The crypto market is more frustrated after the outcome of the FTX crash. Bitcoin is at one of its historic lows of the year, and the market itself has only barely returned from the crash. Even so, these stages are always good times to purchase cryptocurrencies at a substantial discount to their present value. What cryptocurrencies are presently under priced? This article is all about the top 5 undervalued cryptocurrencies of 2022.
How have cryptocurrency prices changed in recent weeks?
Two distinct market fluctuations have occurred in recent weeks. For one thing, benefits were bigger and more powerful in late October and early November. Bitcoin ended up breaking slightly higher, boosting many altcoins to new highs. In the fourth quarter, the market emerged to be trending upward.
However, the market situation has worsened significantly over the past two weeks. The meltdown of crypto exchange FTX influenced the market to plummet causing significant losses in bitcoin and even bigger losses in altcoins. These commonly lost more than 30% in the preceding two weeks. Price levels, on the other hand, have recently stabilized.
Why are there currently undervalued cryptocurrencies?
The crash has brought the crypto market to its lowest point in the current cycle. The FTX crash was a “black swan” event, one that nobody could have predicted. It ended up causing the market to crash.
However, such a financial meltdown could have clearly hailed the market’s bottom, the bear market. Like 2019, 2023 could be a much good year for cryptocurrencies. That was also the beginning of the second year of the bear market, with Bitcoin tripling in the spring of 2019.
Top 5 undervalued cryptocurrencies of 2022
There are numerous indicators that we have attained the bottom of this cycle’s prices. This also suggests that many cryptocurrencies are substantially undervalued. We’d like to highlight five coins that may be substantially undervalued:
1. Ripple (XRP)
When we talk about “undervalued cryptocurrencies,” we more often than not mention XRP. Despite being one of the top ten coins by market cap, the XRP coin has the prospects to be substantially more beneficial. This is primarily due to the legal fight with the SEC, which is actually driving the XRP price. During the earlier bull market, the XRP could not outcompete many other coins. Even so, if Ripple’s judicial matter is resolved positively, the XRP coin’s valuation could perhaps shoot through the roof once more.
2. Uniswap (UNI)
With centralized crypto exchanges in a downturn, decentralized exchanges have seemed to be the way forward for many speculators. With the FTX collision, market leader Binance is starting to gain more leverage, and other exchanges may encounter an economic crisis in the future. The largest decentralized exchange is Uniswap (DEX). Most speculators are still utilizing centralized exchanges such as Binance. Even so, a breach of confidence in these central exchanges could result in DEX becoming much more successful in the future. The UNI token from Uniswap could certainly benefit in the future.
— Decentraland (@decentraland)
The Metaverse had a lot of publicity at the end of 2021, but it has lowered rapidly in recent months. During the bull market and the excitement surrounding the Metaverse, the percentage of Decentraland users increased significantly, as did the value of the MANA token. The current bear market is having an impact on many aspects of the blockchain world, such as the NFT market and Web 3.0 projects like Decentraland. Even so, the possibilities remain enormous. Millions of dollars have already been spent on virtual land in the past. MANA is presently one of the underpriced cryptocurrencies due to the bear market.
4. Litecoin (LTC)
Litecoin is performing slowly and steadily for the past six months. Its price has increased by almost 22.64% in the last six months. If we look for a specific reason for the Litecoin sharp rise, we won’t be able to identify it. There hasn’t been a major update in a few days. There was also almost nothing else positive about Litecoin in the community.
Only Michael Saylor lauded Litecoin and designated it a similar functionality to that of Bitcoin. Saylor is a Bitcoin fan and an opponent of altcoins. According to some theories and research, many investors now want to put money in “secure” cryptocurrencies after the crash. As a result, Litecoins are the terms Of price and quality options available. This upsurge of Litecoin could have sparked a chain of events of investors shifting to cryptocurrency.
5. OKB (OKB)
— OKX (@okx)
OKB (OKB) is a multilateral utility token that enables OKX users to utilize a wide range of cryptocurrency exchange services. OKB (OKB) determines and allocates trading fees, gives people access to casting a vote and position on a particular, and tries to compensate users for holding it.
OKB is a cryptocurrency created by OKEx, a cryptocurrency exchange. Particularly, the exchange is viewed as one of the biggest in the world, ranking third on the list of cash flow and 4th in terms of market capitalization. Moreover, it provides a wide variety of trading pairs. OKB’s main objective is to link possible future digital asset endeavors with OKEx clients and accomplished investors. It is also important to note that the OKB Network performs with customers directly and offers a solution without the need for middlemen. A blockchain network, in contrast, cryptographically safeguards all data on the network.