The cryptocurrency market appears to be in shambles. Crypto institutions have gone bankrupt, bad actors have been exposed, investors are exiting the market and pessimism is mounting at unprecedented levels.
However, while some see complete doom, others see a financial opportunity of a lifetime – a chance to scoop up undervalued projects at dirt-cheap prices. The crypto market was also in shambles after the 2018 crash before it soared to all-time highs.
While market sentiment may change, the core value propositions of cryptocurrency are resolute and unwavering. Crypto has been declared dead by the media over 450 times, each time equally as wrong as the last. Investors tend to fall victim to the emotions of the present – hyper-focusing on short-term headwinds at the expense of missing the bigger picture.
Although the risk may be higher and the end far from sight, buying when others are fearful is a universal investment strategy that has worked time and again in the cryptocurrency market. It is a chance to be ahead of the curve and establish a position before the mania returns.
What’s needed is patience, a solid risk-management strategy and a stellar cryptocurrency watchlist. The following discussion will explore some of the best cryptos to buy now. These cryptos have a ton of potential – although none come with a guarantee that they will succeed.
Best Crypto to Buy Now
The cryptocurrency market is saturated with over 20,000 different cryptocurrencies – most of which will not survive in the long term. As a result, it is extremely important to complete due diligence and diversify across sectors and market caps. This analysis used a wide range of factors to choose the best crypto to buy now. Here is a diverse set of promising cryptocurrencies available on the market now, and primed for growth:
Any cryptocurrency watchlist without Bitcoin on it is a shaky one at best. Bitcoin is considered the gold standard in the cryptocurrency industry – the original, largest, most meritocratic, decentralized and widely adopted cryptocurrency in the market. A crypto watchlist without Bitcoin is like macaroni without cheese. Even if you don’t invest in it, it’s important to watch its price movement. Bitcoin guides the market, accounting for over 40% of the entire market capitalization of the entire industry.
The easiest way to think of Bitcoin is as a digital store of value. Like gold, it is an immutable, durable, scarce and sovereign asset – with the added benefit of superior portability. Bitcoin is decentralized, meaning that, unlike fiat currencies, Bitcoin is not controlled by a central authority such as a government. It is a fair, international and transparent savings technology that transcends geographical borders and centralized inefficiencies.
Second to Bitcoin is Ethereum – the second largest cryptocurrency in the crypto market, by a wide margin. Ethereum is the backbone of the Web3 economy and is home to over 55% of the total value locked (TVL) across all blockchains in the crypto industry.
Ethereum can be thought of as a global computing network, powered by Ether (ETH), the blockchain’s native token. It’s the underlying infrastructure that enables developers to launch and users to interact with decentralized apps (dApps) that are built on decentralized servers as opposed to centralized servers. The Ethereum ecosystem is home to over 1,500 unique dApps that exist across a diverse range of categories including decentralized finance (DeFi), gaming and social media.
Investing in Ethereum is akin to investing in an exchange-traded fund (ETF) in the sense that you gain exposure to a diverse range of projects and services built within the Ethereum ecosystem. Ethereum is an essential part of any diversified, risk-adjusted portfolio because of its leading position in the programmable blockchain sector and growing institutional adoption.
Although not as established as Ethereum or Bitcoin, Chainlink plays an equally important role in the mainstream adoption of cryptocurrency. If crypto is going to scale, there needs to be a way to connect real-world data to the blockchain.
However, by nature, blockchains don’t have an effective way to access external data – it’s difficult to connect off-chain data with on-chain data when using smart contracts. Chainlink solves this problem by connecting blockchains with the real world by using a decentralized oracle service. Chainlink acts as a bridge between blockchain smart contracts and external data sources.
Currently, Chainlink is the clear market leader in the oracle space, accounting for a whopping 80% of the oracle sector according to CoinMarketCap. As a result, given its vital use case and strong competitive position, Chainlink is a strong addition to any crypto portfolio.
Polygon is a project that is designed to reduce cost and improve the speed of transactions on Ethereum. It can be thought of as a high-risk-to-reward Ethereum play, with a destiny solely based on the success of the Ethereum blockchain – currently ranked in top 15 cryptocurrencies by total market capitalization.
In technical terms, Polygon is a scaling solution that acts as an add-on layer to Ethereum. It’s designed to leverage the security of the Ethereum blockchain while empowering Ethereum stakeholders to access improved security, efficiency and scalability. If Ethereum continues to thrive in the future, Polygon could be a solid way to capture this growth.
Today, most of the world’s blockchains are siloed, meaning that they have no way of interacting with each other. They operate in silos, meaning that talent and resources are divided into competing networks as opposed to one unified system. Polkadot solves this problem by connecting several blockchains into one network to gain interoperability.
As a top 15 cryptocurrency by market capitalization, Polkadot is the market leader in the interoperability sector. As the name suggests, Polkadot is designed to join the dots with other networks. If crypto is to go mainstream, it is almost certain that there will be an unprecedented level of demand for interoperability. If Polkadot can even capture a fraction of this demand, its growth could be exponential.
Oasis Network (ROSE)
Oasis Network solves one of the most pressing challenges in the crypto space today: data privacy and information security. Virtually all the leading Layer 1 blockchains in the sector such as Ethereum, Cardano and Avalanche pale in comparison to Oasis Network in terms of data privacy.
In fact, Oasis Network claims to be the first privacy-enabled blockchain in the world. There are two strong use cases of privacy-enabled smart contracts. Firstly, it enables data tokenization – allowing users to take control of their data by providing the option for them to stake their private data and earn rewards. Secondly, it allows for private DeFi – the ability for data to be used in financial systems without being revealed to another party.
Oasis Network’s superb privacy features and industry-leading number of university connections (partnered with Berkely, Cornell, London School of Economics, among others) make it an extremely lucrative hedge against Ethereum – which is over 700x larger than ROSE.
Actions in 2022 have shown that centralized exchanges should not be trusted. They are the least secure way to store crypto, are prone to corruption and are a huge target for hackers – evinced by the FTX scandal in the latter half of 2022. ThorChain is a decentralized protocol that allows users to swap crypto assets without the need for a centralized exchange.
However, the real value behind ThorChain lies in its valuation compared to competitors in the sector. Compared to the leader in the space, Uniswap with a market cap of $5 billion, ThorChain has a market cap of just shy of $400 million. However, unlike Uniswap (UNI), which only supports Ethereum-based assets, ThorChain allows for multi-chain swaps across eight different blockchains. THOR is an excellent alternative to UNI as the Web3 world heads further into an interoperable world and demand for decentralized protocols continues to grow.
Ethereum Push Notification Service (PUSH)
Despite the advances of the Web3 world, one extremely important thing that is missing is a notification framework. dApps have no way to natively communicate, and wallet addresses do not receive alerts or communication. As a result, the lack of notifications is a huge gap in the Web3 world that needs fixing if Ethereum is to scale.
PUSH (formerly EPNS) is the leading solution for this problem – a blockchain-based notification protocol that is chain-agnostic, platform-independent and incentivized. It has been featured by Forbes, Ethereum Foundation and CoinDesk.
PUSH is a communication protocol that aims to be the communication backbone of the entire Ethereum ecosystem. With a minuscule market cap of less than $10 million, a clear vision and a promising team, PUSH is a crypto gem that could lead to life-changing wealth.
Where to Buy Crypto
Major cryptocurrency exchanges like Uphold, eToro and Crypto.com support trading for cryptocurrencies like BTC and ETH. Uphold is a top choice for many investors because of its top tier security and its massive range of supported cryptos. You can even trade precious metals and other financial instruments all on the same Uphold account. You can buy Bitcoin on many of these platforms with your credit card, using exchanging capabilities such as swapping or through various trading pairs like BTC/USDT. Uphold supports all the cryptos above except for OasisNetwork (ROSE) and Ethereum Push Notification Service (PUSH).
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How to Store Crypto
Cryptocurrencies like Bitcoin can be kept in hardware wallets and software wallets. The safest approach to keep cryptocurrency is via hardware wallets. Hardware wallets store your private keys offline, meaning that you are the only person with access to your cryptocurrency while using one. Hardware wallets are recommended for long-term storage of crypto assets.
Software wallets enable crypto holders to securely store their digital currencies and tokens in one place. They are convenient, allowing users to buy, swap, lend and earn cryptocurrency through various mediums. As a result, software wallets are the perfect choice for the short-term storage of crypto assets.
Best Software Wallet: Exodus
ZenGo is one of the most secure mobile crypto wallets in Web3. Leveraging MPC technology, ZenGo removes the vulnerability of the need for a private key, making it much more secure than traditional crypto wallets. ZenGo allows users to buy, sell, send and receive Bitcoin and many different altcoins in a secure manner.
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Best Hardware Wallet: Ledger
Ledger claims to offer the highest level of protection for crypto assets, making it a phenomenal choice for a hardware wallet. In addition to Bitcoin, Ledger hardware wallets are compatible with more than 1,800 altcoins including Ethereum (ETH), Polkadot (DOT), Chainlink (LINK) and all ERC-20 and BEP-20 tokens.
Is Crypto a Good Investment?
Overall, the cryptocurrency space is a high-risk investment class because of its inherent volatility. However, risk isn’t always bad – it’s a two-way street. On one hand, it can lead to significant losses, but on the other hand, it can lead to significant rewards. As an investor, all that is needed is the ability to efficiently sift through the junk and identify solid projects.
If you are considering accumulating cryptocurrency in the near future, it may be worth adding some of these coins to your watchlist. Please note that nothing in this article is financial advice. Because of the speculative nature of cryptocurrencies, prudent investors will only invest money they are comfortable with losing.