The cryptocurrency market is struggling to navigate in the uncertainty. Moreover, regulatory pressures and headwinds are causing severe depression in the market. In this environment, crypto expert Dominic Basulto considers whether it makes sense to buy or sell MATIC, LTC, SHIB, BTC and XRP.
Is it time to sell MATIC?
On the one hand, Polygon (MATIC) remains one of the best Tier-2 scaling solutions for Ethereum. Vitalik Buterin, co-founder of Ethereum, supports these Tier-2 solutions and what they mean for the future growth of Ethereum. Polygon (MATIC) also remains the best choice for brands looking to launch new Blockchain projects, especially new NFT projects. On the other hand, Polygon (MATIC) seems to have fallen victim to its own success. Other competitors stormed the very attractive Layer-2 market and snatched Polygon’s market share. Hence, it eroded its upside potential.
However, selling Polygon (MATIC) makes sense if you are a cautious investor. Signals that once flashed green are now flashing yellow and red. There are many other cryptos that trade in the same price range and have similar long-term growth prospects, including those that are a direct competitor to Polygon.
Does it make sense to buy Litecoin (LTC) while it’s still down?
Yes, there is still a chance for a post-halving rally. However, the opportunity seems to be missed. This is very disappointing. Because every major crypto investor has circled the date of the August 2 halving on their calendars. It wasn’t a surprise catalyst that popped up out of nowhere. Investors have known this for four years!
From my point of view, the midsummer rally Litecoin experienced was not due to the halving, but to the sudden influx of institutional money into Litecoin as a result of the launch of EDX Markets. So, if you’re still considering buying Litecoin, the behavior of institutional investors is the only factor you need to focus on right now. You need to look for any signs that institutional investors are switching to Litecoin. Because that’s the only factor that can save him in the long run. But at the end of the day, I don’t think you should buy Litecoin when it’s down. It’s much better to buy Bitcoin instead and not worry about Litecoin at all.
Is the Shiba Inu (SHIB) available now?
Of course, Shiba Inu continues to move away from Dogecoin as the superior meme coin, primarily based on the amount of new utility it is trying to create. However, it has a long way to go before it can be a good investment. There is still a lot of exaggeration and speculation. Also, there is still a lot of concern about the underlying fundamentals.
Is it possible for SHIB to skyrocket to $1? To say the least, this is highly unlikely. Shiba Inu still has a massive coin supply of 589 trillion tokens. Reaching the $1 mark therefore means a total market cap of $589 trillion. By comparison, that figure is roughly 200 times Apple’s market value these days. Most likely the Shiba Inu will see a short-term bounce after the release of the Shibarium. However, I am still bearish on this meme-coin as a long-term investment.
The only cryptocurrency I will buy right now: Bitcoin
There is a catalyst for Bitcoin that will get much more attention. This is the upcoming Bitcoin halving event. cryptocoin.com As you follow, the Bitcoin halving will most likely take place in April 2024. Halving is one of the most anticipated events in the crypto world. This may seem like just a technical issue. However, the previous three Bitcoin halvings in 2012, 2016 and 2020 resulted in strong price increases. Of course, the biggest caveat here is that past performance is no guarantee of future performance. We really don’t know what will happen this time. However, some investors predict that Bitcoin will exceed the $100,000 mark next year.
The overall risk-reward profile for Bitcoin is changing. There is still a lot of upside potential. However, some of the risk historically associated with Bitcoin may be disappearing. I expect this trend to continue as more institutional money flows into Bitcoin. Simply put, there will be less short-term, speculative money in pursuit of Bitcoin. Also, there will be longer-term, buy-and-hold money investing in Bitcoin. As a result, I am bullish on Bitcoin in the long run. The only cryptocurrency I can buy right now.
Which one to buy more: XRP or MATIC?
XRP might seem like a better buy. Both cryptos have their fair share of issues and issues. Which explains why both are currently in the under $1 crypto bargain box. But XRP has more clarity about its future. It also has a highly dedicated user base that has stood by XRP throughout its more than two years of FUD. You can’t put a price tag on this kind of loyalty.
But MATIC might actually be a better long-term buy, thanks to its relationship with Ethereum. Polygon’s business model is literally tied to Ethereum’s business model. So, if you believe Ethereum will be bullish in the long run, Polygon will accompany it. Vitalik Buterin, co-founder of Ethereum, has publicly expressed his support for Polygon in the past.
So if I had to choose between XRP and Polygon, I would choose Polygon. Yes, his performance this year was outrageous. Yes, it is at risk of potential SEC regulation. And yes, it faces new competition from other Layer-2 competitors. So this decision is largely based on the Ethereum factor. As long as Vitalik Buterin remains a fan of Polygon, it’s hard not to like the future prospects of this coin.
The opinions in the article are those of the experts and are definitely not investment advice. We recommend that you do your own research before investing.
