3 Cryptos to Buy Now as Bitcoin (BTC) Dips Below $67,000

Bitcoin (BTC-USD) has shown some short-term weakness. However, this doesn’t mean that the demand for it isn’t growing. And if you’re one of those investors

Bitcoin (BTC-USD) price weakness is evident. However, this doesn’t mean the demand for it isn’t growing. And if you’re one of those investors who recently jumped on the Shiba Inu (SHIB-USD) train and are now kicking yourself as it hits a new low for the month, don’t fret. I have some alternatives to consider.

This forms the basis of my article for three cryptos to buy.

Recently, Bitcoin dipped below $67,000 after starting a downward trend from $72,000 last Friday. This drop additionally follows a loss of $65 million in U.S.-listed spot Bitcoin ETFs on Monday – the first hit since May 23. Despite all this though, I still believe in a market rebound.

I’m confident there are other cryptos out there that will give better returns than meme coins like SHIB in due time. So with no further ado, let’s dive into my list of three crypto coins every investor should be watching for potential short-term and long-term gains.

Ethereum (ETH-USD)

Ethereum (ETH-USD) is one of those cryptos to buy that I feel has long-term capital appreciation potential.

This week is particularly important for a possible Ethereum ETF because the US SEC is expected to respond to S-1 filings that can profoundly affect the crypto market. The anticipation that comes with it has made industry players hold their breath with concern as to what the SEC will decide.

Meanwhile, the latest report shows that the Industrial and Commercial Bank of China (often known as ICBC), the largest bank in the world, has come out with positive things to say about Bitcoin and Ethereum. The bank believed that Bitcoin is similar to gold but has grown highly active while Ethereum was referred to as ‘the digital oil’ since it is expected to fuel future Web3 applications. The report stressed the role these cryptocurrencies are likely to play in these emerging financial systems.

So with institutional interest heating up for ETH, I believe that it’s one of those cryptos to buy better than meme coins like SHIB.

Bitcoin (BTC-USD)

Bitcoin may always be the king in the crypto world, and for this reason I rate it above any meme coin upstart like SHIB as a long-term hold.

Some influencers in the crypto world have recently come out in defense of Bitcoin, which has added to my bullish stance. William Miller IV, an investment expert, or alternatives the Chairman and Chief Investment Officer of Miller Value Partners concurred on the side of the bulls explaining that Bitcoin is deeply oversold despite the rally it has already posted.

In his “Why I’m Still Betting on Bitcoin,” published in his blog on June 11, Miller explained that Bitcoin’s decentralized vector of control, coupled with the openness of the record of all transactions in the blockchain, is a feature that is still better than most global monetary systems that are under human and political influence. He also pointed out that digital property rights conveyancing with Bitcoin makes it possible to guarantee accountability.

I agree with this long-term view of Bitcoin’s fundamentals and it is the reason I rank it above the rest of the coins on offer to investors today.

Monero (XMR)

Monero (XMR-USD) has been on a hot run over the past few weeks despite facing some issues like the delisting from the centralized exchanges and Europol’s “Operation Endgame” that targeted botnets (which also affected cryptojacking activities), which have influenced the growth of the XMR price.

I think there’s an obvious reason for XMR’s resurgence. Transactions that are done through Bitcoin are well documented and anyone can see the transaction history that includes information such as the sender and receiver’s address and the amount of money that has been transferred.

On the other hand, Monero provides fully anonymous transactions due to the application of certain cryptographic methods. Monero transactions are hidden, and the information concerning the sender, the receiver, and the amount transacted is not public. Thus, it is guaranteed that the transactions will be non-transparent, which is more advantageous for users than in the case of Bitcoin.

Bitcoin is the granddaddy of traditional cryptocurrencies, and Monero is the same when it comes to creating a true privacy coin. I then believe that XMR’s competitive first-mover advantage will remain in the future.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha