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3 Cryptocurrencies to Buy on the Dip

The crypto market has had a rough year. While that can be discouraging at times, it also makes right now a fantastic buying opportunity.

Buying the dip, or investing when prices are lower, is not only a more affordable way to invest, but it can also set you up for enormous returns. If the crypto market rebounds, you could make a lot of money by investing now.

Choosing the right cryptocurrency can be tough, however. While all cryptocurrencies are still speculative at the moment, there are three that could be fantastic options right now.

1. Ethereum

Ethereum (ETH -7.81%) has been making headlines lately due to its latest update, “The Merge.” This upgrade will move the network from a proof-of-work (PoW) mining protocol to the far more energy-efficient proof-of-stake (PoS) model.

As a result, Ethereum is expected to use around 99% less energy. The PoW protocol has long been criticized for its energy consumption, but after this update, Ethereum will be much more efficient.

The downside to “The Merge” is that it will not make a noticeable difference when it comes to Ethereum’s sluggish speeds and high transaction costs. However, it will set the stage for future updates that will focus on improving those areas.

While Ethereum isn’t perfect, it’s one of the largest and most popular cryptocurrencies, and “The Merge” is a significant step in the right direction.

2. Solana

Solana (SOL -3.57%) was one of the breakout stars of the crypto world in 2021, but it’s had a tough time in 2022. Several high-profile outages have made some investors skeptical about its stability, and its price has fallen nearly 87% from its peak in November.

However, Solana still has a distinct advantage — its blazing-fast speed. Currently, Solana is processing nearly 3,400 transactions per second (TPS). Ethereum, on the other hand, can only handle around 13 TPS.

While Solana is significantly smaller than Ethereum (with a market cap of just $11.8 billion, compared to Ethereum’s $196 billion), that speed could make it a real force in the crypto world. That’s assuming, of course, that developers can find a way to prevent future attacks and outages.

Earlier this year, developers also announced Solana Pay, a digital payment platform that allows merchants to accept crypto as a form of payment. Transactions process instantly, and each costs just a fraction of a penny. Solana Pay is still in its infancy but could potentially revolutionize the world of payment coins.

3. Cardano

Cardano (THERE IS -2.34%) has also had a rough go of it after a very public failure during the testing process of its upcoming update. Developers discovered a relatively minor bug during the testing process, which is a common occurrence during updates. However, because it was made public, there was wild speculation over Cardano’s future, and its price dropped by nearly 25% between mid- and late-August.

The most important thing to keep in mind when investing, though, is that long-term performance is more important than short-term ups and downs.

Cardano is unique in that it takes a peer-reviewed, academic approach to its updates. In theory, then, it should be more reliable and consistent than other networks, especially over the long run. While this recent fiasco may not have helped its reputation, Cardano is still a strong long-term investment and a major player in the industry.

This crypto slump can be an intimidating time to buy, but it can also be a smart investing opportunity. While there are no guarantees that crypto will succeed over time, these three cryptocurrencies could be on the verge of serious growth.