These 6 cryptos have fallen way too far and now are bargain cryptos to buy. They should have good upside from here. Some of these large cryptos are down over 60% and up to 88% in one case off of its peak.
This represents severe devastation in the crypto market. It indicates that much of the speculative frenzy that was in these digital currencies has been drained out.
That does not mean that there could not be further downside. But at this point, a huge portion of the excessive speculation and gambling element in the cryptos is out.
The point is that even if these cryptos take a further large decline, it’s not likely to last long at those levels. This makes it an opportune time to begin averaging into them. That makes them some of the best cryptos to buy right now.
Let’s dive in and look at these cryptos.
Cryptos to Buy: Bitcoin (BTC-USD)
Market cap: $440 billion
Bitcoin (BTC-USD)is the largest crypto out there and the first digital decentralized cryptocurrency. As it stands there are 21 million Bitcoin tokens and over 19 million of them have now been issued into the circulating supply, according to Coinmarketcap.com.
That means the remaining less than 2 million, or 9.5% of its token supply can be issued at an increasingly higher hash or difficulty rate for Bitcoin miners. This also ensures over the next several years that the crypto could end up moving higher as the scarcity effect on the supply kicks in.
So far Bitcoin is down 51.6% YTD to $23,094 as of June 13. Moreover, from its peak of $76,566 on Nov. 7, the crypto is now off nearly 70%. Bitcoin is notoriously volatile but always seems to market a major rebound from its lows. This is likely to be the same story, so investors might as well take advantage of this and average into Bitcoin.
Market Cap: $147 billion
This is the second-largest crypto designed to send and receive value, including smart contracts. Its goal is to allow users from all over the world to write and run software that is resistant to censorship, downtime and fraud.
It is fast approaching the time, probably this summer, when it will transition to or merge with a proof-of-stake blockchain, Ethereum 2.0, from its present proof-of-work (crypto mining) system.
As it stands, Ethereum (ETH-USD) is down 68% YTD to $1,213 as of June 13. But even more to the point, ETH tokens are down nearly 75% from their peak on Nov. 7 of $4,812 per ETH token.
Despite this volatility, Ethereum usually bounces back. That makes this time, one of the darkest, a good point to start averaging into the crypto.
Cryptos to Buy: Cardano (ADA-USD)
Market Cap: $15.75 billion
Cardano (ADA-USD) is trying to compete directly against Ethereum, as it says its platform is more scalable, secure and efficient. It has been accepting smart contracts and NFTs (non-fungible tokens) on its platform in the past year. The jury is still out on whether it can overtake Ethereum. Even though its transaction validation system is run on a proof-of-stake, rather than mining like Bitcoin and Ethereum, the latter is going to convert soon. That may take away one of its advantages.
Cardano is likely to significantly rebound now that it is gaining market share in the smart contract arena, as well as the NFT (non-fungible tokens) marketplace. Cardano is down 66% YTD to $0.47 and it is off over 84% from its peak of $2.9682 on Sept. 2, 2021.
That is a long way down and shows that now might be a time when enterprising investors might consider starting to average into ADA tokens. The reason is despite its volatility, Cardano always seems to work its way back to new heights.
For example, even if it were to retrace half of its $2.50 fall from the peak and rise back to just $1.7181, that represents a gain of 267% from here. That alone should be enough of an opportunity for enterprising investors in cryptos to begin averaging into Cardano.
Market Cap: $9.5 billion
Solana (SOL-USD) is an Ethereum-based blockchain designed to provide fast transactions and validations. It also claims to have the lowest transaction fees, although it still charges for transactions on smart contracts. These are used for finance applications and other uses like music streaming.
It has taken a big hit so far this year, down 84.4% to $27.87 from $178.52 where it ended the year last year. Even worse it is down 89.2% from its peak of $258.93 on Nov. 7, 2021.
So even if it were to retrace half of its $230 decline from its peak, the rise represents a gain of over 400% to $142.87 from $27.87 today. That upside should be enough to entice enterprising investors to start averaging into Solana.
Cryptos to Buy: Dogecoin (DOGE-USD)
Market Cap: $7.43 billion
This meme crypto is actually gaining steam as a payment tool with merchants. This is especially now the case with Elon Musk still standing behind Dogecoin as a form of payment.
Dogecoin is down 68% YTD to 5.6 cents on June 13 from 17.3 cents at the end of 2021. Moreover, from its peak of 34.14 cents on Aug. 14, Dogecoin is now down over 83%. This seems almost unbelievable that the crypto could have cratered so much in such a short time period, but it also is likely to rebound as well once the markets lose their fear of a recession and Fed tightening.
As a result, now is a good time, despite the negative outlook, to begin averaging into this volatile cryptocurrency.
Cryptos To Buy: Polygon (MATIC-USD)
Market Cap: $3.98 billion
Polygon (MATIC-USD) is known as a Layer 2 protocol crypto started in 2017 and built on top of Ethereum. According to Coindesk, it “allows developers to create and deploy their own blockchains that are compatible with the Ethereum blockchain with a single click, as well as enables other Ethereum-based projects to transfer data and tokens between one another using the MATIC sidechain.”
As of June 13, MATIC is down 82.7% YTD to 44.7 cents from $2.5748 at the end of last year. Even if it retraces half of that decline to $1.73, MATIC crypto will make a 287% return. That should encourage investors to consider starting to average into Polygon.
On the date of publication, Mark Hake did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.