What top altcoins should you be watching during the Covid-19 pandemic? More importantly, when is the best time to buy the dip in the market to make the best returns?
The Bitcoin price wipeout of mid-March 2020 has left many crypto investors reeling. However, others see the present time as a fantastic opportunity to buy top altcoins at rock-bottom prices. Here, we’ll look at what coins investors are watching.
Top Altcoins for March/April 2020 – Ripple XRP
Like Bitcoin, the Ripple XRP price has fallen by 50% in recent days. However, prices seem to be consolidating at $0.15. The next crucial support level for XRP will be $0.10. However, it is important to remember that the XRP price has been trading for most of the past 12-months at $0.25 to $0.32.
In the event of a Bitcoin price recovery, XRP will likely re-test $0.25 support levels. This makes XRP one of the best altcoins to watch for investors looking to make 25% to 50% gains, even with little in the way of upfront trading capital.
Earlier in February, Ethereum was trading at almost $300. However, recent chaos in the cryptocurrency markets has seen ETH pullback sharply to just over $100.
As the world’s second most popular cryptocurrency after Bitcoin, Ethereum has a strong chance of recovery post the current Covid-19 pandemic. Many traders also believe that current ETH prices represent the last opportunity to buy ETH at under $150.
All that it is important for potential investors to remember, is that no one can predict when a cryptocurrency market recovery might occur. If buying ETH now, smart investors should, therefore, ideally plan to hold for at least a year or more.
Like Bitcoin, recent days have seen the Dash price plummet by almost 50%. However, over the past year, the Dash price has been performing considerably better than other top market cap coins like Litecoin.
During price pullbacks, Dash holds value better than Litecoin. Dash also recovers more quickly when markets are in the green. It is, therefore, likely that Dash will re-test at least $100 at some point. Buying Dash today might, therefore, see investors make 100% returns in the event of a cryptocurrency market recovery.
Bitcoin Cash (BCH)
Bitcoin Cash is currently trading below $200 at prices not seen since March 2019. This isn’t the best news for existing investors. However, there are a few reasons why Bitcoin Cash may be one of the top altcoins worth watching in the coming months.
First and foremost, the first-ever Bitcoin Cash halving event will occur this April. With all eyes on Bitcoin halving, few seem to be giving a thought to Bitcoin Cash halving. However, halving will increase BCH scarcity and may see prices start climbing as a result.
Earlier in February, Roger Ver also made an announcement that Bitcoin Cash will soon start processing on-chain Tether transactions. This may prove to be a major development for BCH. As a result, investors will be wise to watch BCH prices closely.
When is The Best Time to Buy the Dip?
All of our best altcoin picks for 2020 rest on the assumption that all coins on our list will recover in value at some point. If this does happen, recovering to mid-2019 price levels will see investors make 50% to 100% gains on some coins.
Sadly, we can’t predict when the cryptocurrency market might recover. Neither can we say that coin prices won’t capitulate further as the world’s current economic outlook worsens. This being the case, new investors would be wise to only buy coins if they intend to hold coins for a minimum of a year or more.As with all investments, new investors should also make sure never to invest more than than they can realistically afford to lose in any one digital asset
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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