The availability of thousands of cryptocurrencies in the market has magnified the dilemma for many investors. Indeed, finding the high-growth cryptocurrencies that can provide the kind of market returns most investors are looking for isn’t as easy right now.
Much of that is due to this increasingly bearish macro environment. Whether it’s stocks, crypto, or really any asset with a hint of risk, investors are in selling mode. High-growth cryptocurrencies such as Basic Attention Token (CRYPTO:BAT (LON:BATS)) and Axie Infinity (CRYPTO:AXS) have proven their upside in bull markets. Unfortunately, the inverse also appears to be true in bear markets.
That said, here’s why I think these two tokens are worth considering right now.
Basic Attention Token Basic Attention Token could be one of the most interesting high-growth cryptocurrencies in the market right now.
Indeed, this project’s unique focus is one of the key reasons I’m watching BAT relative to other top 100 tokens. Basic Attention Token powers the Brave browser, which provides users with access to the internet, much like other browsers. What’s different is how users are rewarded for their attention (hence this project’s name).
Unlike other browsers, which store user data and sell said data to third parties, the payments flow in the opposite direction with Brave/BAT. Essentially, this browser pays users for their attention, with a portion of the fees marketers and those looking to advertise on the platform pay being allocated to users.
While adoption is still picking up, and this is a bear market after all, it’s unclear if Basic Attention Token will really take off. That said, this is a project with a tremendous amount of potential. It’s on my watch list for a reason
Axie Infinity For those who believe the rally we saw last year in everything tied to the metaverse wasn’t a one-off event, Axie Infinity is an interesting crypto project to consider.
Axie Infinity is one of the most prominent play-to-earn blockchain-based games. Users play Axie Infinity to earn rewards via breeding and battling with Axies (Pokemon-type creatures in the form of NFTs).
Like other play-to-earn games, interest really peaked amid last year’s extreme bull market rally. The price of everything was surging, from NFTs to any token investors could name. For Axie Infinity, this was an incredible time to be an investor, with the in-game Smooth Love Potion tokens taking off in value.
Readers may not be surprised to learn that SLP and AXS have both taken a big hit in this down market. For many, that’s a reason not to invest. Indeed, some level of price stability (or rising prices) is needed to maintain interest in this game over time.
That said, should the market stabilize, I think there’s an argument that can be made for Axie Infinity here. This is a more speculative pick. However, I think such a bet may be worth making at these lower levels right now.
The post 2 High-Growth Cryptocurrencies Trading at Incredible Discounts Right Now appeared first on The Motley Fool Canada.
Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Basic Attention Token.