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Best Cryptos to Invest in May 2 – Polkadot, Shiba Inu, Cardano

The cryptocurrency market has been in a correction for the last 24 hours. However, the market fundamentals remain strong overall. This means this dip could be a perfect opportunity to get into high-potential cryptocurrencies, which are now trading at a slight discount. So, which are the best cryptocurrencies to buy the dip today? 

While almost all cryptos will bounce back once Bitcoin pushes back above $70k, fundamentally strong cryptocurrencies with underlying solid demand offer the best risk-reward mix in a volatile market. Such cryptos are unlikely to record massive selloffs if the correction continues into the weekend. They also have the chance to make a strong rebound if the market rallies off its current prices over the weekend. This article aims to help investors preserve capital while also seeking the gains the crypto market has to offer. 

Best Cryptos To Buy The Dip Today 

This article looks at cryptocurrencies with a high potential for a rebound today and into the weekend. The article looks at Bitcoin’s potential rebound on the strength of institutional demand, Ethereum’s potential now that transaction costs have dropped drastically post-Dencun, and Fetch.AI’s upside potential ahead of the upcoming NVIDIA AI conference. The article also looks at Toncoin’s potential due to its more robust integration in the Telegram ecosystem and Solana’s growing demand as a launch platform for meme coins and other tokens. 

Bitcoin (BTC)

Bitcoin (BTC) is the primary reason behind the market correction that has characterized crypto for the last 24 hours. That’s after it fell from over $73k to a low of $66,800. However, Bitcoin is showing signs of a rebound and will likely lead the way in another bull leg today or over the weekend. 

That’s because the underlying demand for Bitcoin remains strong relative to its supply. For instance, in the last 24 hours, an entity suspected to be a country bought 810 Bitcoin, which took up almost all the Bitcoin mined supply in a day. This and the fact that institutions continue to buy up Bitcoin means that the selloff is only temporary.

With the halving only a few weeks away and expected to shrink the supply even further, buying the Bitcoin dip makes sense both in the short and long term. A rebound in the short term due to scarcity could quickly push Bitcoin to $80k or more over the weekend. 

Ethereum (ETH)

Ethereum (ETH) is another top cryptocurrency whose core fundamentals point to a potential rebound from this dip. That’s because, just two days ago, Ethereum had one of its most complex hard forks focused on scalability. With this hard fork, transaction costs on Ethereum layer-2s have dropped by over 90%. Costs on the Ethereum main network have also gone down considerably. 

This means investors in crypto now have an incentive to use the Ethereum network in the future. At the same time, Ethereum has a lot coming up that could help propel it upwards despite today’s correction. The biggest of these is the upcoming Ethereum ETFs that many analysts expect to propel Ethereum to new levels going into the future.

That’s because Ethereum is a deflationary asset at this point due to staking and the high number of Ethereum that is continually locked up within the Ethereum ecosystem.

This means the Ethereum ETF could have an even bigger impact on the price than the Bitcoin ETF has had on the price of Bitcoin so far. All these metrics make Ethereum a worthy cryptocurrency to buy the dip. The odds are in its favor both in the short and long term. 

Fetch.AI (FET)

Fetch.AI (FET) is one of the top AI cryptocurrencies in the market today.  With so much hype around AI this year, Fetch.AI has emerged as one of the best performing cryptocurrencies in 2024 so far. While Fetch.AI, like the rest of the market, has been in a correction in the last 24 hours, the underlying hype around AI remains strong. This means, AI cryptocurrencies are set for a major rebound once bull’s retake full control across the crypto market. 

One of the key factors that is likely to give Fetch.AI a leg up in the short term is the upcoming NVIDIA AI conference that starts on the 18th and runs to the 21st of March. Since Fetch.AI is currently using cutting-edge equipment from NVIDIA, any big news from this conference could help boost Fetch.AI and other AI cryptocurrencies this week. For such potential, there is no doubt that Fetch.AI is a high-potential cryptocurrency to invest in today. 

Toncoin (TON)

Toncoin (Ton) has dipped by double digits in the last 24 hours. However, it also holds more promise for an equally high rebound once bulls retake the market. 

That’s because Toncoin is one of the top cryptocurrencies backed by actual fundamentals. It is the native token for Telegram, one of the world’s largest privacy-focused messaging platforms. The best part is that Telegram is putting measures in place to ensure more usage of its TON cryptocurrency.

For instance, they recently announced a revenue-sharing formula with creators, with payouts done exclusively in TON. Such fundamentals mean demand growth for TON, making it a good cryptocurrency to buy and hold long-term.

Solana (SOL)

Solana (SOL) is another top cryptocurrency worth buying the dip today. That’s because, like Ethereum, its adoption is on an accelerated growth trajectory. Today, Solana leads regarding the number of meme coins launched and traded in the market. Solana’s DEX Jupiter is already outperforming other DEXs such as Uniswap. 

Since meme coins will likely be a key attraction for investors as the bull market gains momentum, especially post-halving, the demand for Solana could see a significant upsurge going forward. This makes it one of the best cryptocurrencies to buy now in anticipation of a rebound across the market. Before the dip, Solana was on course to retest its all-time highs. The underlying fundamentals to take it there remain strong.