Despite the market plunge that hit the crypto space over the weekend, savvy investors are looking for the top altcoins to buy this bearish winter.
The recent plunge caused massive sell-offs in the crypto market, with over $1 billion drawing off during the bearish run, which saw premier digital asset Bitcoin lose 22%, down to a price peg of $41,967.5.
With the dip in prices, we discuss some altcoins that have become cheaper to buy.
1. Decentraland (MANA)
Decentraland has been the darling crypto star of the newly founded metaverse, and the asset climbed to new record highs following Facebook’s foray into the crypto scene.
The Ethereum-based protocol shot up to an all-time high (ATH) of $5.85 in the tail-end of November while pointing investor attention to the metaverse.
Record sales and partnerships saw governance token MANA retain a strong bullish disposition despite a stall in its price and a hard-to-beat resistance price level of $5.50.
However, the bulls could not keep propping up the utility token, and MANA came crashing to a low price peg of $3.59 on Sunday after seeing a strong bearish wave enveloping the market.
Despite this, MANA is one of the promising altcoins to buy for a bargain, given the growing penetration of non-fungible tokens (NFTs) and the metaverse discourse.
The project’s potential for the big stage was emphasised following the purchase of a virtual parcel of land by Tokens.com’s affiliated company Metaverse Group for a record amount of 618,000 MANA tokens worth $2.43 million.
Land ownership is not Decenrealanad’s only user incentive. The protocol has radically changed how digital interactions occur and helped develop a digital society that mirrors the current offline society.
Decentraland, looking to further the concept of 3D modelling in the blockchain era, also recently teamed up with 3D modelling platform Blender to launch the famous Blender Development Fund.
This project will see the crypto-native protocol join the ranks of Google, Apple, Facebook, and several others. Decentraland is catching the current bullish tailwinds at press time and is up 17.57% and trading at $3.9472.
The protocol’s native currency MANA is poised for continuous surge as Decentraland mirrors society’s demands for moving towards virtual reality.
2. The Sandbox (SAND)
The Sandbox is a close competitor to Decentraland and is another altcoin to buy for a low price now. Resident on the Ethereum network, The Sandbox is a voxel-rich metaverse project that enables content creators and businesses to create, share, and monetise in-game assets and experiences for free.
The Sandbox has picked up investors’ interest, given that the crypto protocol aims to revolutionise the gaming industry and foster a more player-driven economy than ever before.
The Sandbox has surfed on the wave of legacy-based institutions coming into the metaverse ecosystem as the ERC-20 token surged to a record high of $8.40 on November 25.
Price surges have since stalled as utility token SAND dipped 34% since then, but the digital asset’s strong recovery shows a promising project in the making.
As the crypto market welcomes the bulls, SAND is also changing fortunes. At press time, SAND is trading at $5.5689, up 12.08% in the last 24 hours.
Fundamentals have also played to the token’s recent success. The Sandbox recently announced a Game Maker Fund initiative to support game designers. This project will see all successful candidates getting their games on The Sandbox metaverse for free.
3. Cardano (ADA)
The Cardano blockchain holds so much promise for the future, making the Ethereum rival one of the top altcoins buy as the crypto market sees a general downtrend.
The peer-reviewed blockchain has been hailed for its attention to detail. The PoS protocol is already becoming a popular figure in the ongoing decentralised finance (DeFi) tussle between the foremost smart contract platform Ethereum and several others.
However, Cardano’s value has not fared well in the past three months, with utility token ADA seeing strong resistance at the $2.5 price target.
This was further aggravated when ADA slumped to $1.3393 on Sunday. The digital asset is already picking up the pieces and today’s price gain of 10.43% sees ADA trading at $1.449.
Cardano controls 2.02% of the global crypto market, seeing ADA occupy the 6th spot on the crypto rankings.
Fundamental-wise, the Cardano network has targeted real-world challenges with its foray into digital identity. This move has largely boosted the protocol’s chances for future success, with over 1 million ADA holders staking their coins to earn rewards, per data from pool.pm.
4. Polygon (MATIC)
Polygon has been a standout star in the past few months and a top altcoin to buy for long term potential. Focused on enabling smoother and less costly transactions on the Ethereum network, Polygon has become a perfect destination for individuals and developers looking to tap into the foremost smart contract network.
Despite its lofty ideals, Polygon has not been immune to the crypto market turmoil as utility token MATIC saw a sharp retracement to $2.0326 from $2.18 over the weekend.
Remaining upbeat, MATIC has since found its bullish feet and is up 32.17% in the last day while trading at $2.474. The protocol’s long-term potential is captured with the year-to-date (YTD) increase of 14,001.25%.
MATIC’s impressive daily rally is all thanks to a slew of major integrations across the crypto ecosystem. In a recent blog post, the multi-chain solution announced a partnership with WanChain to launch a layer-2 to layer-2 cross-chain bridge that will connect fellow scaling solution Arbitrum to the Polygon POS.
5. Avalanche (AVAX)
The Avalanche blockchain has just broken into the crypto spotlight, but the Ethereum rival is one of the top altcoins to buy in this bearish climate. Self-billed the fastest blockchain protocol, Avalanche enables the smooth transfer of value across its blockchain while enabling the development of decentralised applications (dApps).
Investors have kept faith in the protocol despite hitting a weekend low of $84.28 from its ATH of $144.96. The Avalanche blockchain protocol is currently picking up steam and is trading at $93.97, up 8.45% in the last 24 hours.
The Ethereum rival has also kept in beat with other protocols in terms of fundamentals and recently integrated with dApp trading platform Dexalot.