Welcome back to another crazy day here in the world of crypto. The markets are looking okay, and we are going to be speaking about five different cryptos that I see some massive potential in. These are coins that you could potentially buy now. You could start your research into them or you could just dollar cost average them over the long term.
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But with that said, of course, we got a look at the coins that I personally think are going to do the best going forward in this bear market into the next bull market. All of that sort of good stuff.
First of all, we have Polkadot today up 7% and up around 20% or 25% in the last month, which is great. This is one of my top-notch coins and one of my largest positions in my portfolio.
Of course, I think this coin is going to do very well. We see reasons behind this, like new Para chains continuing to be launched on a regular basis. There are, currently, 36 active power chains on Kusama, 21 on Polkadot itself, and over 550 total projects building in the ecosystem. I am speaking about this because a lot of projects that are still building and growing within this bear market are the kinds of things that we want to look for now. We also have Polkadot, reportedly with 1,400 monthly active developers, representing more than a 75% increase year on year and more than any other Web3 protocols outside of Ethereum. This is the second most dedicated blockchain with the most dedicated developers out there, apart from Ethereum. This is very bullish in my opinion.
And, of course, there are loads of other reasons here. But you guys can check that out for yourself. The Polka dot is one of my top picks here today.
With all of that said, of course, my number one pick is Bitcoin. I have been dollar cost averaging into this over the last few months, focusing most of my attention on Bitcoin because the reason behind that is the fact that we’re going to see Bitcoin if we do enter another bull market. Whenever that happens, we’ll see Bitcoin move first. This is what’s happened time in and time out. Bitcoin moves and then the rest of the market catch up.
So if I’m highly invested in Bitcoin dollar cost averaging, as much as I possibly can into Bitcoin when it moves, I can then take profits from Bitcoin and move them into altcoins. This is exactly what I did at the start of the last bull market. And then I didn’t miss out on anything. There was nothing that I missed out on, and this is the reason why I’m focusing quite a lot on Bitcoin. I’m still dollar cost averaging in the others, but Bitcoin is my main shout here.
Anyway, moving on to my third pick, of course, it’s Solana, down 2% today, but that doesn’t worry me because it’s one of my largest positions in my portfolio. The reason why I think Solana is great is simply because it’s so fast and there are so many games built on it.
I see this ecosystem as being one of the best out there when I’ve personally used it. For example, I personally use as many of these ecosystems as I can, and for example, Avax was a coin that I used to hold. I used it a lot. I kind of got sick of the way it was running and I decided to sell for that reason alone. Now I’ve never felt that on Solana the transactions are fast. There are a lot of games in the Metaverse building on Solana, and that’s one of the best spaces that I see huge potential in. So, I think this chain is going to do very well. I am still holding onto my Solana coins for the long run.
Now moving on, we’ve got BNB right now. I only have a very small amount of BNB. But the reason why I wanted to talk to you about this is because it obviously has Binance backing it. Binance is the biggest exchange out there. They have the largest amount of Bitcoin held now, surpassing even Coinbase. I just think that this whole ecosystem, the chain, and the exchange really have crypto’s best interest at heart and they are going to continue to build in this space.
I think BNB as a chain to use to build on what I just said about Avex and Solana, the actual ecosystem to use is flawless. I’ve never had an issue. Coin creation is extremely simple. It does attract a lot of bad actors. Let’s call them. But this is just part and parcel of a chain that’s very easy with a very low barrier to entry, but because of that barrier to entry, so much is possible on this chain, and I do think that there’s going to be so much more room for growth right now.
We are down significantly, of course, from the highs, sitting at $288 and the highs around $650. So there is a long way for this coin to go from here and in this ecosystem, but I do think that Binance is going to be there to back it up. They continue to burn the coins. They continue to improve this ecosystem. I think it’s going to be one of the best bets going out there, and in the last couple of bull markets we’ve seen exchange coins actually outpace Bitcoin. So it’s definitely something I’d consider having in your portfolio again. It’s just a small part of my portfolio right now, but I do want to aim to build it from here.
Lastly, we also have Ethereum. Of course, who wouldn’t want it Ethereum? And obviously, what we just spoke about on Polkadot, we’re seeing here as the number one case, the most developers, the most development happening on the chain, and I do think that Ethereum is going to continue to build in this space and be one of the best coins out there.
This is my second largest position, just behind Bitcoin, and I will continue to dollar cost average. I’m not actually dollar cost averaging as we speak right now because the market is in this euphoric stage. The time for dollar cost averaging for me is when the market is in extreme fear. So here we have extreme fear. Last month was when I was going very heavy. Now I’m waiting to see where the market lands. If we see Bitcoin make some monumental moves again, I may invest in my old coins a bit more heavily, because normally if we see Bitcoin make a sustained run, we’re going to see those old coins pump right behind it.
Another interesting thing to pay attention to with Ethereum is Ethereum Classic. Over the last month, we saw Ethereum Classic go up around 100%. The reason for this, essentially, is the merge that’s happening with Ethereum. People are very bullish about this merger. Moving from proof of work to proof of stake, whether or not you believe in it or not, you now have two options.
So it’s similar to Cardano, and moving similar to a lot of these other faster blockchains, meaning that more transactions per second can happen with less network congestion. As you know, in the bull market, it was horrible to use; absolutely horrible, dreadful to use. I didn’t use it anywhere near as much as I used something like Binance chain, but the interesting thing is Ethereum Classic is actually staying as proof of stake.
We’re actually seeing a lot of miners allocating capital to doing this because, of course, they have so much computing power that’s dedicated to proof of stake now that’s leaving Ethereum. They’re actually dedicating some of this power to Ethereum Classic, and Paul actually invested $10 million into doing just this, but I personally hold zero Ethereum Classic. But if you are someone who doesn’t believe in moving from proof of work to proof of stake, remember that proof of work is what Bitcoin runs on and proof of stake is something like Cardano runs on, but if you do believe in that more but you do still love Ethereum, there is still an opportunity in Ethereum Classic. I personally don’t hold it myself because Bitcoin is my proof of work coin that I’ve chosen. But of course, an opportunity is out there for you, guys.
[This article is a transcription of a video made by Conor Kenny]
[Original video: https://youtu.be/DOSer6me1p]