It has been a pretty long month for anyone in the crypto space. May wasn’t quite as good, especially as asset prices plunged significantly and investors were left with a great deal of regret. Multiple bearish events - from Tesla’s decision to stop accepting Bitcoin as a payment method to China announcing significant bans on crypto mining - it has been one rollercoaster of a month.
At the end of it all, the crypto market has probably lost some of its allure. There is a bad sentiment going about, and crypto assets aren't quite as attractive as they were at the beginning of the year.
Nevertheless, this is crypto. If there’s anything that has held, it is the fact that market prices always find a way of getting back up - no matter what. It might take a while, but things eventually turn out well for long-term investors who have their eyes on the money.
The process has already begun. Asset prices are rising slowly, and the market itself is seeing a greater capitalization altogether. Anxious investors are already waiting by their computers to see when things would be better again.
For investors thinking long-term, this is an interesting opportunity. Dips are always opportunities to buy and position yourself in the right direction for bigger gains in the future. In late 2017, the crypto market rode high and delivered massive gains. Then, everything crashed in early 2018, and it seemed like there was no way things could get better. But, some people bought the dip, even though they had to wait for years; their perseverance paid off for sure.
So, it is worth wondering about the assets that stand to gain the most from this market route. Below, we’ve compiled a few - some surprising, others not.
Bitcoin continues to enjoy what it always has - the power of being first. As the most popular cryptocurrency, Bitcoin will continue to enjoy its position as a pioneer. Adoption tends to come to Bitcoin first, then trickle down to other assets - the same thing with price gains and bull runs.
While it might not be as profitable as before, Bitcoin remains the top choice for any investor who is looking to build for the future. If anything, you at least know that Bitcoin isn't going anywhere.
Binance Coin is in an interesting position. The asset has jumped by almost 1,000 percent this year - and that’s counting with the effects of May’s market downturn. Binance Coin continues to make waves across the board, and it is one of the most exciting projects out there.
The growth fundamentals for Binance Coin are quite interesting. The asset is linked to one of the most popular crypto firms in the world, meaning that it has quite a great deal of credibility going for it. Also, Binance Coin is tied to Binance’s efforts to become a hub for decentralized finance (DeFi).
While most DeFi protocols are built on the Ethereum blockchain, the Binance Smart Chain has grown to become a healthy alternative. In fact, transactions on the Binance Smart Chain have now surpassed those on the Ethereum blockchain. If the Smart Chain continues to see greater adoption, Binance Coin could see its price jump as well.
Dogecoin might have started as a meme, but its rise has been nothing of a joke. The asset has done a great deal this year, although most of it has been a series of pump and dump schemes.
However, Dogecoin could soon get a more legitimate standing. Elon Musk has been making plans to put a Doge on the moon - whatever that means. The Tesla boss also announced that he has been meeting with developers on how to improve the asset’s functionality. It all seems like it could end up being an asset with functionality. The fact that you can also gain from it makes Dogecoin a win-win.
XRP is a bit of a wild card. In truth, there is just as much of a possibility of the price plunging as there is of a surge.
The problem with XRP, for now, is that the asset’s developers - Ripple Labs - are still in court facing the Securities and Exchange Commission (SEC). However, Ripple Labs has secured several wins in this case already, and there is real hope that the company could come out with a win.
If things go Ripple’s way, there is no doubt that the company will be on a roll - and so will XRP. There are already talks of an Initial Public Offering (IPO) once the SEC case is over. That alone will put Ripple Laabs as the only crypto-facing company apart from Coinbase to be listed.
XRP is definitely a gamble right now. However, there are crypto investors who love to play their odds. So, it is worth a shot.