Top 3 Cryptocurrencies to Buy Amid the Selloff

 

Cryptocurrency prices have fallen sharply over the past few months. According to CoinGecko, the total market cap of all cryptocurrencies has fallen to around $1.9 trillion from over $3 trillion in November last year

Historically, cryptocurrencies tend to recover after a big drop. For example, in July 2021, Bitcoin has recouped most of the losses of the previous two months. It rose and retested its all-time high of almost $70,000. So, here are some of the best coins to buy when cryptocurrencies rally.

Ethereum

Ethereum is the third largest cryptocurrency in the world by market capitalization. It is a platform that allows developers to create all kinds of applications such as B. those in the Metaverse, stablecoins and decentralized finance.

Ethereum price has fallen from nearly $5,000 in November to around $3,000 today. This decline is due to fears of the Federal Reserve and increasing competition. In fact, many Ethereum-developed apps have migrated to other faster and cheaper platforms like Polygon and Avalanche.

Still, there is a likelihood that Ethereum's price will recover in the coming months as it transitions from a proof-of-work to a proof-of-stake network. Also, despite the competition, Ethereum has a large market share in its industry.

Ripple

Ripple is a well-known platform mainly used by big financial services companies like Santander and SBI International to facilitate their remittance business.

XRP price has fallen sharply over the past few months as investors continue to watch the SEC vs. Ripple case. The decline is also due to rising fears of high interest rates and strict regulations.

There is a likelihood that Ripple price will recover regardless of the judge's verdict. If the lawsuit goes against Ripple, there's a chance they'll file an appeal, a process that could take months or years. Also, the worst-case scenario is that Ripple Labs and its executives will be ordered to pay a fine.

Currency

Monero is a leading privacy coin that allows people to make untraceable transactions. It is commonly used on the dark web marketplaces.

Arguments for using Monero have been accumulated over the past few days. In Canada, for example, the government has sanctioned several bitcoin wallets as part of its crackdown on the ongoing protests. In the US, the FBI has announced a cryptocurrency task force. Also, the agency recently announced that it has recovered the funds stolen in the Bitfinex hack.

Therefore, these issues will likely drive more people to use Monero, a cryptocurrency that uses encryption technology to avoid the vulnerabilities that Bitcoin has.

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