The cryptobest cryptocurrency prolonged bearish wave with a global market cap of $2.23 trillion, down 6.08% in the last 24 hours. However, the bearish hold on the market opens up an opportunity for investors to buy the best cryptocurrency for long-term returns.
Bitcoinbest cryptocurrency king cryptocurrency, as the digital asset paved the way for the growth of several scalable blockchain technologies of today. The premier digital asset still makes for one of the best cryptocurrency to buy for long-term returns as Bitcoin makes up a large percent of the crypto market and is still raking in more investors by the day.
One of such investors is business intelligence company MicroStrategy, which recently added $414.4 million worth of bitcoins to its investment portfolio. Before this purchase, the Nasdaq-listed company had purchased about 7,002 Bitcoins in the month of November.
With such huge amounts poured into the Bitcoin network, the liquidity of the asset is set to improve, thereby adding more security to the blockchain and motivating other investors to buy the asset.
Bitcoin is down by 4.13% and is currently trading at $47,888, below the 20-day MA support price of $54,086.
2. Ethereum (ETH)
Ethereum is described as the world’s programmable blockchain, enabling developers to build and launch smart contracts and decentralised applications (dApps) that can be utilised without downtimes of third party interference.
Polygon has made investments worth $400 million to provide scaling solutions for the Ethereum network. The layer-2 scaling solution network acquired the Mir protocol, which uses zero-knowledge (zK) proofs to help improve the privacy of the Ethereum network and reduce congestion.
By improving the scalability of the Ethereum network, more investors and developers are likely to adopt the blockchain as a platform for their projects, thereby increasing the price of Ether.
It is a good time to buy Ether as the digital asset is currently trading at $4,073, below the 20-day MA price of $4,293 and is down 6.80% in the last 24 hours.
3. Solana (SOL)
Solana is one of the world’s fastest blockchains, processing up to 50,000 transactions per second (TPS) while costing less than a penny in fees. The digital asset is rated as one of the best cryptocurrencies to buy for long-term returns based on the asset’s ability to provide scalability solutions to existing blockchains and provide users with creative digital-enabled applications such as NFTs and dAPPs.
The play-to-earn platform aims to bridge the entry barrier for decentralised gaming, making web3 gaming more accessible to players by diversifying their offerings. The Aurory project offers a PvE mode that helps make the transition from web2 to web3 gaming seamless.
With the development and launch of the Aurory project on the Solana blockchain, it is evident that Solana will gain more users who wish to build more blockchain gaming platforms.
Solana has opened up an opportunity for investors to buy SOL as the digital asset is down 7.08% and is trading at $176 below the 20-day MA price of $204.
4. Cardano (ADA)
Cardano is a platform for smart contract transactions. The network aims to give millions of people economic identities by allowing decentralised apps to manage their identities and assets.
Cardano has been big on interoperability as the network launched the first ever ERC-20 converter on its testnet. The AGIX ERC-20 converter supports the migration of ERC-20 tokens from Ethereum to the Cardano blockchain and vice versa while maintaining their value and functionality.
Cardano has also reached another milestone after the network launched its first Decentralized Exchanges (DEX) to enable DeFi services in the long run. SundaeSwap celebrated the launch via Twitter, encouraging users to try out the DEX’s testnet, which will also serve as an opportunity to find and fix bugs on the platform.
These reports are strong fundamentals for ADA to experience surges in its market value. The digital asset is currently down by 6.82% and is trading at $1.28 is below the 20-day MA price of $1.54.
5. Polkadot (DOT)
Polkadot is a protocol that enables a global network of computers to run a blockchain system that can then be used by other users to manage their own blockchain systems.
Polkadot’s leading indexing solution, SubQuery has launched on the Acala parachain. Acala is known as one of the technical experts on the Polkadot ecosystem, so the integration with SubQuery will ensure the growth of Polkadot by developing the first version of the SubQuery
Network as a smart contract in Acala’s Ethereum Virtual Machine + (EVM+).
Acala will also benefit as SubQuery will allow the EVM+ limits in performance and load testing to ensure that it will scale to billions of daily API requests.
These integrations will aid more adoption of Polkadot and increase the use and demand of the DOT currency. DOT is down 7.95%, opening up an entry point for investors as the asset trades at the $26.5 price mark, below the 20-day MA price of $34.3.