its all-time high.
Unlike Bitcoin, Monero is a privacy-focused blockchain project that has a clear utility. It is widely accepted in privacy-focused marketplaces unlike other coins like Dash and ZCash. Further, it has sufficient liquidity to make it widely used globally.
Monero transactions are hard to track, which has pushed more cybercrime groups to accept it as a means of exchange. While I am opposed to cybercrime, the reality is that this challenge will be with us for a long time. A recent study estimated that the industry will cross $10 trillion in the next few years. As such, demand for Monero will likely keep rising.
Solana is a blockchain project that is widely seen as a viable Ethereum killer. In the past few months, the number of Blockchain projects built in its ecosystem has increased substantially. Some of the popular projects built in Solana are Raydium, SerumDex, Serum Swap, and Orca. While their scale are significantly lower than that of Ethereum, there is a possibility that more developers will embrace the network, thanks to its lower costs and higher speed.
Notable cryptocurrencies to buy
To be clear, most altcoins will bounce back if Bitcoin manages to recover. This is because of the close correlation that exists between cryptocurrencies. Still, I believe that the four coins mentioned will do well if Bitcoin recovers. Other notable coins are Polkadot, Cardano, and VeChain.