It seems as if the cryptocurrency market finally reached its bottom. Bitcoin and Ethereum prices attained their respective psychological support of $20,000 and $1,000. Most cryptocurrencies in the market look like they’re consolidating as well. In fact, most investors await such crashes in order to buy low and sell high. In this article, we’re going to go over the top 3 altcoins to buy in July 2022. Our analysis in this article will touch base on the fundamental side of things. When the market starts to recover, those coins should boom big!
#3 Binance Coin (BNB)
Binance is the biggest crypto exchange in the world. It was actually banned in the US back in 2019 and had to incorporate a different entity under Binance.US to cater to US citizens. Binance has been very active during this current bear market. From new staking services to giving away many surprises, this is definitely a sign of a strong company.
Binance made more than $20 Billion in revenue back in 2021, putting them at #175 on the Fortune 500 list of the largest companies. Binance actively invests in smaller companies that have fallen behind from falling crypto prices. In addition to all the expansion that the company is doing, we can see an impressive rally in the Bitcoins stored in their cold storage wallets. In 2019, Binance had 250,000 Bitcoin. However, the company today managed to rack up more than 600,000 Bitcoins, all within a span of 3 years!
Many other crypto exchanges are starting to become risky due to liquidity problems. Most of their users are switching to Binance for the benefits and features that they offer. The daily traded volume on Binance is around $11 Billion, whereas, for Coinbase, KuCoin, and FTX combined, it barely amounts to around $4.5 Billion.
BNB prices hit the bottom of $200 and even slipped below for a few hours. However, prices managed to retrace higher and is currently around $240.
#2 Ethereum (ETH)
Ethereum is the second-biggest cryptocurrency by market cap. Its price fell from the all-time high of $4,900 and reached the bottom of $1,000, losing as much as 80%. However, Ether prices went through the same cycle back in 2018, losing as much as 95% of their value. ETH then went on to reach the all-time high price of $4,900. That’s why it is always important to understand how crypto cycles work. The current bottom of ETH could be a great entry point.
From a fundamental aspect, Ethereum transitioned its test network Ropsten to proof-of-stake. This was a test to completely shift its operations to the PoS model. The transition went pretty smoothly, which highers the success of transitioning the mainnet as well. Once that’s done successfully, investors will definitely jump back on board, raising the value of Ethereum once again because of ETH2.0. The main merge was scheduled to happen some time at end of August 2022, but it’ll most likely be delayed.
ETH prices currently rebounded from the psychological price of $1,000 and reached $1,500. This price area is a very good entry point if you’re looking to invest in ETH. If prices go back to their ATH, we’re looking at x3 gains.
#1 Cardano (ADA)
Cardano is still a very important crypto project despite the fall in its valuation. Some exciting news for Cardano is that it just had a successful testnet fork update that’s going to allow new types of smart contract applications on the blockchain. Think of useful DApps like lending protocols, and new protocols that need data. Those types of DApps are now going to be able to be built on the platform and this is going to bring a lot of value to the Cardano blockchain.
In about a month, Cardano is set to launch its mainnet, which is the final version to allow these features to flow into their blockchain. This new fork is also claiming to fix a lot of bugs and allow more user-friendly experiences when developers are building depth. This would hopefully bring more adoption to the platform as well.
ADA prices reached currently the strong support price of $0.45. Many traders are eyeing this level, as prices are expected to recover back above $0.50 as a first step and move higher afterwards.
