At the time, the leading cryptocurrency, bitcoin (0.99% BTC) dropped from $ 19,500 to $ 6,700 per coin over the span of seven weeks. This was a 64% drop.
But this time it’s very different. Digital currencies are about to be gifted a solid regulatory framework and to be widely adopted. It would therefore be wise to buy the best cryptocurrencies during steep declines, such as the one we are currently looking at.
Read on to find out why Bitcoin, Ethereum (ETH -0.99%) and Polkadot (DOT 1.16%) are the top names on this long-term winner list. These are the ones you should collect on temporary lows and then hold with diamond hands.
Hit first, hit hard
I’m not trying to surprise you. The idea is to select the most stable cryptocurrencies in a long-term perspective. These three tokens hold the first mover advantage in their respective domain, which is no small feat, especially for bitcoin.
Yes, there are many cryptocurrencies that share Bitcoin’s vision of providing a digital means of payment and storage of value to compete with the dollar and the euro. But the best way to do this is to create a single digital currency – not dozens of options with slightly different design parameters – that is taken seriously by consumers, retailers, banks and other data manipulators.
Despite all its technical flaws, bitcoin has always been an alternative to cash. It is the first token that retailers turn to when considering the future of cryptocurrency payments. That’s what companies like Block and Tesla write in their balance sheets, replacing part of their cash reserves. And even though emerging companies have gained market share over the past five years, bitcoin still accounts for 41% of the market capitalization of the cryptocurrency industry as a whole:
Within 5 to 6 hours, the number of bitcoins issued by the Blockchain since its launch will exceed 19,000,000 units for the first time.#bitcoin
– Hasheur (@PowerHasheur) April 1, 2022
Bitcoin is the cryptocurrency more obvious to buy now and keep forever. But wait: there’s more!
🟧🎥[Nouvelle vidéo] New assets on the network #Bitcoin?
– Hasheur (@PowerHasheur) April 13, 2022
Smart contract and flexible technology
One of the two main uses of cryptocurrencies is the transfer of money and the storage of valuables. The other is smart contracts, which use digital tokens to set up and manage an incredible variety of cutting-edge products and services.
Without smart contracts, there are no non-fungible tokens or decentralized financial services. They can add another layer of security to a cryptocurrency transaction or include additional data to the current transaction. These contracts may eventually form the basis of next-generation voting systems, manage our medical records or automatically settle our complaints.
It’s a powerful idea that can save you money in the long run. Here, the value of smart contract tokens comes from their advanced features and real-world utility.
Get to know the early riser who caught this worm as Ethereum. Projects using this blockchain and its tokens make up the vast majority of all smart contract applications and services today. According to State of the dApps, a site that tracks the decentralized application (dApp) market, Ethereum-based dApps represent 1,977 of 2,775 smart contract applications.
A programming platform that holds up 71% of the total market it is not easily replaceable, although some of Ethereum’s rivals offer faster execution and other benefits.
And the Ethereum project isn’t exactly stopped. Developers are constantly tweaking the code of the blockchain network behind the scenes in preparation for the highly anticipated release of Ethereum 2.0 in early 2022. Proof-of-stake that consumes less power and makes the whole system more secure. This willingness to recognize and correct technical failures on the fly guarantees Ethereum a long and healthy future in an ever-changing market.
Get more profits from smaller cryptocurrencies
And let’s not forget the not-so-secret card up our sleeve. Polkadot is the 11th largest cryptocurrency by market capitalization, valued at 5.6% of the total value of Ethereum or 2.8% of Bitcoin. Polkadot’s vision is to connect various blockchain networks to form an interconnected system much more powerful compared to the sum of its parts.
Likewise, Polkadot-based apps can scan the entire cryptocurrency market to find the best performing networks for a specific business, then combine several to get an even more powerful final product. Polkadot makes things easier with the additional help of crowdfunding processes and a thriving developer community.