3 Cryptocurrencies That Are Down 58% To 91% And Ready to Pop

The cryptocurrency market hit a wall in November 2021. Cryptocurrencies, which had soared over the past two years, quickly fell down the price charts as investors around the world took note of the spike in inflation rates. Anything resembling a risky investment was thrown into Wall Street’s bargain bin, and cryptocurrencies were at the top of that list.

It’s almost been two years since then. Although some cryptocurrencies have made a strong comeback in 2023, they are still well below their 2021 all-time highs. With the next bull market likely to begin in 2024, it could be a great time to stock up on deeply discounted cryptocurrencies. It has a bright long-term outlook.

Let’s introduce some representative examples.almost drooling Bitcoin (BTC 0.90%), Polka dot pattern (Dot -0.80%)and wire mesh (Link 1.53%) Just about now.

Bitcoin: down 58%

The oldest, largest, and perhaps most important cryptocurrency has some significant price moves on the horizon. One of Bitcoin’s catalysts is guaranteed to be rolled out in the spring of 2024, and others could gain traction at any time.

• The next “half-life” is approaching near the end of April. The reward for mining new Bitcoins will be halved from 6.25 tokens to 3.125 tokens. This process runs every 210,000 blocks and typically takes about 4 years. Lowering the rewards per mining cycle every few years will reduce long-term inflation in Bitcoin and change the economic rewards of running a crypto miner to verify transactions on the blockchain ledger. Essentially, investing in mining hardware and exorbitant electricity bills only makes sense if the Bitcoin price increases over time and without miners the entire system would grind to a halt. So this is the economic core of the Bitcoin market, which is about to go “badam” again next year.
• Several financial institutions are planning to launch Bitcoin-based exchange traded funds (ETFs). The Securities and Exchange Commission (SEC) is dragging its feet on approving these applications, but regulators can’t block them forever. While this process may require new rules and regulations, it will also require traditional financial services stalwarts, including: black rock (BLK 1.01%) and franklin templeton (Ben 0.92%) The pressure is mounting as he takes the lead. And if a suitable Bitcoin ETF becomes available, that move should drive a lot of large investor money into the Bitcoin market.
• Several high-profile crypto lawsuits are making their way through the legal system. Settlements, judgments, and appeals in these cases will help the U.S. government create a solid framework for trading and ownership of cryptocurrencies. A fully formed system will likely take several more years, but each step forward will be seen as progress and could drive the price of the cryptocurrency higher. Bitcoin, the elder statesman of the market, could see big price swings on the slightest bit of legal news.

And while we wait for these potential price boosters to play out, Bitcoin is changing digital hands at a 58% discount from its 2021 all-time high. If you believe that cryptocurrencies will be a significant part of the global economy in the long term, the basic Bitcoin token seems like a no-brainer to buy these days.

Chain link: 79% down

Some of Bitcoin’s upcoming events also apply to other cryptocurrencies. The first Bitcoin ETF should spark applications for other crypto-based ETFs and stimulate institutional investment across the sector. Similarly, strong regulation may start with explicit reference to Bitcoin, but will ultimately address the crypto sector as a whole. Leading companies in many unique niches of the cryptocurrency market should therefore enjoy impressive gains as the regulatory drama unfolds.

In that regard, Chainlink holds a commanding lead over challengers in the oracle coin category. App and service developers rely on oracles to deliver real world data to their smart contracts in the virtual world. This is how crypto-based programming systems perform automated actions based on crypto prices, stock prices, weather forecasts, etc. If you need a secure data feed to a smart contract, get your data from an oracle.

And like I said, no one offers oracle services like Chainlink. Its market value is more than 25 times his second-largest option. His daily trading volume on Chainlink is five times that of his closest competitor. This is a clear choice for data-intensive applications, and its large number of leads appears to be safe in the long run.

Now, Chainlink was not designed to serve as a robust carrier of lasting value like Bitcoin. As a result, its price chart tends to be more volatile than Bitcoin. But for now, Chainlink’s price is nearly 80% below its pre-inflation crisis record due to unpredictable price fluctuations. This is also an obvious choice for long-term crypto investors.

Polka dots: 91% reduction

Maybe I saved the best for last. As much as I look forward to strong multi-year returns on my Bitcoin investment and Chainlink’s secure market position, the Web3 network known as Polkadot will be the best crypto investment in this market. There is a possibility.

The DOT token (better known as the Polkadot blockchain system) was created as the lifeblood of the Web3 vision of future internet services. This ambitious plan will significantly undercut today’s social networking giants and give more power and freedom to individual network users like you and me. In the fully evolved Web3 market, everything from content publishing to banking services enjoys low fees, fast transactions, and the robust security of a blockchain ledger. The current group of gatekeepers and content paywall operators should disappear as direct person-to-person connections take over.

Many cryptocurrencies have important roles in the future of Web3, such as fund management with Bitcoin and smart contract data provided by Chainlink. But the common denominator that makes the whole bundle work is Polkadot, purpose-built by the Web3 Foundation.

It is a sophisticated ecosystem with many sub-projects and associated crypto tokens. His early Polkadot holders may have lost patience with the slow adoption of the Web3 revolution, and DOT’s price has fallen over 90% in less than two years. However, I consider that cautious approach to be a valuable feature rather than a dangerous bug. It may take a while for Polkadot’s undervalued crypto token to grow into a peer-to-peer branch, but I don’t care. In any case, investing has always been more of a marathon than a sprint. As such, I would be happy to watch the value of this token grow over the years.