Any time the market moves in a big way, it’s essential to take a step back and look at the big picture. Although the massive selloff in the cryptocurrency industry has been extreme lately, for those bullish on the long-term potential of the industry, it’s an excellent opportunity to buy the best cryptocurrencies while they trade cheap.
It’s important to remember that cryptocurrencies are highly volatile, and many are prone to speculation. So, it pays to keep a level head and the big picture in mind. This way, you can make sure to buy the best cryptocurrencies with the most potential.
If you’re a crypto bull, and you’re looking to take advantage of this massive selloff, here are three of the best cryptocurrencies to consider buying today.
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Ether is one of the best cryptocurrencies to buy and hold for years
One of the best cryptocurrencies to buy if you’re bullish on the industry is Ethereum (CRYPTO:ETH), the second-largest cryptocurrency by market value. While Bitcoin (CRYPTO:BTC) was what started the cryptocurrency revolution, it was Ethereum’s creation and the launch of smart contracts that gave blockchain technology so much long-term potential.
And that’s just one, albeit significant, reason, why Ethereum is one of the best cryptocurrencies to buy while the industry is selling off. Another reason Ethereum is an excellent investment is due to what’s called the Ethereum ecosystem.
Right now, it’s no secret that Ethereum has a tonne of drawbacks that are being addressed. But in the meantime, even if users don’t want to use its network, there are several other compatible blockchains that users can easily move their crypto to. This is significant, because it’s easy for users, offers more opportunities to find investments in DeFi or NFTs, and keeps developers in the Ethereum ecosystem.
With the price of the ETH down 45% from its all-time high reached just two-and-a-half months ago, Ethereum looks like one of the best cryptocurrencies to buy now.
What to consider when buying Ethereum
And even if you aren’t comfortable buying the actual cryptocurrency, there are several ways to gain exposure, such as CI Galaxy Ethereum ETF (TSX:ETHX.B). Buying an ETF can offer a lot of advantages to investors. In addition to having exposure to the same price gains and losses, it’s much easier and less costly to purchase.
However, buying the ETF does limit what you can do with cryptocurrency, and as the industry continues to innovate and more development happens, you may want to have ETH in order to use it. So, it’s crucial to decide how you want to buy the crypto. While buying ETH itself allows you to use it and put it to work, you won’t be able to take advantage of a registered account like the TFSA, as you would if you’d bought the ETF.
So, if you’re a crypto bull and are looking to take full advantage of this massive selloff, Ethereum is one of the best cryptocurrencies to buy now.
Two top cryptos in Ethereum’s ecosystem worth buying now
In addition to Ethereum, two other highly popular cryptocurrencies and blockchain networks in its ecosystem, which are also some of the best cryptocurrencies to buy today, are Fantom (CRYPTO:FTM) and Polygon (CRYPTO:MATIC).
While Ethereum struggles with a congested blockchain network, Fantom and Polygon are two of the top blockchains seeing the most gain in popularity. Their technology isn’t necessarily the same, but both offer Ethereum users the chance to invest in many of the same DeFi products as well as NFTs with much faster and significantly cheaper transaction costs.
If you wanted to do a simple transaction on Ethereum right now, it would cost around $30. On Fantom and Polygon, though, that same transaction would cost roughly $0.01 and $0.004, respectively, so you can see why they are gaining so much popularity from users.
Both blockchains also trade at significant discounts to their all-time highs. Fantom is almost 30% off its high reached three months ago, and Polygon is down 41% from its high exactly one month ago.
So, if you’re looking to buy the top cryptocurrencies at the best discounts in the market selloff, Fantom and Polygon offer some of the best long-term growth potential.
