With more than $500 million in liquidation, the crypto market took a serious tumble in the last week caused by market retracing, with Bitcoin (BTC) and Ethereum (ETH) recording serious losses. However, the market has since shown signs of recovery as the market’s resilience is demonstrated. This leads us to ask what are the best cryptos to buy now?
Bitcoin Minetrix (BTCMTX) – The Future of Bitcoin Cloud Mining
When it first emerged, cloud mining was a superior alternative to traditional Bitcoin mining. Not only it was consuming less electricity and thus more eco-friendly, but cloud mining also saved end-users from having to invest heavily in expensive mining rigs. It was a major step toward the democratization of Bitcoin mining. However, the sector quickly became dominated by several large companies, which allowed them to impose unethical business models and scam their users every chance they got.
Bitcoin Minetrix plans to put an end to that by offering a fair chance to everyone to engage in Bitcoin Mining. Users can stake their BTCMTX tokens and receive mining credit as a reward. These credits can be used to obtain cloud mining rights, creating a profitable business model.
With BTCMTX presale raising $5.3 million in a record time and planning an early end, we feel it is safe to say that the concept proved more than popular among investors. This is why we feel that Bitcoin Minetrix is one of the best buys on the market at the moment.
Meme Kombat (MK) – An Innovative P2E App
Meme Kombat is the latest star on the meme coin sky, trying to replicate the success of the likes of Pepe and SpongeBob. However, unlike the vast majority of meme coins, MK comes with one key advantage: it has a clear utility within the Meme Kombat Play2Earn (P2E) ecosystem. This functionality allows it to be far more resilient to market volatility and offers a better store of value than other meme coins.
Meme Kombat offers an innovative approach to P2E feature. The core gameplay consists of battles between popular memes, with players betting on various aspects of these battles. The combination of an exciting wagering mechanism and a chance to earn significant side income is proving to be irresistible for both players and investors. The MK presale already raised $3 million and the first listings on crypto exchanges are just around the corner.
TG. Casino (TGC) – GambliFi Rising Star
The sharp rise in popularity of online gambling has spread into the crypto world. Online crypto casinos are becoming extremely popular among players, offering new opportunities for entertainment and profit. TG. Casino is one such casino, but with an interesting twist.
Best described as a Telegram casino bot, TG. Casino is integrated with one of the world’s biggest messaging apps. With instant access to millions of players, it is easy to see why so many investors are betting that TG. Casino will be an instant hit.
Casino offers its players fully anonymous access, something most of them will appreciate. Without the need for tiresome KYC procedures, we expect that the casino will become a major player in the online gambling market by the end of 2024.
With $4 million raised so far, TGC is having an amazing presale. Its hard cap goal is in sight, and the team is preparing to deploy the token on selected crypto exchanges. Once that happens, we can realistically expect huge gains, making TGC one of the best crypto buys on the market.
Ripple (XRP) – One of the Biggest Crypto Development Platforms
One token that seems almost unaffected by a sharp downturn is Ripple. Still riding the wave of its victory over the SEC, XRP has been posting massive gains lately, causing a lot of investors to start considering it for addition to their portfolios. Regardless, there are those who are still on the edge about it.
The main reason why people are unsure about Ripple is the SEC lawsuit. Even though Ripple Labs scored some early hits, it is far from settled. For as long as it hangs above XRP, its future remains uncertain, and careful investors will stay away from it. Since these things tend to take years to resolve, we feel that tokens like BTCETF, BTCMTX, MK, and TGC are better dip buys at the moment.
Sharp Downturn Results in $500M Liquidation as Crypto Market Tumbles
Bitcoin’s sudden drop to $40k from $43k caused a mini panic last week meant investors scrambled to liquidate their crypto assets. The market recorded some $500 million in sold assets in just days, triggering a much wider price drop among top cryptocurrencies.
According to data, the biggest liquidations happened on OKX at $190 million, followed by Binance at $148 million and Huobi at nearly $60 million. Bitmex set a record for the biggest single sell as an investor sold their Chainlink (LINK) position for $33 million.
The causes for this sudden downturn remain unclear, as the overall market situation has been mostly positive lately. With the rumoured ETF approval expected in January, there was more than enough reason for optimism among investors and traders. However, the crypto market once again demonstrated its volatility, shocking the investors.
Most experts agree that the sudden tumble is not a cause for a major worry. Quite the opposite, it revealed some excellent opportunities for dip buys
Conclusion
The recent sharp downturn has caused a massive liquidation on the crypto market, resulting in a more than $500 million selloff. However, most experts agree that this is a momentary panic attack caused by a sudden Bitcoin dip and that the market will recover promptly. In the meantime, we would recommend taking advantage of the situation and taking a look at our list of the best dip buys. BTCETF, BTCMTX, MK, and TGC represent some of the best options for significant ROI if you manage to catch them while they are still cheap.
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