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

by Harry Garcia

The crypto market experienced a major setback in November 2021, with prices of cryptocurrencies plummeting due to concerns over inflation. However, as we approach 2024, it seems that some cryptocurrencies are making a comeback, albeit still far from their all-time highs.

One such cryptocurrency is Bitcoin, which is currently trading at a 58% discount from its 2021 peak. Bitcoin has several crucial price catalysts on the horizon that could propel its price upwards. Firstly, the next “halvening” is expected to occur in April 2024, reducing the reward for mining new Bitcoins from 6.25 to 3.125 tokens. This process helps reduce Bitcoin’s long-term inflation and is a fundamental part of the cryptocurrency’s economic structure. Additionally, there are ongoing efforts to launch Bitcoin-based exchange-traded funds (ETFs), which could attract significant investor capital once approved. Moreover, various high-profile cryptocurrency lawsuits could pave the way for a robust legal framework for cryptocurrency trading and ownership, further driving up prices. Given these potential catalysts and the discounted price, Bitcoin appears to be a promising long-term investment option.

Another cryptocurrency worth considering is Chainlink, which has suffered a significant decline of 79% since the inflation crisis. Chainlink is a leader in the category of oracle coins, providing real-world data to smart contracts in the crypto world. As applications for crypto-based ETFs increase and regulations encompass the entire crypto sector, Chainlink is likely to benefit from institutional investments. Its dominance in the oracle services market, with a market value more than 25 times greater than its closest competitor, positions it for long-term success. Despite its volatility, Chainlink’s current discounted price makes it an attractive investment opportunity.

Finally, Polkadot, the Web3 network, presents a compelling investment opportunity. The DOT token, representing the Polkadot blockchain system, was designed to nurture the vision of a decentralized web, giving more power and freedom to individual network users. Polkadot aims to revolutionize the current social network landscape and disrupt content paywall operators by enabling person-to-person connections. While the slow introduction of the Web3 revolution may have tested the patience of early Polkadot holders, it also presents an opportunity to invest in an undervalued crypto token. As the Web3 ecosystem evolves and gains traction, Polkadot has the potential to deliver substantial returns in the long run.

In summary, the crypto market is poised for a bullish upswing in 2024, making it a great time to consider investing in discounted cryptocurrencies with promising long-term prospects. Bitcoin, Chainlink, and Polkadot stand out as potential winners due to their upcoming catalysts and unique roles in the crypto ecosystem. However, it’s important to conduct thorough research and consider the risks associated with investing in cryptocurrencies.

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