The month of July was again another challenging one for cryptocurrency investors: During that little time frame, the total market capitalization of all openly traded cryptocurrencies experienced a precipitous drop of 33 percent, going from $1.31 trillion to $880 billion. This represents a decrease of 70 percent from the market worth of $2.96 trillion in November 2021.
It goes without saying that this asset class is not a playground for momentum investors at the present time; but, contrarian investors may want to start contemplating tiny purchases in some of the leading cryptocurrencies at current prices for a few different reasons.
First, digital assets are more established than they have ever been at any point in their history, and initiatives in the nascent industry continue to attract enormous amounts of brainpower, labor, and money. This is the case despite the fact that digital assets have been there for a long time. Second, drops of 70 percent are not actually unheard of in the cryptocurrency market. For example, the price of bitcoin dropped from approximately $20,000 to approximately $3,000 between the latter half of 2017 and the latter half of 2018.
Here we list the five best cryptocurrencies to buy right now. The following coins are extremely affordable and some of them have the potential to go over 100x in a matter of months.
1) Bitcoin (BTC)
It is probably a good idea for every investor in cryptocurrencies to have at least some exposure to Bitcoin, which is both the first cryptocurrency and the cryptocurrency with the greatest market capitalization by a significant margin.
Bitcoin, along with the rest of the market, has been pummeled ever since it reached an all-time high in November somewhere around $69,000, and it is currently treading water somewhere around the $20,000 level. Its appeal lies in the fact that its maximum supply is governed by rules and is capped at 21 million coins, and it is not connected to any central bank or government that has the ability to print money at will.
Long-term investors in BTC shouldn't be frightened by the cryptocurrency's present bear market because its past is replete with examples of steep declines followed by epic rebounds. This kind of institutional adoption will be very excellent for Bitcoin bulls if other S&P 500 corporations follow the lead of companies like Tesla (TSLA) and add Bitcoin to their balance sheets.
2) VectorspaceAI (VXV)
Vector Space Biosciences or simply, VXV, is a promising project that you could say is a little bit ahead of its time.
Novel discoveries involve identifying, extracting, and confirming object relationships. Scientific data engineering pipelines using language modeling, vector representations (embeddings), and datasets can help comprehend how two items are related, including the relationship's strength and how it evolves based on context. Genes, proteins, pathways, RNA, molecular sequences, and biochemicals are examples. Hidden links between things can speed up space biosciences discoveries.
So what does VXV do? It speeds up the recognition of these hidden relationships. This has a multitude of applications, including healthcare, biotech, economics, you name it. It's not outrageous to say that VXV is one of the most promising crypto projects on the market right now.
3) Etherium (ETH)
Bitcoin and Ether are the only two cryptocurrencies that an investor who is just getting their feet wet in the digital currency market absolutely needs to acquire. In common parlance, it is referred to as Ethereum; but, technically speaking, this refers to the name of the widely used blockchain network and not the native money of the network.
The Ethereum blockchain was primarily responsible for introducing decentralized finance, also known as DeFi, to the rest of the world. Ethereum's widespread adoption and dedicated developer community give it an advantage over competing DeFi systems. When it comes to the issue of non-fungible tokens, altcoins, and games based on the blockchain, Ethereum is one of the most popular networks.
A phenomenon known as "The Merge," an event that will switch Ethereum from the less scalable, more expensive, and more energy-inefficient proof-of-work algorithm to the less problematic proof-of-stake mechanism, is the catalyst for ETH in the medium term. Even while nobody knows when exactly The Merge will take place, most people believe that it will take place at some point during this year.
4) Avalanche (AVAX)
Because the cryptocurrency market is not a winner-take-all environment, there is room for other cryptocurrencies in the DeFi ecosystem other than Bitcoin and Etherium. For this reason, Avalanche appears to be one of the most promising long-term investments among cryptocurrencies. It is one of the few cryptocurrencies whose price is actually higher today than it was a year ago, and AVAX's price has increased around five-fold since it made its public debut in 2019 at around $4.
Ava Labs, the company responsible for the development and support of the Avalanche ecosystem, has ambitious intentions for the cryptocurrency Avalanche. "We picture a world where everyone who's doing anything is going to have some version of their own blockchain, constructing their own thing," said Patrick O'Grady, head of engineering for Ava Labs. "We view a world where everyone who's doing anything is going to have some version of their own blockchain." This ambition is being made a reality by Avalanche through the introduction of a brand new feature known as subnets. "We believe that within the next five years, we will become the Amazon Web Services (AWS) of the cryptocurrency industry. You will install your blockchain on top of Avalanche, as opposed to deploying a software on a web server hosted by Amazon Web Services (AWS) "O'Grady explained.
Along with it's comparatively fast network transaction speeds, AVAX is one cryptocurrency to watch in 2022 and beyond.
5) Binance Coin (BNB)
After Bitcoin and Ether, Binance Coin is the cryptocurrency with the third-largest market capitalization. This ranking does not include stablecoins. Its market capitalization was approximately $40 billion at the time this article was written. Binance is the largest cryptocurrency exchange in the world, and its native token is known as BNB. The trading data from July 7 provides a glimpse of its dominant position in the market: Trading volume for the previous twenty-four hours on Binance was $10.5 billion, dwarfing that of its nearest mainstream competitor, FTX, which had volume of $1.6 billion. Binance is a global participant in the cryptocurrency market, and they have a lot of projects in the works related to blockchain technology and decentralized finance. It may be argued that BNB is now the most formidable competitor in the race to become an established blue-chip cryptocurrency in the same league as Bitcoin and Ether.