Bitcoin -the largest by m-cap as well as in terms of popularity has tumbled a great deal after notching fresh highs of just below $65 K levels in April this year, considering the latest drop to below $30K i.e. almost 55% meltdown in price. There has been high volatility in most of the altcoins, with bitcoin no exception on varied developments as well as news around them. Now as the current dip could be capitalized for better returns on these cryptocurrencies in due course of time, here are suggested few cryptos which should certainly be pocketed at the moment. We have also collated the price targets for these crypto units:
Now before we go into the details of these cryptos, here is in brief about the likely range in which these cryptos have tumbled in trade today (June 22, 2021) as per the blockchain news outlet Coindesk:
As at 4:40 pm Indian time, cryptos such as Dogecoin have been dragged lower by more than 16%, while Ripple and Cardano fell between 12-13%, further more Bitcoin and Ethereum were down by up to 1.83%. Notably, USD Coin which is a stable coin is also down in trade today that until now saw relief from the sell-off.
3 cryptocurrencies to take position in for better returns given the current steep meltdown
1. Ethereum (ETH):
Ethereum founded in the year 2014 by Vitalik Buterin is a decentralized blockchain. As of now it is being iterated that the crypto has the potential to even pip Bitcoin in valuation. As it is for some time we saw higher volumes in the case of Ethereum in comparison to Bitcoin.
Now coming to how it shares similarity with the most popular crypto is that is an open source i.e. anyone, anywhere can download the software and start communicating with the network.
The dissimilarity between the 2 i.e. Bitcoin and Ethereum is that they differ in their long term objective i.e. while the core purpose of Bitcoin is to act as a currency, Ethereum is intending to enable all those operating with the Ethereum network to operate ‘smart contracts'. In lay men terms smart contracts are apps that run in line with the programming that is there is no probability as well as possibility of fraud, downtime etc.
Ethereum as is confirmed by its co-founder will work on becoming more environment friendly and for it, Ethereum shall make a switch from Proof of Work to Proof of Stake system.
Price performance of Ethereum over the last one year and future price predictions
In the last 12 months period, the crypto has moved higher by a whopping 1000% and analysts and various other crypto experts suggest that Ethereum has the potential to even eclipse Bitcoin.
Note the price predictions for crypto Ethereum are basis Digitalcoin.
2. Binance Coin (BNB):
This digital coin is based on Ethereum blockchain and is used for trading in cryptos as well as for fees against crypto trades executed on Binance exchange. Binance exchange typically functioning around cryptocurrencies as against other industry players intend to provide a comprehensive infrastructure for cryptocurrency trades that eliminates all such hassles associated with trading in cryptos.
Current price trend for Binance Coin and Price Prediction
As of writing this copy, Binance Coin has taken a heavy known down of over 21 percent during the last 24 hours in line with the overall meltdown in the cryto space.
Note the price prediction tabulated above is as per the longforecast.com
3. Ripple (XRP):
The digital token Ripple as per Forbes is typically to address the needs of the global financial services and banking industry. Primarily the token is a money transfer system. Notably, despite the longer term plans the crypto is facing legal hassles with the SEC nonetheless that is not stopping the token to surge in value, not to mind the current severe fall. Furthermore, XRP is the token designed to function on the Ripple network.
The utility or the use case of Ripple is its USP that is transfer of other currencies including commodities such as gold or oil for that matter over the Ripple network. Notably every time a bank uses the Ripple network for transfer of any asset including money, the cost is debited in respect of it as a small amount of XRP. This is what adds to the value of ‘XRP' and it is hence deemed to be a fuel or drive for the machines that engage in such transfers.
Current price trend for XRP and Future price predictions for XRP
At time of writing this report, XRP ranked on the 7th spot on coinmarket.cap and was seen trading lower by almost 23% at a price of $0.526.
There are expectations that the crypto can win over the legal case against the US SEC and surge to $20 by year end.
Price Prediction for Ethereum, Binance Coin and Ripple In A Table
|Crypto||LTP||Price prediction by 2021 end||For 2022||For 2025|
|Ethereum||$0.526||$20||$3-$4||New highs can be reached|
Like every other asset while cryptos can earn you immensely there are inherent risk that cannot be overlooked. In recent past, some of the frauds in the crypto universe have also come to light. Also some of the ace people in the field have suggested that they (cryptos) can even erode most of their value in due course. So at most investors in India who are keen to take a bet on cryptos i.e. currently being traded in an unregulated environment, by investing only that much amount that they can afford to lose and not anything less or more than it.