- Grab these three crashing cryptos as they look well-placed to soar long term.
- Binance Coin (BNB-USD): Many distinguishing features and a stable association with the Binance exchange.
- Bitcoin (BTC-USD): Multiple positives in store for this King of Crypto.
- Ethereum (ETH-USD): Ethereum Merge and broad adoption bodes well for ETH’s future.
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Nearly every cryptocurrency is crashing right now. Accordingly, accumulating a list of crashing cryptos that may be poised to soar long-term is perhaps easier than it has been in a long time.
With the overall crypto market down from its peak of approximately $3 trillion late last year to under $1.3 trillion in value today, there are plenty of bargains to be had. For sure, a significant portion of this downside pressure has come from the largest-cap tokens. Whether it’s Bitcoin (BTC-USD), Ethereum (ETH-USD), Binance Coin (BNB-USD) or a plethora of smaller altcoins that have fallen (often by much larger degrees), there are options for long-term growth investors now.
I’m going to focus my attention on the aforementioned three mega-cap tokens. Ex-stablecoins, these three tokens are the largest in the crypto market. Accordingly, those betting on a surge in investor interest in the crypto space may want to pay close attention to these three tokens in this environment.
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Let’s dive in and take a look at these crashing cryptos with long-term potential.
Binance Coin (BNB-USD)
Let’s start with the smallest of the three, Binance Coin. Binance Coin is the token which powers the BNB Chain (formerly Binance Chain) ecosystem. This coin seen an impressive jump of more than 12% over the past seven days, at the time of writing. This sort of move suggests bottom-fishing investors are already buying the dip on this sector, focusing on size and quality first.
The native token of the Binance exchange, there are many reasons why investors like BNB right here. Binance is the largest centralized exchange globally, vastly outperforming U.S. rivals such as Coinbase (NASDAQ:COIN). Indeed, this is a key factor for investors to consider, when looking at this native token.
That’s because utilization of BNB really relies on transaction volumes on this exchange. Using BNB relative to other tokens, users can save on transaction fees. Accordingly, for those bullish on the rise of trading and derivatives in the crypto world (of which Binance is a leader), this token has plenty of upside potential.
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Despite Bitcoin’s recent slump, there are a number of positives to look at with the world’s premier crypto.
Besides being the most-adopted crypto by institutional investors, retail interest in this token remains high. Bitcoin is the king of crypto, and has been since inception more than 13 years ago. As the “old dog” in this high-growth space, that says something.
As far as catalysts on the horizon, there are a few worth noting. Fidelity Investments has added BTC-USD as an investment option for future 401(k) plans. It’s expected this product will roll out by the middle of 2022. This option will be on offer for only those participants whose employers have opted to include it in their plan.
Notably, Fidelity is the largest provider of retirement plans in the United States. Around 23,000 organizations administer their retirement plans using Fidelity — a market which total more than $2.7 trillion, covering more than 20 million folks.
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As far as institutional adoption goes, Bitcoin is the token to watch in the crypto world.
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Last, but certainly not least, we have Ethereum. The world’s second-largest cryptocurrency, led by Vitalek Buterin, has been on a rough ride of late. So much so that co-founder Vitalik Buterin announced that he is no more a billionaire following the dramatic crypto market crash. Still, there are many positives to look at with the world’s second largest crypto.
Along with the wide adoption of its network, the upcoming Ethereum Merge makes this crypto one of the best grabs at this moment.
Presently, Ethereum operates in two parallel chains. This includes the legacy “Mainnet” based on proof of work and the new “Beacon Chain,” with a proof-of-stake consensus mechanism. With this merge, Ethereum’s mainnet will switch to the Beacon Chain, and staking will completely replace mining as the consensus mechanism. As mining ceases, there will be a scarcity of Ether tokens as supply will likely decline. This will result in value appreciation.
There’s reason why the market is growing bullish on this merge, which is expected for August. While the timeline for this merge is ultimately uncertain, there’s a lot of upside potential with this network for long-term investors willing to stay the course through this volatility.
On the date of publication, Chris MacDonald has a position in Ethereum. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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