5 Top Cryptocurrencies to Watch Out for in June

Beaten-down cryptocurrencies such as Bitcoin, Ethereum, and Solana should be part of your shopping list right now.

| More on:
cryptocurrency, crypto, blockchain

Image source: Getty Images

Crypto is having a terrible year so far, with major currencies down more than 50% year to date. But crypto experts are chalking this up to the broader market volatility, affirming the role of decentralized currencies in shaping the future of finance.

However, while the latest crypto winter reflected the risks associated with decentralized tokens and digital assets, crypto experts state that the market is maturing. According to PWC’s fourth Annual Global Crypto Hedge Fund Report, 38% of traditional hedge funds survey invested in digital assets compared to 21% in the same period last year. 

This is not the first time the cryptocurrency market is witnessing a meltdown. During the last crypto winter, from January 2018 to March 2020, the largest cryptocurrency token, Bitcoin (CRYPTO:BTC), lost more than half its market cap. However, the decentralized currencies grew manifold over the next two years.

The current bear market will allow crypto experts and investors to identify the fundamentally sound tokens with a substantial market share. At the same time, the relatively weak currencies will most likely fade away. The current slump is an ideal time to scoop up some of the best cryptocurrencies at a fraction of their intrinsic value.

Bitcoin

Bitcoin, or BTC, is the world’s first decentralized currency and the largest cryptocurrency by market cap. It has been the top-performing asset of any class over the last decade, surging more than 9,000,000% from 2010 to 2020. However, BTC has lost 53% year to date.

According to a survey by PWC, crypto fund managers are extremely bullish on Bitcoin. The report stated, “While the overall crypto market was quite bearish, managers remained extremely bullish on BTC … The majority of predictions were within the $75,000 to $100,000 range (42%), with another 35% predicting the BTC price to be between $50,000 and $75,000 by the end of 2022.”

Ethereum

Ethereum (CRYPTO:ETH) is the second most popular cryptocurrency in circulation and is known for multiple applications. Ethereum is the first blockchain network to process smart contracts, which later became the basis for developing decentralized applications, or dApps. The cryptocurrency dropped 67% year to date and is down 33% over the past week.

The developers of this cryptocurrency is currently working on rolling out Ethereum 2.0. Also known as Serenity, this major upgrade should allow Ethereum to become faster, more efficient, and more scalable.  

Solana

Solana (CRYPTO:SOL) is widely used to process smart contracts and for staking coins. The blockchain’s relatively lower transaction fees and secured consensus staking mechanism have allowed Solana to gain popularity within a short time frame since its launch in March 2020.

However, the digital asset has slumped 81% in 2022 on the back of bearish investor sentiment. It is the second-largest blockchain project by market cap and is Ethereum’s biggest competitor.

Chingari

On-chain social app Chingari (CRYPTO:GARI) is a burgeoning blockchain-based video-creating platform. Chingari’s native Solana blockchain-based crypto token GARI is used to make in-app purchases and other transactions. Recently, the platform announced a GARI mining program, under which creators can earn tokens for extensive in-app activities.

Chingari CEO Sumit Ghosh said, “We promised to democratize the creator economy when we launched Chingari a few years back and the GARI Mining is at the vanguard of that process. This program will ensure a level playing field for big and humble creators.”

GARI is one of the best-performing tokens of 2022. The cryptocurrency has gained 102% over the past two months and 35% over the past seven days. 

Polkadot

Polkadot (CRYPTO:DOT) is an interoperability protocol blockchain. It is designed to build a framework that interconnects blockchains and uses nominated proof-of-stake to validate crypto transactions. Its native cryptocurrency token DOT was launched in May 2020. 

Polkadot’s breakthrough relay chain and parachains have allowed multiple blockchains to be connected in a way that was impossible earlier. However, its year-to-date returns stand at a negative 70%, allowing you to buy the dip.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Aditya Raghunath has positions in Bitcoin, Ethereum, Polkadot, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana.

More on Investing

a man relaxes with his feet on a pile of books
Dividend Stocks

CPP Pensioners: Watch for These Important Updates

The CPP is an excellent tool for retirees, but be sure to stay on top of important updates like these.

Read more »

Technology
Dividend Stocks

TFSA Investors: 3 Dividend Stocks I’d Buy and Hold Forever

These TSX dividend stocks are likely to help TFSA investors earn steady and growing passive income for decades.

Read more »

money goes up and down in balance
Investing

Unveiled: 2 Must-Watch Stocks for Your TFSA Before 2025

Value-conscious TFSA investors should consider Bank of Nova Scotia (TSX:BNS) and another great dividend pick.

Read more »

four people hold happy emoji masks
Dividend Stocks

Love Dividend Growth? Check Out These 2 Income-Boosting Stocks

National Bank of Canada (TSX:NA) and another Canadian dividend-growth stock are looking like a bargain going into December 2024.

Read more »

An investor uses a tablet
Dividend Stocks

A Dividend Giant I’d Buy Over Enbridge Stock Right Now

Enbridge stock may seem like the best of the best in terms of dividends, but honestly this one is far…

Read more »

how to save money
Dividend Stocks

Got $1,000? The 3 Best Canadian Stocks to Buy Right Now

If you're looking for some cash flow from your $1,000 investment, these are the ideal investments to make.

Read more »

Data center servers IT workers
Tech Stocks

Better Buy: Shopify Stock or Constellation Software?

Let's dive into whether Shopify (TSX:SHOP) or Constellation Software (TSX:CSU) are the better options for growth investors in this current…

Read more »

Electricity transmission towers with orange glowing wires against night sky
Investing

Fortis Rose 11% in 90 Days, and it’s Still a Good Stock to Buy Now

Here's why Fortis (TSX:FTS) is among the top dividend stocks I think long-term investors want to own in this current…

Read more »