It seems that China government has done everything they could to damage the crypto industry. They are probably wondering what else they could do now. Maybe nothing. At least for a while. The damage is done, already. However, the cryptos are not dead. Like the Phoenix, the best projects will survive and pump again. It does not mean that's the end of the bearish market. It might remain bearish for a while. However, these cryptos are still promising:
- Ethereum ETH price has already included the effect of the upcoming EIP 1559 update. It is challenging to predict if it can return to $3k soon. That's the most mature blockchain with smart contract capability. That's a fact. Therefore, it is less risky to invest in this one than in less mature ones.
- All the tokens closely linked to ETH will benefit from ETH growth, particularly LINK. That's a nice bet to make, it could hit $100 in one year or two.
- Polkadot DOT got a huge potential, as the internet of blockchains. It has suffered a lot from Bitcoin's drop, although it has nothing to do with that. Its price is too low compared to its potential. It might return to $30-50 in a few months. It will depend on success of parachain auctions on Kusama.
- Cardano ADA could go back to $2-2.5 in a few months due to the Alonzo update effect. Be patient, it might take time. The potential is still there.
- Binance BNB coin has also suffered a lot from BTC drop, but seems to be resilient. Might come back to $400-600 soon. Most of the tokens on the Binance Smart Chain will benefit from BNB rebound, e.g. Venus XVS which has been mostly affected by the incident on their protocol a while ago.
I am not a financial advisor. It is only my opinion. Please Do Your Own Research before investing your money. The crypto market can be crazy sometimes.
