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Bitcoin (BTC USD) has shown some short-term weakness. However, this does not mean that the demand for it is not growing. And if you are one of the investors who recently jumped on the plunge Shiba Inu (SHIB USD) train and is Now you’re kicking yourself Don’t worry as it hits a new monthly low. I need to consider some alternatives. This forms the basis of my article on three cryptos to buy.
Recently, Bitcoin fell below $67,000 after starting a downtrend from $72,000 last Friday. This drop additionally A loss of $65 million follows in US-listed spot Bitcoin ETFs on Monday – the first hit since May 23. Despite all this, I still believe in a market recovery.
I am confident that there are other cryptos that will deliver better returns than meme coins like SHIB when the time comes. So without further ado, let’s dive into my list of three crypto coins every investor should pay attention to for potential short and long-term profits.
Ethereum (ETH-USD)
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ether (ETH-USD) is one of those cryptocurrencies to buy that, in my opinion, has long-term capital appreciation potential.
This week is particularly important for a possible Ethereum ETF because the US Securities and Exchange Commission (SEC) is expected to respond to S-1 filings that can have a profound impact on the crypto market. The associated anticipation has left industry participants holding their breath in anticipation of the SEC’s decision.
Meanwhile, the latest report shows that the industrial and Commercial Bank of China (often known as ICBC), the largest bank in the world, has come out to say positive things via Bitcoin and Ethereum. The bank believed that Bitcoin was similar to gold but had become very active, while Ethereum was dubbed “the digital oil” as it is expected to power future Web3 applications. The report highlighted the role that these cryptocurrencies are likely to play in these emerging financial systems.
Given the increasing institutional interest in ETH, I believe it is one of those cryptocurrencies that are better to buy than meme coins like SHIB.
Bitcoin (BTC USD)
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Bitcoin may always be the king in the cryptocurrency world, and for this reason I rate it as a long-term hold over any meme coin newbies like SHIB.
Some influencers in the crypto world have recently come out in support of Bitcoin, which has further reinforced my bullish stance. William Miller IV, an investment professional, or the Chairman and Chief Investment Officer of Miller Value Partners agreed with the cops’ side and explained this Bitcoin is heavily oversold despite the rally it has already posted.
In his book “Why I Still Bet on Bitcoin,” published on his blog on June 11, Miller explained that Bitcoin’s decentralized control vector, coupled with the openness of recording all transactions on the blockchain, is a feature that still exists better than most global monetary systems that are under human and political influence. He also noted that transferring digital ownership rights with Bitcoin allows ensuring accountability.
I agree with this long-term view of Bitcoin’s fundamentals and that’s why I rank it above the rest of the coins offered to investors today.
Monero (XMR)
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Monero (XMR USD) has been in full swing for the past few weeks, although it has been struggling with a few issues like this Delisting from the central exchanges and Europol’s “Operation Endgame,” which targeted botnets (which also impacted cryptojacking activities) that influenced XMR price growth.
I think there is an obvious reason for XMR’s resurgence. Transactions made through Bitcoin are well documented and anyone can view the transaction history, which includes information such as the sender and recipient addresses and the amount of money transferred.
On the other hand, Monero offers completely anonymous transactions due to the use of certain cryptographic procedures. Monero transactions are hidden and the information about the sender, recipient and transaction amount is not public. This ensures that the transactions are non-transparent, which is more advantageous for users than in the case of Bitcoin.
Bitcoin is the granddaddy of traditional cryptocurrencies, and Monero is the same when it comes to creating a true privacy coin. I therefore believe that XMR’s first-mover competitive advantage will continue into the future.
At the time of publication, Matthew Farley did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the author, subject to InvestorPlace.com Disclosure Guidelines.
