May 2024 did not go as expected for many crypto investors. The market, which was expected to continue being bullish, actually turned bearish. The global crypto market capitalization is currently only $2.13 trillion, down significantly from last month. The Crypto Fear & Greed Index has also shifted to the neutral zone, indicating gloomy market sentiment.
However, behind this bearish condition, there is actually a golden opportunity to accumulate superior crypto assets at much lower prices. It cannot be denied that the bearish phase is the best time to buy cheaply before the bullish trend occurs again. Experienced investors actually take advantage of momentum like this to buy up or add to positions in the long term.
Here are 5 promising cryptocurrencies that are worth buying up during market turmoil in May 2024:
1.Bitcoin (BTC)
The crypto king did not escape the market shocks this month. The bitcoin price has currently corrected 13% in a week to $57,111. Although painful, this fall actually opened up an opportunity for investors to buy Bitcoin at a big discount. Considering that the year-end target for Bitcoin prices is predicted to exceed $100,000, the current price is considered very cheap.
2.Ethereum (ETH)
Ethereum was also affected by the bearish market. The price of ethereum is now at $2,863, down 12% in the week and 19% so far in April. Even so, Ethereum’s prospects are still very bright in the future, with the planned launch of ETH 2.0 and the growth of DeFi and NFTs. For long-term investors, buying Ethereum at a low price level will be very profitable when the bullish situation returns.
3.Solana (SOL)
The bearish market also left Solana buried deep. SOL’s price is currently $120, dropping a sharp 23% in the week and 38% in the past month. This decline is believed to be only temporary, considering the solid fundamentals of the Solana network and the rapid development of the Solana-based meme coin ecosystem. The accumulation phase of SOL at cheap prices like now can be a very profitable long-term investment.
4.Dogecoin (DOGE)
Dogecoin was recorded as one of the worst-hit crypto coins this month, with a price drop of more than 40%. Despite being undervalued, Dogecoin still has a strong community supporting it. With a Dogecoin price of $0.1243, this is the best opportunity to accumulate this popular meme coin before the next Dogecoin rally occurs again, allowing for huge profits.
5.Litecoin (LTC)
Closing this list of promising cryptocurrencies is Litecoin, which is cheaper and faster than Bitcoin. LTC can now be redeemed at $76.57 after dropping 26% in the last month. However, with a projected increase in Litecoin prices of up to three times, Litecoin has the potential to provide large profits in the medium to long term.
These are five promising cryptocurrencies that are worth considering buying when the bearish market turmoil hits this May. Bitcoin, Ethereum, Solana, Dogecoin, and Litecoin—these five crypto assets have very bright long-term prospects amidst increasingly strengthening fundamentals. However, currently, they are at a price level that has been corrected quite deeply, opening up a golden opportunity for investors to accumulate at much cheaper prices.
It cannot be denied that a bearish phase like now is a rare moment to buy superior crypto at a big discount. Once the bullish trend returns, it is almost certain that the prices of these crypto assets will climb again quickly, leaving investors who do not take advantage of golden opportunities when prices are cheap.
Given the scarcity of opportunities like this, investors must move quickly and make the most of the momentum. Don’t be late and regret it later, when crypto prices are appreciated by the market again at a much higher valuation than now.
For long-term investors, buying crypto during times of turmoil like May 2024 can actually be a very profitable investment strategy. By buying up potential crypto assets when the price is depressed, when bullishness occurs again, the potential profits that can be achieved will be much greater. This is what makes buying on dips a popular strategy and one that is often applied by experienced crypto investors.
Are You Interested in investing in Crypto? See the List of Crypto Assets Above
If you are interested in buying and selling Bitcoin (BTC) or other crypto assets such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC), you can buy these five crypto assets on the crypto market at INDODAX.
So, hopefully the information in this article is useful for achieving your investment goals during the ongoing downturn, and so that you don’t miss out on information, you can read today’s crypto news at INDODAX Academy and also various collections of articles about the world of blockchain here!
However, you need to note that even though the potential for big profits is wide open, it is important to remember that crypto investments are very volatile. Therefore, do DYOR (Do Your Own Research) in depth before making a decision.
Remember that the crypto assets mentioned above are not financial advisors for us. Happy investing and good luck!
Author: IB & AL
