Down 30% or More for the Year, Are Any of These Top Cryptocurrencies Worth Buying Right Now?
Key PointsSentiment around cryptocurrencies has improved in recent months.
In 2022, the cryptocurrency market has faced a significant downturn, with many top cryptocurrencies down 30% or more for the year. Despite initial support from the Trump administration and attempts to pass legislation to remove regulatory obstacles, the crypto sector has struggled. However, some cryptocurrencies like XRP and Dogecoin have managed to recover some of their losses.
XRP, one of the first major cryptocurrencies launched in 2012, has remained the fifth-largest token by market cap at approximately $82.4 billion. It operates on a network that can process 1,500 transactions per second, allowing for faster settlement and the transfer of fiat currencies. Ripple, the company behind XRP, has partnered with several large banks, including BBVA and Cross River Bank. However, the token's value may be closely linked to the usage of Ripple's network and the RLUSD stablecoin.
Dogecoin, another prominent cryptocurrency, was launched in 2013 as a joke featuring a Shiba Inu dog as its mascot. Despite its meme origins, Dogecoin has gained significant popularity and even attracted high-profile supporters like Elon Musk and Mark Cuban. However, Dogecoin's technical capabilities are not superior to its competitors, and it doesn't offer any unique advantages beyond its viral potential. As such, it is not recommended to buy Dogecoin at the moment.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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