After Bitcoin, the world’s most notable cryptocurrency, encountered a steep drop, going from an all-time peak of $69 044.77 in November 2021 to $16,400 November 2022. This major plunge of more than 76% was caused by a number of factors, including the FTX collapse and bankruptcies in the industry and rising doubts about regulation. Despite these issues, analysts remain optimistic about the future of digital currencies and their potential progress. So, what are the best altcoins you can buy with this in mind?
The Argument for a crypto bull market and top altcoins to invest in
First of all, let’s take a look at crypto markets potential. An illustration of the prospects for cryptocurrency markets to continue expanding is a recent Survey by deVere Group, one of the most respected financial consulting firms, which found that cryptocurrency could be gaining traction among wealthy investors.
The poll which included 560 people with large net worths from all over the world – Europe, North America, Asia-Pacific, Africa, and South America – revealed that 82% of millionaires with assets ranging from £1 million to £5 million (USD $1.23 million to USD $6.16 million) sought advice on CRYPTOCURRENCIES over the last 12 month.
According to deVere Group CEO and founder Nigel Green, Bitcoin’s present rally could keep going, fueled by the belief that inflation has peaked. Economic policies are becoming more favorable.
“Bitcoin is on track for its best January since 2013, due to expectations that inflation has peaked, economic policies become more beneficial, and the various crises in the crypto sector, including high-profile bankruptcies, are now in the past,” he said. Green.
Green thinks that the massive surge of the crypto market so far this year will not go unnoticed by high net worth customers and others who are always searching for high-yield assets.
The positivity of the crypto market so far this year may also be attributed to the recent influx of institutional investment. Historically conservative financial firms, including JPMorgan and Fidelity, have started offering cryptocurrency-related services, indicating a growing acceptance among mainstream finance.
A study conducted by PwC in June 2022 further bolsters this trend, as almost a third of the 89 hedge funds surveyed had already invested in digital currencies such as Bitcoin.
The technology behind cryptocurrencies, blockchain, has a wide range of potential applications beyond digital money, and it is already being explored in fields such as healthcare, finance, and logistics. This has resulted in a surge in the number of altcoins, or alternative coins, that have been created.
The most promising altcoins, according to experts, are Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Litecoin (LTC), Polkadot (DOT), and Chainlink (LINK).
Ethereum is the second-largest cryptocurrency by market capitalization, and it has been gaining popularity since the launch of its Eth2 upgrade. Binance Coin is the native cryptocurrency of the Binance exchange and is used to pay for fees and services on the platform. Cardano is a smart contract platform that is designed to be more secure and efficient than Ethereum. Litecoin is a Bitcoin clone and is often referred to as silver to Bitcoin’s gold. Polkadot is a blockchain protocol that is designed to connect different blockchains and enable interoperability. Chainlink is a decentralized oracle network that is used to connect smart contracts to external data sources.
Digital currencies have been gaining traction in recent years, with more investors turning to them as a potential source of income. Blockchain, the underlying technology, has the potential to revolutionize multiple industries, from supply chain management to voting systems, providing new growth opportunities for the technology and associated cryptocurrencies.
Beware of the risks, avoid fraud, invest carefully
Investing in digital assets isn’t as simple as investing in any cryptocurrency promoted on Twitter. There are certain factors to consider before investing, the most important of which is being cognizant of the risks. The crypto market is highly volatile, and one must be ready to bear the possibility of losing the invested capital. It is wise to invest only money that you don’t need and won’t be affected by its loss.
The next step is to do due diligence on the projects that pique your interest. Make sure that the teams behind them are legitimate and compliant with lawful regulations. Also, evaluate the actual applications of the project. It should provide functional solutions to existing issues, rather than taking advantage of trends without offering real value. This will have a major effect on the long-term success and potential return on investment.
For those looking for high ROI, cryptocurrency pre-sales can be a good option. Although they offer great returns, it is essential to make informed decisions and research the projects thoroughly. Ensure that the projects you invest in meet the criteria above and that you understand the risks involved.
Cryptocurrency analysts have identified some of the best altcoins to buy. These include MEMAG, FGHT and CCHG.
Meta Masters Guild (MEMAG) set to dominate Web3 games
Meta Masters Guild, an Ethereum-based gaming platform being developed to play and win, is making waves with its current pre-sale having raised over $2.2 million. With just 2 days left before it enters its fifth leg of the seven-leg offering, the pre-sale is likely to sell out, providing a limited opportunity for those interested to get their hands on MEMAG before it hits the exchanges.
The remarkable growth of the pre-sale can be attributed to positive word of mouth, with some 24-hour periods raising over $100,000.
