There are bargains out there in the crypto market. A lot of digital currencies have been trading far below their highs of last year, and you could find bargains if you have faith in the future of crypto the way that I do.
I will not get into the biggest tokens that you may already know about all too well these days. I predict a lot of turnaround potential in Terra, Fantom, and Polygon, three cryptocurrencies that are promising and recently fell 48%, 44%, and 43%, from their previous highs. They would have to almost double to reach their all-time highs again. Let’s see why that might happen.
Terra
Terra’s appeal is how it works in unison with the TerraUSD stablecoin project. Terra is the native coin of TerraUSD and other nation-specific stablecoins. TerraUSD is the stablecoin that might seem boring to many crypto investors since it attempts to trade near the $1 mark. Some risk-tolerant income traders see TerraUSD much differently, as they could earn almost 20% in yearly interest if it is staked through the Anchor lending and savings protocol that was released by Terra last year.
Now let’s go back to Terra. TerraUSD’s popularity as the high-yielding stablecoin is excellent news for the extra volatile Terra. As demand is growing for TerraUSD, it results in Terra being retired or burned in the swap for TerraUSD directly from the community pool. Terra has become the second-most-popular cryptocurrency on decentralized finance (DeFi) apps, behind only market darling ETH.
Fantom
Developers of the DeFi apps have taken a liking to Fantom. Its ease of use and its flexibility (as well as its lightning-fast ability to validate the transactions) have made it an ever rising star for a surprisingly smaller digital currency with a $4.9 billion market capitalization. Fantom’s sponsoring organization is also making its own luck by helping to encourage its use.
The amount of DeFi assets that are on Fantom-based apps has taken a hit in the last two weeks, but it still had $8.2 billion in TVL as of this week. Among the 15 biggest DeFi protocol chains, Fantom remains the only one of these that has a smaller market capitalization than its TVL. It is the same as a value stock in the cryptocurrency world, but the main thing here is that the assets cannot keep sliding the way that they have this month.
Polygon
Lastly, we have Polygon, a layer-2 network that plays an important role in helping to scale ETH. Ethereum does have shortcomings. Until it finishes its migration to a POS model, it is expensive and slow to move around. The Polygon Network is a sidechain, a scaling solution to help make the smart-contract pioneer a lot more efficient.
With Polygon joining Fantom and Terra as cryptocurrencies that are trading over 40% below their peak, there is major upside to all of these if the market were to bounce back.
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