The 7 best crypto buying opportunities on the market right now

by Arthur · October 23, 2022

The cryptocurrency market is constantly evolving, which makes it difficult to invest in the sphere. Removal of excess liquidity from financial markets worldwide is causing valuations to reset to more appropriate levels. While the cryptocurrency market is volatile and presents many risks for new investors, most coins trade at low prices and offer stability. Therefore, it is an ideal time for investors to hunt for the best crypto buying opportunities.

The crypto winter has been extremely harsh on the sector. All the favorite cryptocurrencies have seen their values plummet, including the memes tokens that were once popular to buy. The global cryptocurrency market capitalization was reduced by two-thirds from last November to early July. This indicates that investors are reducing their exposure in the wake of rising interest rates, which will hopefully subside quickly enough with a better economic environment.

Table of Contents

Bitcoin (BTC)

Bitcoin cryptocurrency with pile of coins, vector illustrator

Source: Sittipong Phokawattana / Shutterstock.com

Bitcoin (BTC-USD) is the most valuable crypto, and its quasi-money status has helped it reach an astronomical valuation since its creation in 2009. Most experts tout it as an effective hedge against inflation, but with that, it shed over 60% of the value last year, that the task has been appalling.

Inflationary pressures have hit markets around the world, but even with the price drop, BTC continues to perform as it was designed to. It has a limited supply has only 21 million coins in circulation. With the current trends in place, demand will continue to outstrip supply, which will help increase the price in the long term. Even if the investors are sitting on big losses this time, their investments in BTC will pay dividends in the long term.

Ethereum (ETH)

Source: shutterstock.com/BT Page

Ethereum (ETH-USD) is the second most popular crypto platform and certainly the one with the most real tools. It has taken leading positions in non-fungible tokens and decentralized applications. Moreover, it continues to attract developers with its exceptional use cases. According to a report from Electric Capitalroughly 25% of developers flocking to blockchains choose to work with Ethereum.

Ethereum completed part of a general update to the much talked about “Merge” last month. The switch to a proof-of-stake protocol allows it to effectively validate transactions significantly faster and cut energy consumption by 99%. Its “Sharding” phase will follow, effectively splitting the database to relieve congestion on the network. Consequently, it will solve a couple of the biggest problems: slow transaction speeds and high fees. Considering Ethereum’s potential, now seems to be a great time to invest in ETH.

Solana (SUN)

Source: Rcc_Btn / Shutterstock.com

Solana (SOL USD) is among the top ten cryptocurrencies in terms of valuation. SOL exploded last year, with prices skyrocketing over 11,000%. However, prices have fallen this year in line with their peers. Nevertheless, the smaller market capitalization has an easier path for astronomical growth, with adoption and improvement gains in the network.

Solana has set itself apart from the rest of the competition with its speed and scalability. It contains proof-of-history, a protocol that makes it possible process 50,000 transactions per second (TPS) theoretically. In comparison, ETH can only process 15 TPS.

The network’s robust speed and cost advantages will continue to attract new users to the platforms. It continues to increase its market share in decentralized finance and NFTs every month, giving ETH a run for its money. In addition, Solana Labs continues to invest in new initiatives, such as Solana Pay, which can develop into significant growth catalysts.

The sandbox (SANDY)

Source: Ira Lichi / Shutterstock.com

The sandbox (SAND USD) is a metaverse crypto platform that is essentially a virtual world developed on the Ethereum blockchain. For transactions in the virtual world, players must use the SAND token, which can also be purchased for investment purposes only.

The platform has gained traction quickly, selling virtual land for over a year. It has attracted big names in the entertainment world, such as rapper Snoop Dogg who bought land on the network and invited players to join the ‘Snoopverse’. In addition, the platform has held two events that allow players to experience what it has to offer. The second season of the “Alpha” events attracted over 300,000 visitors.

Sandbox is still early in its growth story and plans to launch the platform’s first virtual concerts and mobile versions this year. Therefore, there are many catalysts for Sandbox to take a healthy market share in the growing metaverse area.

Polka dot (DOT)

Source: Zeedign.com / Shutterstock.com

The idea of building bridges between other blockchains and cryptocurrencies is at its core Polka dots (DOT-USD) project. The simple cross-chain programming tool allows developers to pull what they need from each blockchain without any drawbacks, avoiding the pesky issues like transaction speeds or scalability issues that have plagued previous efforts in this space.

The Polkadot blockchain is still in its infancy, with new developments added weekly. Polkadot offers developers a single platform to create, test and deploy decentralized applications. Also, it involves a sophisticated process of adding new functionality through parachains, and Polkadot projects can get funding help through the process, making it a truly decentralized network. In addition, ease of use facilitates less debugging, leading us toward an increase in innovation as we move through the Web3 era.

Cardano (ADA)

Source: Shutterstock

Cardano (ADA-USD) has been another top blockchain project in recent years. It handles over 50,000 transactions per day, and recently surpassed the 50 million transaction mark on the network. Therefore, there are clear signs that the platform is expanding the community quickly and seeing significant growth in the network.

Cardano has plans to become the leading financial operating system globally and has partnered with various organizations in developing countries. It is arguably the most important blockchain network on the African continent. Also, with its Hydra update, the network can potentially handle a transaction capacity from 250 per second to 1,000,000. ADA is a slow burner built for long-term investors; therefore, there is a lot to gain for investors who are willing to invest in it with a long-term horizon.

Polygon (MATIC)

Source: Shutterstock

Polygon (MATIC-USD) is a Layer 2 blockchain that acts as a sidechain with Ethereum to significantly increase scalability and cost. Since ETH became one of the more popular blockchains, it has been plagued with congestion and fees that can sometimes skyrocket. However, MATIC essentially streamlines the process by processing transactions on the blockchain and adding them back to Ethereum.

Some experts believed that ETH’s 2.0 update could end Polygon. However, ETH’s developers plan to work “synergistically” with Polygon to reduce network load and increase TPS. ETH intends to become a major player in the future internet with Web3.0, which is why it needs to significantly increase its TPS. It can handle 1280 TPS even after cutting, which can jump to 7000 TPS with Polygon.

As of publication date, Muslim Farooque held a LONG position in Ethereum and Solana. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.

Muslim Farooque is an avid investor and an optimist at heart. A lifelong gamer and technology enthusiast, he has a special interest in analyzing technology stocks. Muslim holds a bachelor’s degree in applied accounting from Oxford Brookes University.