One of the most volatile markets in the world, the cryptocurrency market has been stagnant for a long time. After the dramatic price spikes at the end of 2021, the market’s value dropped by $2 billion. In 2022, many digital assets reported losses of over 60%. However, Terra etc. As altcoins collapsed, some hedge funds and crypto firms went bankrupt.
5 cryptocurrencies that will win even in the bear market
The bear market is undoubtedly a difficult period for all investors. However, it is also worth noting that this is very good for clearing the market. In bear markets, weak and unqualified projects go bankrupt, while strong projects survive. Moreover, when the cycle shifts to the bull, surviving assets reap huge gains. This article, which we compiled as Kriptokoin.com, includes 5 cryptocurrencies that will make investors laugh even in the Bear market. Now let’s move on to our list.
Bitcoin (BTC)
Launched by Satoshi Nakamoto, Bitcoin is the world’s first cryptocurrency. This asset, which has the abbreviation BTC, is defined as digital gold. It basically works as a decentralized currency. BTC does not need any middleman like a central bank or company. In this way, it makes it possible to carry out buying, selling and swap transactions in a completely decentralized manner.
BTC fell in 2022 after peaking at $69,000 in November 2021. Macroeconomic tensions and rising inflation were behind the leading crypto’s decline. Currently, BTC has dropped again due to higher-than-expected US inflation data. This decline brought the asset’s price from yesterday’s $22,590 to $20,300. Although Bitcoin is traded at low prices, it maintains its strength in the long run as it is the first.
Ethereum (ETH)
Ethereum is the largest altcoin in the crypto market. Launched in 2013, Ether has evolved a lot since then. Ethereum is not a blockchain of value storage and commerce like Bitcoin. Actually, Ether is a software-driven network. It provides users with smart contract technology, allowing them to create various products such as tokens, NFTs and dApps. Like BTC, the price of ETH has also dropped drastically with the 2022 bear market.
But now the network is gearing up for a massive upgrade. It will implement the Ethereum Merge upgrade on September 15, 2022. With this upgrade, the Ether network will switch from Proof-of-Stake mechanism to PoS. Thus, the platform will start to work much faster and more energy efficient. Analysts are waiting for a rise in ETH price to occur with the upgrade. If that happens, ETH will be a rallying cryptocurrency even in the bear market.
Polygon (MATIC)
Launched in 2017, Polygon is one of the fastest networks in the Blockchain space. However, this network is not a layer-1 blockchain like Ethereum. In contrast, a layer-2 scaling sidechain on the Ethereum network. Accordingly, Polygon takes the workload of Ethereum and performs it in a faster and lower cost way. However, it does not do this independently of Ether. Polygon has recently come to the fore with a series of important collaboration news.
Among them are Disney and Meta. First, Polygon was able to become a member of Disney’s funding program called the “Disney Accelerator”. Disney Accelerator is a fund that aims to support startups in the technology field. Polygon has gained a reputation as the first Blockchain firm to participate in this program. Second, the Network has contracted with Meta to show the NFTs produced in Polygon on platforms such as Instagram and Facebook. All this highlights the future potential of MATIC.
Polkadot (DOT)
Polkadot is a blockchain network focused on interoperability. This network also has a cryptocurrency called DOT. Accordingly, the network allows data to be transferred between different Blockchains. In fact, many projects do this. However, Polkadot does not internally host other Blockchains. Instead, it combines these networks within itself. Due to these features, DOT has greatly appreciated in the last few years and has become one of the largest altcoins.
In fact, the real popularization of this extremely new altcoin began in 2021. DOT, which was released in August of 2020, has managed to increase 240% in the last 2 years. However, it has dropped from its 2021 highs. The 2022 bear market also affected the DOT price. Still, the altcoin seems to have the potential to survive and achieve much higher prices in the future due to the high features it offers.
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Solana, one of the first networks that comes to mind when it comes to the next generation Blockchain, attracts attention with its speed. In fact, according to some sources, Solana has the fastest speed among existing Blockchain networks. However, SOL, which was released in 2017, is not a layer-2 network like Polygon. A layer-1 blockchain just like Ethereum and Bitcoin. This gives him a lot more independence. The platform supports many Blockchain products such as DeFi, NFTs, dApps and Web3. He also describes himself as the “Ethereum Killer”.
Solana, the biggest competitor of Ethereum with its fast and low cost structure, is currently taking steps to expand in the NFT space. Although it has lost a lot of value since its spectacular rally in 2021, the future of the cryptocurrency looks bright. Supporting small developers, SOL has the potential to win in the bear market with fast, smooth and inexpensive transactions.
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