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Cryptos to Buy on the Dip: ETH, XRP and BNB Are Definite Buys

cryptos to buy - The 3 Cryptos You Should Definitely Be Buying on Today’s Dip
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The cryptocurrency market has been rocked in the past few weeks with corrections. Whether it is Elon Musk or the Chinese government, it appears that regulatory and energy concerns are among the main factors driving a bearish slowdown in the asset class. However, this is not up to today’s cryptocurrency speculators. Seeing Twitter #buythedip trending this afternoon, it’s clear that this latest correction isn’t a cause for selling, but rather an opportunity to dive in at a discount.

So what is happening today? Provinces are cracking down on cryptocurrency mining in China. Not only that, but the central bank met with a number of financial institutions to reinforce the ban on cryptocurrency trading. To the dismay of investors, these institutions appear to be fully supportive of the desire to ban trading.

All winnings Bitcoin (CCC:BTC-USD) over the past two weeks as it rose around $41,000 it was erased because it is sitting at $32,500. Ethereum (CCC:ETH-USD) Now the all-time high of $4,300 seems like a distant memory. With the market faltering to regain its footing after these regulatory concerns, it may appear that the future of cryptocurrency is getting weaker.

However, there are a lot of cryptocurrency investors who know that this is not the case. Thousands of tweets are pouring in with the hashtag #buythedip, making memes or encouraging anxious investors not only to stick strong, but also Benefit On the off chance of buying.

But what are the best cryptocurrencies to buy right now on the dip? paying off:

Cryptocurrency to buy on the dip: Ethereum (ETH-USD)

Source: shutterstock

Ethereum is the right man for Bitcoin. Always the younger brother of the two, the price of Ethereum has yet to reach all-time highs for BTC. However, ETH is growing fast, starting the year at $734 and reaching $4,300 before seeing a correction. It is currently priced at $1,900, which many see as a huge discount.

Ethereum stands out from Bitcoin for the simple reason that it has more real-world applications than Bitcoin. Vitalik Buterin and other Ethereum founders and developers have transformed the network into one of the most powerful environments for decentralized finance and application development.

Ethereum smart contracts power a huge portion of DApps. Additionally, the platform’s ERC-20 token standard is seen as the gold standard when it comes to minting new tokens; The practical application of Ethereum is so wide, if your token does not meet its standards, it will be banned from significant use.

One of the downsides to Ethereum users lately has been the extremely high gas fees and limited scalability of the platform. For this reason, many are turning to Layer 2 scalability solutions such as ribbed (CCC:matic dollar). Energy use is another issue for investors. The Ethereum Proof of Work algorithm requires a lot of computational power which is harmful to the environment.

However, this won’t be a problem forever; Ethereum is in the midst of rolling out ETH 2.0, which seeks to correct many of these issues. According to the developers, scalability will be significantly increased, which in turn will reduce gas fees. Additionally, the chain will switch to Proof of Stake for auditing, which is a less energy-intensive method.

Ethereum has a market capitalization of over $224 billion, making it the second largest cryptocurrency to date. Add to that the selling price you see with bright future prospects, and you have a compelling reason to #buy.

XRP (XRP – US Dollar)

Close-up of the XRP symbol with the logo and ripple in raised text.

Source: shutterstock

XRP is a fun game right now. On top of the broad challenges faced by cryptocurrencies, it is embroiled in a contentious lawsuit with the US Securities and Exchange Commission. However, he’s still hanging on, and his prospects look very good anytime he can move past these issues.

XRP is the fuel for the Ripple network. Ripple uses smart contracts to send money anywhere in the world as quickly as possible. It also aims to accommodate the most friendly currency exchange options in making these transfers. With Ripple, one can buy XRP in the fiat currency of their choice, and send it to anyone else, where they can sell it in the currency of their choice. The resulting product is faster than wire transfer and much less expensive.

Ripple entered the SEC lawsuit in December 2020. The lawsuit came from the accusation that Ripple raised $1.3 billion from an offer of unregistered security assets. The SEC’s main argument in this case is that XRP is a security, not a currency, and thus violates SEC regulations in its distribution.

The Securities and Exchange Commission stumbles upon this lawsuit. The regulator has been denied access to Ripple’s internal communications, through which it hopes to find Ripple employees getting stuck in their language.

It seems that Ripple holds all the cards. In addition, it is doing left and right deals with international banks, to cement the legitimacy it strives for within its space. This is an easy buy, as it has huge upside potential from a court victory.

Cryptocurrency to buy on the dip: Binance Coin (BNB-USD)

Binance (BNB-USD) logo displayed on a stack of cryptocurrencies

Source: Robert Paternoster / Shutterstock.com

Binance is the largest cryptocurrency in the world. Just today, Binance saw $27 billion worth of cryptocurrency traded on its platform.

Binance Coin is a no-brainer for this reason. Cryptocurrency is directly backed by the world’s largest crypto exchange. On a day like today, when investors panicked at selling, BNB trading volume increased by 71%. The exchange sees billions of dollars in its coins traded every day.

The Binance network is constantly branching out to meet new demands. The company has incentivized betting with BTC rewards. It also launched its own Binance smart chain as a way to compete directly with the popular Ethereum chain; Of course, this one is fueled by BNB.

BNB is the fourth largest cryptocurrency by market capitalization, after only Bitcoin, Ethereum and Stablecoin. pregnancy (CCC:USDT-USD). It now stands at a market cap of around $3 billion, an impressive feat for being years younger than both Ethereum and Bitcoin.

Although the valuation of BNB has faltered from its highs at $700, it is now only discounted to investors. BNB is backed by the largest institution in the cryptocurrency space, and it will not collapse like the others. With Binance striving to continue offering the desired products, the BNB application is bound to grow in a wider and wider range over time.

Publication date, Brendan Ryrick He did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com’s posting guidelines.

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