Major Altcoins Fall as SEC Files Kraken Lawsuit; 5 Best Coins to Buy on the Dip

The post Major Altcoins Fall as SEC Files Kraken Lawsuit; 5 Best Coins to Buy on the Dip appeared first on Coinpedia Fintech News

The crypto bogeyman, otherwise known as the SEC, has once again made a dent in altcoin prices by filing a class action lawsuit against Kraken.

Currently, Kraken is the third largest exchange after Binance and Coinbase. As such, the lawsuit has injected further fear, uncertainty, and doubt into crypto just as the market began to recover. 

Nevertheless, Binance and Coinbase were also recently sued by the SEC, and both exchanges have been able to fend off the regulator so far. As such, the crypto market will likely make a notable comeback in the days ahead.

With that in mind, we have identified the five best cryptos to buy now while prices are low. We considered market trends, tokenomics, use cases, and price.

Chainlink

One of the most promising cryptos to buy on the current dip is Chainlink. It is down 5.86% in the last 24 hours and 4.08% in the previous seven days.

However, the reason to buy Chainlink is more deep-rooted than merely its discounted price. The project has made significant ecosystem developments throughout the recent bear market, providing additional utility to an already crucial part of the industry’s infrastructure.

Already, Chainlink is used in almost all major cryptocurrency protocols as a decentralized oracle provider, delivering off-chain data on-chain in a secure and trustless way. 

However, the project has added even more utility through its Chainlink Cross Chain Interoperability Protocol (CCIP) mechanism, enabling the seamless flow of data and liquidity between non-compatible blockchains. 

This solves much of crypto’s interoperability problem, and fees will be paid in $LINK, providing confluence between demand for the service and Chainlink’s price.

Chainlink is also launching a new staking service, Chainlink Staking v0.2, later this month. This could also see significant demand inflows while much of its supply gets locked up.

Despite the new utility and tokenomic improvements, Chainlink remains 73% from its $52 ATH, presenting significant room for growth. Its current price is $14.25, with a $7.9 billion market cap.

Bitcoin ETF Token

Bitcoin ETF Token is a new trending crypto currently undergoing a presale. This means investors can buy it at a discounted price for a limited time. 

It focuses on the monumental excitement surrounding the Bitcoin ETF applications from BlackRock, Citadel, and other multi-trillion dollar asset managers.

The project is a staking coin, enabling users to earn passive rewards by staking their holdings. Currently, holders can earn a 194% APY, but they must be quick as this decreases as the staking pool grows.

Like Chainlink’s staking, Bitcoin ETF Token’s staking is expected to reduce its supply, helping bolster its price. However, Bitcoin ETF Token boasts another advantage through its deflationary mechanisms.

It has allocated 25% of its total supply to be burned across five key Bitcoin ETF milestones. Furthermore, the token features a 5% burn tax, incentivizing long-term holding, meaning that the circulating supply will decrease over time. 

The project also features a news feed aggregating the latest Bitcoin events from around the internet into one dashboard. This helps users navigate the markets while helping foster an active and engaged community.

Despite launching two weeks ago, the Bitcoin ETF Token presale has already raised over $1.2 million. This indicates it will sell out fast, meaning potential buyers must act quickly.

Avalanche

Alongside Chainlink and Bitcoin ETF Token, Avalanche is another project showing strong potential. It has secured several market-leading partnerships, and concerns about Ethereum gas fees are driving alternate layer 1 blockchain adoption.

Avalanche recently announced that global asset manager JP Morgan will leverage its technology for a portfolio management solution, offering tokenized assets to customers.

Meanwhile, the blockchain is also exploring foreign exchange (FX) market use cases and bringing non-USD stablecoins to the blockchain. According to Reuters, FX trading reached a record $7.5 trillion daily volume in 2022.

Avalanche’s high scalability makes handling FX transactions more feasible and it has already made significant moves. For instance, Ava Labs’ Ava Cloud was used by Citi for spot FX trades.

However, Avalanche is also seeing significant adoption in the gaming space, too. Projects like Shrapnel, Off The Grid, and TSM Blitz, among many more, are launching on the chain soon. 

These projects are gathering significant momentum, with Sharpnel garnering a place on CoinMarketCap’s trending list today.

Considering the outstanding adoption of Avalanche by institutions and builders, the project might be significantly undervalued at its current $7.6 billion market cap. Its current price is $21.84, up 31% this week but down 85% from its ATH.

TGC

TG Casino is a newly launched project gathering significant hype in its presale. It recently surged past $2.7 million after raising over $300K in one day.

Prominent analysts have rallied behind it, with Eric Cryptoman stating it could “be a huge runner when it launches” on exchanges.

Meanwhile, Little Mustacho believes it could “compete head-on with Rollbit” given its early success and that the casino has already amassed over 2,000 active players. Rollbit has a $580 million market cap, providing tremendous room for growth for $TGC.

TG Casino is an anonymous, Telegram-based casino where users can get started without an account by simply connecting their Ethereum-compatible wallet. Launching on Telegram makes the user experience far more simplistic and beginner-friendly and opens the door to Telegram’s one billion users.

It offers hundreds of games and sportsbook events to gamble on, and the $TGC token provides numerous benefits, like 25% cashback on losses, a 213% staking APY, free rewards, and access to exclusive games and rooms.

The project also features a buyback mechanism, repurchasing $TGC with a portion of the casino’s revenue. It will burn 40% and allocate 60% to staking rewards, bolstering its supply and demand dynamics. 

Investors can buy $TGC tokens for $0.16, but must be fast as its price will rise throughout the presale.

BNB

BNB is the native coin to the Binance Smart Chain or the blockchain developed by the Binance Exchange. Holders receive significant benefits on the Binance exchange, like access to exclusive features, discounted fees, and the ability to stake it for passive rewards.

Given Binance’s status as the world’s largest exchange, this resulted in a reasonably stable price until recently, when the SEC and other U.S regulators pursued Binance U.S for many different regulatory violations.

However, the U.S Department of Justice (DoJ) has just offered Binance a settlement for over $4 billion. Although this seems like a lot, it is affordable to Binance and gives the market certainty regarding the exchange’s legal status.

Consequently, BNB has held strong despite the recent market pullback, indicating relative strength and a potential rally on the horizon.

This is furthered by the fact that BNB’s price has been suppressed recently, presenting more room for growth as the market nears the next bull run.

BNB is up 5% in the last day but just 0.2% this year, while many other leading cryptos are up 50-100% or more.