6 Significantly Undervalued Cryptos to Buy Before They Boom – InvestorPlace

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These cryptos are likely to rebound quite suddenly once the market stops its excess fears about an upcoming recession
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This article is about significantly undervalued cryptos to buy before they boom. These cryptos could suddenly explode upward once the market fears about numerous issues recede.
It could happen once it becomes clear that the Federal Reserve is going to cut back on its interest rate hikes. That is the chief fear in the market right now. But there could also be concerns about inflation, high oil prices, the Russian war on Ukraine, politics or a U.S. and/or U.S./E.U. clampdown on digital currencies throughout the world.
For example, The Wall Street Journal just reported on July 7 that the E.U. has just set common regulations governing cryptocurrencies and crypto exchanges. The WSJ said it would make it “easier for them to provide their services cross-border in the EU’s 27 member countries.”
However, if the markets are waiting for this to happen in the U.S. it could take some time, especially if Congressional authority may be required.
The bottom line is that it makes sense to begin accumulating positions now in these cryptos, assuming they rebound sometime in the near future.
Let’s dive in and look at these cryptos.
Ethereum (ETH-USD) is the second-largest cryptocurrency with a market value of $150 billion at $1,235 per ETH token as of July 7. Ethereum is is down over 67.2% YTD and in the last 30 days it’s down 32%.
This is a certified blood bath. Ethereum is down much worse than almost all of the other major cryptos in the top 10 market cap list. Investors should look for a chance to add this crypto to their portfolio from desperate sellers.
Ethereum is more liquid than other cryptos, so it provides a deep source of cash from investors that can’t get access to their Defi (decentralized finance) liquidity pool funds.
Moreover, Ethereum is planning on going through a hard fork where it will move from having transactions verified by proof-of-work (PoW) — i.e., crypto mining.
It will transition to proof-of-stake (PoS), which can theoretically make its transactions operate much more efficiently. Based on recent reports it appears the “Merge” with the PoS-based Ethereum 2.0 as the transition is known, will happen within the next few weeks. It is not known exactly when this will happen however. But when it does, it will likely as a catalyst for the crypto.
Solana (SOL-USD) is the 9th largest cryptocurrency, based on information from Coinmarketcap.com. The crypto is the worst performing of all the cryptos in the top 10 largest market cap cryptos, down 78.5% YTD.
Solana is known for being a better practical alternative to Ethereum. It is a platform for NFT apps and related non-fungible token platforms. Solana could rebound when more speculative investments come back into vogue.
SOL crypto still claims to have faster and cheaper validation performance than Ethereum. Solana has had difficulties with platform shutdowns every month or two. That could also be a major cause of the drop in Ethereum.
In the past year, Solana has made huge inroads in the non-fungible token (NFT) marketplace. But now that arena is having significant troubles. Many investors are selling their NFTs and cannot see their inherent value returning. This is hurting Solana’s valuation. Solana is finding new applications, like a smartphone app.
Solana could be one of the most undervalued cryptos and rebound quickly when markets start to ease.
Bitcoin (BTC-USD) is the largest cryptocurrency, but it is down almost 55% YTD, according to Coinmarketcap.com, as of July 7. Moreover, in the last 3o days, it is down over 30% at $21,611 per BTC token. That is a result of massive selling by many people desperate to get out of the crypto.
Coinpaprika reports that in the past year, Bitcoin is down over 33%. This now makes it probably one of the most undervalued cryptos and analysts are now hoping that if it crosses over $23,000 this could be a major upside catalyst for the stock. Once the market fears about a recession and stagflation recede, possibly later this year, Bitcoin could start a major rebound.
That is why it probably makes sense to begin acquiring cryptos and chief among them a slice of Bitcoin. Bitcoin won’t be part of payment or smart contract systems. But it still acts as a bellwether for all cryptos. The crypto universe won’t be up unless Bitcoin makes a comeback. This makes it one of the most undervalued cryptos on this list.
Polygon (MATIC-USD) is a Layer 2 protocol crypto built on top of Ethereum. According to Coindesk, it “allows developers to create and deploy their own blockchains that are compatible with the Ethereum blockchain with a single click.”
It is the 18th largest crypto and is down over 78.1% YTD, making it probably the worst performer in the top 20 list of cryptos. Moreover, in the last 30 days it’s off just 9%, so most of the damage happened earlier this year. In fact, Coinpaprika reports it’s down 43.4% in the last year.
This makes it one of the top large undervalued cryptos on this list. If it were to gain over half of its decline, then the crypto would be up over 100%.
Dogecoin (DOGE-USD) is the 10th largest crypto and is a meme crypto that is increasingly being promoted as a blockchain payment mechanism. So far this year it is down over 59%, and off over 65% in the past year, according to Coinpaprika.com.
Elon Musk is supporting the crypto as an alternative payment mechanism. For example, Musk recently said The Boring Company now accepts Dogecoin as a form of payment. Musk’s other companies are already accepting Dogecoin, including Tesla (NASDAQ:TSLA) for online shopping items on its website.
This makes it one of the most undervalued cryptos on this list.
Shiba Inu (SHIB-USD) is the 14th largest crypto and is down over 67% YTD, but up 6.9% in the last month. This is a meme crypto, in the dog fashion, just like Dogecoin. It is also trying to gain stature just like Dogecoin as a payment mechanism.
If Dogecoin moves up, this crypto is also likely to move higher, so investors can piggyback on Dogecoin with this crypto.
On the date of publication, Mark Hake did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Mark Hake writes about personal finance on mrhake.medium.com, Newsbreak.com and Beehiiv.com.

Article printed from InvestorPlace Media, https://investorplace.com/undervalued-cryptos/.
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