Investing in Cryptocurrencies: 3 Promising Options for Bearish Cycle 2023
In recent years, the cryptocurrency market has seen massive growth, attracting the attention of many investors. However, despite the fluctuations and volatility it has experienced, investing in cryptocurrencies over the long term can yield excellent results.
Unfortunately, 2022 was particularly rough, with the so-called crypto winter wiping out over $60 billion in cryptocurrency assets. But there are still opportunities for growth for investors ready to take a long-term approach and embrace the market’s volatility.
While the market may not be suitable for everyone, those willing to take risks can reap great rewards. To help guide you, here are three cryptocurrencies that are well worth considering in any bearish market cycle.
As the initial and largest cryptocurrency, Bitcoin has been the driving force behind the sector’s growth. Despite facing a massive downturn, with prices dropping from their all-time high of $60,000 to $15,000, Bitcoin continues to attract investors.
The decentralized and secure nature of the currency and its increasing popularity and acceptance among merchants make it a valuable asset in any portfolio. However, it is important to remember that Bitcoin has problems, such as scalability issues, high volatility, and slow transaction times.
Despite these challenges, Bitcoin’s long-term prospects remain positive, and it is one of the best crypto assets to hold in a bearish market.
Ethereum, despite its 0.93% decline today, remains a great asset for beginners. It is the second largest blockchain after Bitcoin and has a thriving community of decentralized applications (dApps) and a vast usage of Non-Fungible Tokens (NFTs).
In addition, the Ethereum blockchain is home to popular platforms such as OpenSea, leveraging smart contracts and efficient proof of stake systems. With its growing ecosystem of decentralized finance (DeFi) and NFTs, Ethereum has proven to be a valuable addition to portfolios, especially for those interested in the long-term growth potential of blockchain technology.
Additionally, the Ethereum community is continuously working to improve the network’s scalability, making it an attractive choice for those looking to invest in the future of blockchain.
Avalanche is a new player in the crypto world and is fast making its mark among investors. It can work with Ethereum, which has given it an edge over other cryptocurrencies. Its ability to handle smart contracts and decentralized applications, alongside its efficient proof of stake system, has made it an attractive investment option for many.
The dApp development within the Avalanche ecosystem is thriving, with a total value of $920 million, indicating a high activity level. The blockchain’s strong developer community and growing popularity make it a potential rival to Ethereum and a valuable addition to a portfolio for beginner investors.