Janice R. Andrews
The cryptocurrency market has been going through some difficult times lately, in case you haven’t noticed. It currently appears to be having trouble maintaining much, if any, momentum after appearing to only increase at the beginning of 2024. But history has shown that periodic corrections are normal and healthy in bull markets, and they typically present investors with a good chance. I’m buying these three cryptocurrency assets at the current discount.
1. Bitcoin
Not much has to be said in this instance. Bitcoin (CRYPTO: BTC) is, in many respects, the embodiment of the cryptocurrency. Bitcoin is the safest cryptocurrency investment available today, and it will probably remain that way for decades to come. This is due to its fundamental qualities, which have withstood the test of time better than those of any other cryptocurrency. However, it isn’t as appealing as investing in a new coin with seeming excitement and potential.
The most secure, resilient, and decentralised cryptocurrency is called Bitcoin. It is a dependable store of value due to its limited production of 21 million coins. Not to add, the need for those 21 million is only going to increase as institutional investors start to join the market and global adoption trends continue to rise.
Bitcoin has experienced nothing short of extraordinary during the last 15 years. History is likely to repeat itself, just as we now regrettably look back on Bitcoin trading for less than $10,000. With similar hindsight in a few years, we would consider its current price below $100,000, which makes this correction all the more alluring.
2. Ethereum
While Ethereum (CRYPTO: ETH) is a strong contender, Bitcoin remains the undisputed leader in many aspects of the cryptocurrency space. Furthermore, Ethereum contains smart contracts, something that Bitcoin lacks.
These 2015-released smart contracts offer programmers the singular capacity to create inventive blockchain-based solutions. Ethereum is the clear leader because of its track record of dependability and functionality, even if smart contracts are present in most other cryptocurrencies today.
As a result, Ethereum has risen to the top of the blockchain in decentralised finance (DeFi), one of the most exciting and high-potential areas of cryptocurrency. Currently valued at more over $90 billion, Ethereum powers around 60% of the DeFi economy. DeFi, which is still in its infancy but is already a centre of innovation, has the potential to completely transform traditional finance. For individuals who want to take advantage of DeFi’s long-term potential, Ethereum is a great investment.
3. Coinbase
While not a cryptocurrency, Coinbase (NASDAQ: COIN) offers investors the broadest exposure to the cryptocurrency space of any available asset on the market. Stated differently, investing in Coinbase allows you to do away with the inconvenience of sorting through thousands of different cryptocurrencies. Since Coinbase’s business model depends on the performance of the cryptocurrency market as a whole, you don’t have to put all your eggs in one basket; instead, they are spread out.
Moreover, Coinbase is an amazing company. It has over ten years of expertise, and as the cryptocurrency market changes, it continues to hone and enhance its business plan. Its expenses have been decreasing as it has launched a number of new revenue-generating goods in the previous few years alone. Even its own blockchain, Base, was introduced by it.
With the increasing popularity of cryptocurrencies, Coinbase is well-positioned to emerge as the preferred platform for both institutional and individual investors who wish to investigate the potential of digital assets. Although Coinbase’s stock has declined in parallel with the market’s volatility, it is still possible to obtain broad exposure to the cryptocurrency space by using the company’s recent decline as an excellent proxy.
Investors have a fantastic opportunity to purchase premium assets at a discount because to the present decline in the cryptocurrency market. Bitcoin is still a trustworthy store of value because of its unrivalled security and limited availability. Ethereum is an attractive investment due to its leadership in the DeFi market and its cutting-edge smart contract features. Finally, for individuals who want to invest without having to deal with the complexity of choosing particular cryptocurrencies, Coinbase is a great option because it offers a thorough exposure to the entire crypto market.
These investments are likely to yield significant profits when the market bounces again. Recall that experienced investors view corrections as opportunities rather than setbacks since they are a natural part of the investing process.
