The cryptocurrency market has been on a downward spiral of late, before it picked up last week, leading many to assume that the recovery is imminent. In this article, we highlight the five best cryptocurrency to buy as the crypto market recovers in the final week of June.
1. Internet Computer (ICP)
Starting off our best cryptocurrency to buy list is Internet Computer (ICP). The ICP is a blockchain protocol that aims to deliver blockchain-based cloud computing services for the decentralized internet.
Created by the DFinity Foundation, ICP enables developers, enterprises, and governments to create decentralized applications (dApps) directly on the network.
ICP is its native token and serves as the blockchain platform’s governance token.
Like Ethereum, developers will run computations on the decentralized internet easily. However, the ICP protocol is billed to be much faster, cheaper, and more scalable.
The Internet Computer token is the first blockchain protocol that runs at web speed with uncapped limits. ICP’s price has dipped in recent times. Making a statement at launch with a $700 valuation, the Internet slumped 60% on open day trade to $400. Even though it recovered later, its growth trajectory has been hampered further by the industry-wide volatility.
This has seen it drop below the $100 mark on June 7th and currently trades below the $50 mark. At press time, the ICP token has risen 29.62% surging to $41.38 from $30 within a 24 hours trading period.
2. Celsius (CEL)
The second-best cryptocurrency to buy is blockchain-based crypto lending platform Celsius. Focusing on offering legacy-backed financial services, Celsius rewards crypto users for savings and deposits by giving them higher rates for their savings.
Alongside this, the Celsius network offers better loan facilities and enables automated rewards for each user algorithmically. The platform is also famous for its rewards strategy. Profits made from interest payments are shared with users of the platform 80-20. The users get 80% while the crypto company keeps 20% for administrative operations.
Aside from retail users, Celsius also lends to institutional clients such as hedge funds.
Even though the CEL token has not been able to reach its previous all-time high (ATH) of $8.0136 on June 3rd, the CEL token is rallying. At press time, the ERC-20 token has surged by 11.40% trading at $5.51.
3. ThorChain (RUNE)
Third best cryptocurrency to buy is the popular decentralized liquidity protocol ThorChain. This blockchain platform enables users to easily swap one digital asset for another through its cross-chain bridges without forfeiting custody of the said virtual currencies.
What makes this crypto protocol special is the fact that it is not profit-oriented. All fees made from token swaps are given back to the users and the development team does not get anything aside from holding the native token RUNE.
RUNE performs a set of functions in the ThorChain ecosystem ranging from transaction fees to security and governance proposals. In the aspect of price action, the RUNE token has experienced volatility with the wider crypto market. Falling from a May high of $20, the utility token fell more than 50% in the massive selloffs that heralded the crypto market crash in May. However, the decentralized protocol is rallying on the daily chart surging to $6.14 increasing 14.43%.
4. Ethereum (ETH)
Ethereum is popular for one thing; it is the first blockchain protocol that introduced the concept of smart contract execution. However, other new concepts have also stemmed from the blockchain platform with decentralized finance (DeFi), apps, and non-fungible tokens (NFTs) finding a space here.
With the boom of these nascent sub-sectors in 2021, the Ethereum network has seen its relevance grow by the day. However, its high gas fees and network congestion coupled with the infamous proof-of-work (PoS) consensus algorithm have seen the network lose some of its mystique. Coming from an April high of $4,350, Ethereum’s ETH token has slumped 60% trading below the $2k mark for much of June. However, the official home of DeFi is regaining its momentum and has risen to $2,009.72. It has risen by 10.38% on the daily chart.
5. Kusama (KSM)
Last on our list is Polkadot’s sister blockchain protocol the Kusama network. Known for its more developer-focused approach to DeFi, Kusama aims to build an interoperable and scalable network for developers. The experimental platform aims to serve as a testbed for developers to deploy their own blockchain before going live on the Polkadot network.
Kusama’ KSM native token is used for transaction fees, and for governance.
Falling from a May high of $594.14, the KSM token has seen its value slashed by more than half. However, it is recovering, rising 18.68% to $198.09 on the daily chart.
As the crypto market tries to find its feet, these coins are our best cryptocurrency to buy roundup should guide your investment choices.
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