Investors are often faced with the question of what to do when Bitcoin and other altcoins potentially plunge. If Bitcoin takes a significant dip and altcoins bleed out, which ones should we still have faith in and consider accumulating? While a minor dip in Bitcoin doesn’t necessarily mean one should immediately jump into buying altcoins, if predictions about a more significant decline come true, there are specific coins that stand out. Here’s our list of the top 3 cryptos to watch during this crypto consolidation.
1. XRP: The Front-Runner in Declines
The first coin on our list is XRP. Historically, when I projected its price to multiply by two or three times and then revert, I had a slightly different picture in mind. XRP did rise by 2X but then went on to lose 50% of that gain. With its current rate hovering around 50 cents, if XRP were to descend to the vicinity of 30 cents, it would be a prime accumulation target.
Beyond its current price, XRP’s broader context also matters. With the lawsuit issues largely settled, it’s evident that during the next bullish phase, XRP is one to watch closely. Those having XRP as a major component of their portfolios are poised for potentially significant returns. Plus, for daily insights into XRP, we have a dedicated segment in our morning livestream.
2. Chainlink (LINK): Connector of Real and Virtual Worlds
The second coin that deserves our attention is Chainlink. With the rise of layer twos like Polygon and Arbitrum, there’s been an increasing focus on improving blockchain’s efficiency and affordability. Chainlink, in a sense, acts as a bridge connecting blockchain with the real world.
Acting as oracles, Chainlink serves to tether off-chain data to blockchain platforms, implying any data can be integrated into a blockchain system seamlessly. While Chainlink had a stellar performance during the last bear market, its subsequent bull market performance was slightly underwhelming. Yet, given its dominance in the oracle sector and the undeniably critical nature of this role in crypto, Chainlink is a coin we shouldn’t underestimate.
3. Dogecoin: Elon Musk’s Mysterious Choice
In a surprising twist, our third coin is Dogecoin. There’s increasing speculation that Elon Musk is gearing towards creating the “everything app” on the platform of the formerly known Twitter. For such an encompassing app to function optimally, an internal economy with payment facilities is essential.
While Bitcoin and Ethereum might find their place in this ecosystem, overlooking Dogecoin would be naive. The enigmatic choices Musk has made regarding Dogecoin now seem to be taking a clearer shape. Integrating Dogecoin into x.com appears to be a probable strategy. Observing Musk’s moves last year, it’s becoming evident that Dogecoin might play a significant role in his future plans.
Preparing for a Crypto Bloodbath
The world of cryptocurrency is unpredictable. While we hope for growth, it’s also vital to prepare for potential downturns. If such a scenario unfolds, XRP, Chainlink, and Dogecoin are the coins I’d prioritize. Always remember to do your research, and here’s hoping you make informed and profitable decisions!