The year 2022 has been a harsh one on the cryptocurrency market. Most altcoins are down by an average of 50% since their highs in November 2021. However, the market currently reached its low and many cryptocurrencies present an attractive opportunity to buy. It is always a good idea to buy an asset that depreciated in value momentarily before continuing its uptrend. That’s why in this article, we present to you the top 5 altcoins to BUY in May 2022.
#5 Polygon (MATIC)
Polygon is a scaling solution for the Ethereum network. The Ethereum blockchain was the first network to introduce smart contracts, making Ethereum a leader in decentralized applications to this day. However, Ethereum has struggled to keep transactions fast and efficient as the number of smart contracts has increased. This is how the Polygon network came about.
Today, MATIC prices are heavily discounted and just broke the strong psychological price of $1. If the crypto market rebounds higher, MATIC price is expected to soar back at least 40%.
- Current price: $0.98
- Current market capitalization: $7.6 billion
#4 Cardano (ADA)
We’ve been talking about Cardano for a while now. This project uses the modern Proof-of-Stake consensus mechanism. This makes the blockchain efficient and energy-saving. Cardano has been able to offer smart contract functions since 2021 and can therefore be the basis for decentralized applications. According to scientific standards, Cardano analyzes the weaknesses of other blockchains and improves them for its own blockchain.
Cardano prices now are very cheap and entered a strong buy zone. Any rebound of the cryptocurrency market, in general should definitely pump ADA prices higher.
- Current price: $0.75
- Current market capitalization: $24.8 billion
#3 Ripple (XRP)
Ripple is a payment network that was specially developed for banks and aims to make international payment transactions between these institutions more efficient and cheaper. Ripple wants to simplify payment transactions between different currency areas and make payment corridors efficient. The token of the Ripple payment network is the XRP. The XRP is not a “classic” cryptocurrency because it is issued and controlled centrally by Ripple Labs. Despite the lack of decentralization, XRP has become increasingly popular with investors in the past. The XRP was at times the number 3 on the crypto market behind Bitcoin and Ethereum.
Ripple company has been in a bloodbath ever since its SEC lawsuit. XRP price never reached its all-time high price of $3 yet and is currently heavily discounted. When the market rebounds, XRP can perform really well, which is why it’s on our list of the top 5 altcoins to buy in May 2022.
- Current price: $0.57
- Current market capitalization: $27.4 billion
#2 Tron (TRX)
Tron is a blockchain that aims to reduce the processing time of transactions. While Bitcoin and Ethereum are able to handle 6 and 25 transactions per second, Tron claims to be able to handle 2,000 transactions per second (TPS). It is a decentralized platform that hosts content sharing and entertainment. Back in 2018, Tron acquired the famous BitTorrent, a well-known website for file sharing.
Recently, Tron announced their new algorithmic stablecoin called USDD. This not only made its price soar higher but also withstand the overall crypto bear market. While most cryptocurrencies bleed, TRX was up by more than 30% in the past week. Once the market recovers, TRX should increase even higher, reaching its previous all-time high price of $0.13.
- Current price: $0.086
- Current market capitalization: $24.8 billion
#1 Filecoin (FIL)
Filecoin is a decentralized storage provider that allows users to rent out spare storage space on their computers. It is also a cryptocurrency that incentivizes computer operators who provide file sharing and storage services. It is a peer-to-peer digital marketplace built on Interplanetary File System (IPFS) and reliant on blockchain technology. The protocol is open to all, as anyone can join and earn rewards for providing data storage space. Due to its decentralized approach, it doesn’t rely on centralized storage servers to keep data.
FIL prices are heavily discounted currently. Once the crypto market picks back up, FIL can perform really well.
- Current price: $13.2
- Current market capitalization: $2.6 billion
Conclusion
As you may have concluded by now, most cryptocurrencies in the market currently are in a downtrend. Most prices are heavily discounted. It all depends on Bitcoin’s upcoming sentiment and trend reversal. On another side, it also depends on the general equity market as cryptocurrencies correlate with them. Once global buying power comes back to the crypto market, most cryptocurrencies will be up again, and in specific, the ones mentioned in this article. That’s why it’s always good to keep an eye on what’s happening in the market.