The cryptocurrency market is on the move. Most cryptos are finally up, breaking their respective resistances in a bid to reach higher highs. Now that the market is slowly recovering, it might be a good time to consider buying some cheap altcoins. Bitcoin still has a 41% dominance over the crypto market. However, buying altcoins that have solid ecosystems can be much more beneficial. In this article, we’re going to go over the top 5 altcoins to buy in august 2022.
#5 Shiba Inu (SHIB)
SHIB prices crashed hard during the last crypto crash. Now that its prices are heavily discounted, crypto investors are eyeing Shiba Inu. Meme tokens tend to be highly volatile: they crash hard during bear markets but gain big during bull markets. With the current technicals of SHIB, we can’t but acknowledge the potential uptrend.
#4 Avalanche (AVAX)
Avalanche reached its low of $15 when the crypto crash reached its peak. However, since that price, we can see a new uptrend forming with AVAX. The resistance price of $21 was breached higher, giving hope for a renewed uptrend. This is of course dependent on the crypto market as a whole, as AVAX price is going hand in hand with the crypto market currently.
- Current Price: USD 23.8
- Market Capitalization: USD 6.74 Billion
- Market Cap rank: #14
#3 Polygon (MATIC)
Polygon gained massively in the month of July 2022. Any positivity in Ethereum’s realm will definitely flow over to Polygon. Polygon is a project that is built on top of Ethereum as a sidechain. It helps the latter scale and become more efficient. However, the word is circulating about Polygon’s future once Ethereum moves to PoS consensus. But this shouldn’t be a problem as even after the merge, the speed of transactions on Polygon would still be way ahead.
We do expect some correction to happen in the short term, but MATIC should be able to continue to grow and potentially reach its previous high price of $2.
- Current Price: USD 0.92
- Market Capitalization: USD 7.3 Billion
- Market Cap rank: #13
#2 Ripple (XRP)
XRP prices are probably one of the very few cryptocurrencies that are highly discounted from their all-time high price. Ripple is still battling its lawsuit against the SEC. However, there are talks that they might win the case, as new important dates came into existence. This gives hope for a clearer resolution towards Q4 2022. Meanwhile, XRP prices are picking up after a brief consolidation. Investing in XRP below 40 cents today can yield big in the coming months.
- Current Price: USD 0.38
- Market Capitalization: USD 18.3 Billion
- Market Cap rank: #6
#1 Cardano (ADA)
Cardano is one of those very interesting projects that have their tokens traded at a cheap price. Ethereum had its upcoming upgrade soon and its prices soared high. Cardano on the other hand just delayed its Vasil upgrade by a few more weeks for testing purposes. ADA prices still did not move as high as they should. That’s why it presents a great buying opportunity.
- Current Price: USD 0.52
- Market Capitalization: USD 17.5 Billion
- Market Cap rank: #8
Conclusion
It is true that the crypto market is on the move higher and most tokens will increase in price. However, the abovementioned ones have important milestones/updates in their respective project which might boost prices further upwards. It is important to understand how to properly enter the market, but also when to get out of your positions. That’s why proper risk management should always be taken into account. We’ll review our picks by the end of this month 😉
