The cryptocurrency market has faced a severe downturn, with its total market capitalization dropping from $2.51 trillion in May 2024 to $1.95 trillion as of August, 2024, and market volume falling by 13.13%. Despite these challenges, BlockDAG, Bitcoin, Ethereum, Binance Coin (BNB), and Solana stand out as sources of stability.
This article will highlight five strong cryptocurrencies considered safe for crypto buyers who want to thrive even during market downturns. Read the top reasons to accumulate these coins.
What you'll learn 👉
1. BlockDAG Network (BDAG)
When the cryptocurrency market plunged, losing about $367 billion in value, BlockDAG stood out as a top choice, thanks to its ongoing presale that keeps it stable amidst market fluctuations. BlockDAG is transforming the blockchain world with its DAG technology and a proof-of-work consensus mechanism.
With its mainnet launch just few months away, the platform uses advanced low-code/no-code technology to simplify the creation of utility tokens, meme tokens, and NFTs.
BlockDAG also offers a wide selection of pre-designed templates, making it easier for users to start projects that match their vision. Holders who got in during the first presale batch have seen a remarkable 1600% increase in value by the 21st batch, with the token price rising from $0.001 to $0.017 and raising over $66 million.
This level of early-stage fundraising success is extraordinary compared to other projects. BlockDAG has also boosted buyers’ confidence by disclosing its team, increasing transparency and trust. These factors make BlockDAG an exceptionally worthy buying during this market downturn.
2. Bitcoin (BTC)
During a market crash, Bitcoin is a solid investment choice, often called digital gold. It’s secure and operates independently, without any single group or government in control. Bitcoin uses blockchain technology to ensure all transactions are transparent and secure across numerous computers.
Its limited availability of only 21 million coins helps keep its value stable, unlike traditional currency that can be printed endlessly. With a market value over $1 trillion, Bitcoin became more popular after 2017. It gained an extra boost in 2024 when the U.S. SEC approved ETFs that invest directly in Bitcoin, making it easier for more investors to get involved.
3. Ethereum (ETH)
Moving on, Ethereum ranks next with a market cap of $297 billion. More than just a digital currency, Ethereum is a dynamic platform that supports smart contracts and decentralized applications (dApps). These smart contracts execute transactions automatically when certain conditions are met, eliminating the need for middlemen.
Ethereum’s move to a more energy-efficient system, known as Ethereum 2.0, shows its strong setup and potential for steady performance, even when the market dips. Despite market fluctuations, Ethereum’s price has recently fallen by just 2.95% over the past 24 hours.
This modest decline indicates that Ethereum is relatively stable compared to other cryptocurrencies, strengthening its position as a major player during the market crash, right behind Bitcoin.
4. BNB Coin (BNB)
Moving further down the list, Binance Coin (BNB), with a market cap of $65 billion, stands out as a key cryptocurrency. Originally a utility token for the Binance exchange, BNB has expanded its reach to power the Binance Smart Chain—a platform supporting smart contracts and decentralized apps.
Despite recent market downturns, forecasts are optimistic about BNB’s value, predicting a potential rise of 7.49% to approximately $558.87 by August 15, 2024. This prediction underscores a “slow and steady wins the race” approach, reflecting periods of price stability in BNB’s history despite overall market volatility.
5. Solana (SOL)
Solana, with a $62 billion market cap, excels in the cryptocurrency space due to its exceptional transaction speed and efficiency, making it ideal for high-frequency trading and large-scale applications.
It uses a unique proof-of-stake and proof-of-history consensus, allowing it to process thousands of transactions per second at lower costs than competitors like Ethereum. This feature makes it attractive for DeFi and NFT markets that need quick, affordable transactions.
Despite a significant crash, Solana has showed resilience, achieving a 35% recovery, which highlights its potential for rapid rebounds and sustained investor interest even during market downturns.
Closing Thoughts
In short, while established cryptocurrencies like Bitcoin and Ethereum remain at the top, they have not been immune to the recent market downturn. On the other hand, BlockDAG, currently in its presale phase, remains unaffected by these market fluctuations and volatility.
This unique position allows it to showcase an exceptional 1600% rise in its presale value. As we approach the launch of its mainnet, BlockDAG’s innovative platform and impressive fundraising achievements highlight its stability and potential as a market leader.
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