Cryptocurrencies had a tough performance in 2022 as concerns persisted about tightening monetary conditions. In total, digital currencies have lost more than $2 trillion in value in 2022. Most altcoins like Bitcoin and NEAR are trading at their lowest levels in years. Here are some of the best altcoins to buy on the dip in 2022, as chosen by analysts.
List of altcoins for bottom hunters: ETH, RVN, ETC, NEAR, UNI and more
Ethereum (ETH)
Ethereum is the second largest cryptocurrency in the world with a market cap of over $157 billion. Again cryptocoin.com As you follow, like all cryptocurrencies, its price has dropped more than 60% in 2022. This happened when the Fed increased interest rates by 300 basis points. In addition, activity in key markets such as decentralized finance (DeFi), Non Fungible Token (NFT), and the metaverse has also decreased.
Still, Ethereum will bounce back in the coming months as institutional investors arrive due to the recent Merge. Merge has helped cryptocurrency transition from dirtier PoW to a cleaner PoS consensus. Therefore, many ESG-focused investors will likely adopt ETH. Also, future upgrades like ‘sharding’ will likely attract more investors.
Ravencoin (RVN)
Ravencoin is a small cryptocurrency with a market cap of around $400 million. Ravencoin’s goal is to solve some of the challenges that Bitcoin has. For example, instead of a 21 million token limit, Ravencoin has a 21 billion supply limit. It’s also significantly faster than Bitcoin. Ravencoin price dropped 58% in 2022. However, it has recently rebounded strongly as its price rose more than 150% from this year’s low. Also, the coin has formed an inverted head and shoulders pattern, indicating a good buy.
Ethereum Classic (ETC)
Ethereum Classic is a fork of the original Ethereum. A team of ETH developers built it after feeling that Ethereum was headed in the wrong direction. Therefore, Ethereum Classic has become the main alternative to Proof-of-Stake (PoS) Ethereum. This explains why ETC outperformed ETH in 2022. The ETC price has dropped just 20% this year. It is currently about 130% above its 2022 low. Therefore, there is a chance that Ethereum Classic price will continue well this year.
Near Protocol (NEAR)
Near Protocol is an Ethereum competitor that aims to become a leading player in the smart contract industry. A PoS network known for its low carbon emissions and blazing fast speeds. Also, the developers have launched a huge $100 million fund to incubate new projects. Near Protocol price dropped 55% in 2022. The main catalyst for this will be more project launches and ongoing sharding upgrades in its network.
Uniswap (UNI)
Uniswap is one of the pioneers of decentralized finance (DeFi). A DEX that makes it possible for people to trade and invest in cryptocurrencies in a decentralized way. At the same time, its protocol enables developers to create dApps such as wallets and aggregators. Some of the best apps in its ecosystem are Rainbow Wallet, Brink Trade and Nansen.
UNI price fell more than 60% in 2021. Still, this trend is likely to change as investors embrace DeFi blue chips. The idea is that many decentralized exchanges are actually more secure than centralized exchanges like Coinbase and Binance. First, while CEX companies like Voyager and Celsius crashed, no major DEX crashed in 2022.
Ripple (XRP)
The XRP price has dropped almost 50% this year due to general cryptocurrency sales and the ongoing SEC vs Ripple lawsuit in the US. As the lawsuit continues, it’s now up more than 50% from its lowest level this year. Ripple is a good cryptocurrency to buy the dip because of the potential outcome of the lawsuit. Some experts say that Ripple has a good chance of winning the case. Even if it loses, the situation will provide more clarity about cryptocurrency and the broader industry. So, there is a possibility that XRP will perform well. First, the worst-case scenario is that Ripple gets a huge fine.
Sweat Economy (SWEAT)
Altcoin is a new cryptocurrency that was launched in September of 2022. Native token of the SWEAT ecosystem. Sweatcoin is a leading app that rewards people for doing manual activities like walking and jogging. While most SWEAT tokens are created by doing these activities, users can adopt them by viewing ads on the network. Sweat Economy, its price has dropped hard this year. However, SWEAT is likely to return as developers add new features to its ecosystem.
Cosmos (ATOM)
The Cosmos price has dropped more than 40% this year. In addition to the general collapse of cryptocurrencies, ATOM fell due to the collapse of Terra Luna, which uses its platform. Still, it has gradually become an important alternative to Ethereum. So, there is a possibility that ATOM will return. Indeed, more developers are switching to the Cosmos SDK to take advantage of its ecosystem.
Binance Coin (BNB)
Binance Coin price also dropped drastically in 2022. One reason is that applications in its ecosystem are not as alive as in 2022. As a result, BNB Chain lost market share to Tron. Still, there are reasons why BNB is a good coin to buy at the bottom. For example, it has a strong market share in the Blockchain industry. It is also owned by Binance, the largest company in the industry.
