on the crypto
The cryptocurrency market continues its descent, hitting its lowest level since the beginning of February. It has now dropped to a total value of $ 1,24 trillion. This represents a drop of just over 12% from last week. However, if you believe in the long-term viability of cryptocurrencies, the drop in the market only ever provides discounts. As a result, we have selected the 3 best cryptocurrencies to buy at low prices.
Bitcoin (BTC)
Bitcoin (quotation BTC) hit new lows today. It fell more than 5% in 24 hours to nearly $ 29.500. It also decreased by 10% in one week and by 16% in 30 days. At the same time, its current price is 53% below its all-time high of $ 64.804.
Most major bitcoin pricing models suggest it is grossly undervalued right now. The stock-to-flow model, which compares the new bitcoin coinage to its current stock, suggests that BTC should be closer to $ 100.000 than $ 20.000.
Likewise, bitcoin's 11-year price history indicates it is expected to hit 100.000 by the end of the year. At the same time, a recent survey of 42 cryptocurrency researchers and executives found that 61% of them believe BTC is undervalued. Plus, on average, they expect a price tag of $ 66.284 by the end of the year.
In other words, bitcoin is cheap compared to where many expect it to be. This is why it appears among the 3 best cryptocurrencies to buy at low prices.
LEO Token (LEO)
Given its association with the controversial Bitfinex exchange, LEO Token (LEO) may not necessarily be a popular choice. However, it is the only cryptocurrency in the top 50 to increase significantly in the past 24 hours and weeks. At $ 3,17, it was up 7% in the last day and 8% in the last week. Better yet, it has increased by 24% in the past two weeks and by 22% in the past month. This is enough to make it the best performing coin over the past 30 days.
For those unfamiliar with LEO, it is the native utility token of the Bitfinex exchange. As with Binance's BNB, it offers Bitfinex users discounts on trading.
At just over $ 3, LEO is definitely cheap. That said, the only problem is that it's not entirely clear why it has risen so strongly, particularly when the rest of the market is down. Nomics data shows that Bitfinex has seen increasing volumes over the past year.
This could suggest an increase in LEO's demand. However, the volume has certainly decreased over the past couple of months, implying a weaker demand for the cryptocurrency.
However, with the rest of the market falling apart, LEO may be just one of the few short-term gains right now.
Dash (DASH)
Another cryptocurrency that is at odds with trends is Dash (DASH). It has risen nearly 5% in the past 24 hours, at the relatively low price of $ 119. Instead, it remains down by 6% in the last week and 21% in the last month, following the rest of the market.
Compared to an all-time high of $ 1.493, DASH is certainly very cheap right now. In fact, it is one of the few major currencies that hasn't touched its ATH since December 2017 during the recent bull market. It is currently 92% below this ATH, which suggests it still has plenty of room to go up if another bull market bounces back.
And while Dash isn't as widely discussed as the biggest cryptocurrencies, it continues to attract new partnerships. Most recently, it announced a deal with Naijacrypto to launch Haiti's first cryptocurrency exchange.
