5 Best Cryptos to Buy During a Market Downturn — BlockDAG, Bitcoin, Ethereum, Binance Coin, & Solana
The cryptocurrency market has experienced a significant decline, with its total market capitalization shrinking from $2.51 trillion in May 2024 to $1.95 trillion by August 2024, and trading volume decreasing by 13.13%. Despite these setbacks, BlockDAG, Bitcoin, Ethereum, Binance Coin (BNB), and Solana remain pillars of stability.
This article delves into five strong cryptocurrencies deemed reliable for those seeking to thrive even in a down market. Learn the top reasons to accumulate these digital assets.
1. BlockDAG Network (BDAG)
Amid the market’s plunge, where around $367 billion in value evaporated, BlockDAG has emerged as a prime choice. Its ongoing presale has played a key role in maintaining its stability despite the market’s ups and downs. BlockDAG is revolutionizing blockchain technology with its innovative DAG structure and proof-of-work consensus. With its mainnet launch just a few months away, the platform leverages advanced low-code/no-code technology, simplifying the creation of utility tokens, meme tokens, and NFTs.
BlockDAG also provides a variety of pre-designed templates, allowing users to start projects tailored to their visions quickly. Early contributors in the first presale batch have seen an impressive 1,680% growth by Batch 22, with the token price increasing from $0.001 to $0.0178, raising over $67 million.
This level of early-stage fundraising success is extraordinary compared to other projects. BlockDAG has also boosted contributors’ confidence by revealing its team, enhancing transparency and trust. These factors make BlockDAG a standout choice during this market downturn, with Batch 22 selling out swiftly.
2. Bitcoin (BTC)
Bitcoin remains a solid investment choice during a market downturn, often referred to as digital gold. It operates securely and independently, without any single group or government controlling it. Bitcoin uses blockchain technology to ensure that all transactions are transparent and secure across numerous computers.
Its limited supply of only 21 million coins helps maintain its value, unlike traditional currencies that can be endlessly printed. With a market value exceeding $1 trillion, Bitcoin gained popularity after 2017 and received an additional boost in 2024 when the U.S. SEC approved ETFs that invest directly in Bitcoin, making it more accessible to investors.
3. Ethereum (ETH)
Next in line is Ethereum, boasting a market cap of $297 billion. Ethereum is more than just a digital currency; it’s a versatile platform that supports smart contracts and decentralized applications (dApps). These smart contracts automatically execute transactions when specific conditions are met, eliminating the need for intermediaries.
Ethereum’s shift to a more energy-efficient system, known as Ethereum 2.0, demonstrates its robust structure and potential for steady performance, even in a declining market. Despite market fluctuations, Ethereum’s price has recently dropped by just 2.95% over the past 24 hours. This minimal decline suggests that Ethereum is relatively stable compared to other cryptocurrencies, solidifying its position as a key player during the market downturn, just behind Bitcoin.
4. BNB Coin (BNB)
Moving forward, Binance Coin (BNB) stands out as a significant cryptocurrency, with a market cap of $65 billion. Originally created as a utility token for the Binance exchange, BNB has expanded its use to power the Binance Smart Chain—a platform that supports smart contracts and decentralized applications.
Despite the recent market downturn, predictions remain optimistic for BNB, with expectations of a potential 7.49% increase, bringing its value to approximately $558.87 by August 15, 2024. This forecast reflects a “slow and steady wins the race” approach, highlighting periods of price stability in BNB’s history despite overall market volatility.
5. Solana (SOL)
Solana, with a market cap of $62 billion, excels in the crypto space due to its outstanding transaction speed and efficiency, making it perfect for high-frequency trading and large-scale applications. It employs a unique blend of proof-of-stake and proof-of-history consensus mechanisms, allowing it to process thousands of transactions per second at lower costs than rivals like Ethereum. This feature makes it highly attractive for DeFi and NFT markets that require swift and affordable transactions.
Even after a significant market crash, Solana has demonstrated resilience, achieving a 35% recovery, underscoring its potential for quick rebounds and sustained contributor interest during market downturns.
Closing Thoughts
In summary, while established cryptocurrencies like Bitcoin and Ethereum continue to dominate, they haven’t been immune to the recent market downturn. In contrast, BlockDAG, currently in its presale phase, remains insulated from market volatility.
This unique position allows it to showcase an exceptional 1,680% rise in its presale value. As the launch of its mainnet approaches, BlockDAG’s cutting-edge platform and remarkable fundraising achievements highlight its stability and potential as a market leader.
