May officially began today, and the bullish year’s first five months are already complete. But the bullish trend was short-lived, as it reversed course in a matter of weeks. The cryptocurrency market has been steadily declining for some days, impacting nearly all cryptocurrencies. The fear and greed index has also reached the neutral zone. And because there is no indication of a bullish run anytime soon, investors are searching for cryptos to buy on the dip in the current chaos.
Best Purchase The Dip in May 2024
The current global market capitalization is 2.13 trillion, a significant decrease from the previous month. In addition, since March’s end, the market’s overall trading volume has decreased; however, in recent days, the volume has increased. The trade volume increased by 51% on the last day, bringing the value up to $103.38 billion.
In this sluggish market, the greatest buy-the-dip cryptocurrency options for May are Litecoin, Dogecoin, Ethereum, Solana, and Bitcoin. Let’s discuss each one separately.
1. Bitcoin (BTC)
The price of Bitcoin has plummeted to a low of $57,111.61 following a 13% decline this week. The crypto king is currently the ideal buy-the-dip cryptocurrency because it has dropped to a two-and-a-half-month low. The coin will aim to reach $100K by the end of the year, having reached a new all-time high of $73,750.07 two and a half months ago.
2. Ethereum
After falling 12% in only one week, Ethereum has likewise plummeted to a two-and-a-half-month low of $2,863.74. The price of ETH has been steadily dropping, and in April, it lost over 19% of its value after not rising to the $4500 target. As soon as the market recovers, the token will try to surge over $4K before aiming for the ATH.
3. The Solana (SOL)
After falling 23% this week and 38% for the month, the price of Solana is currently trading at $120.76, close to its three-month low. The Solana network has only suffered a small setback, and due to rising demand and the effectiveness of Solana meme coins, it will recover more quickly.
4. The cryptocurrency DOGE
Dogecoin, the meme king, was left out of the meme frenzy this past month since its price fell by more than 40%. In just one day, Dogecoin had a 10% decline and is currently trading at $0.1243. It is now at its lowest position in the last month, making it an ideal time to purchase the drop and profit from the market’s recovery.
5. LTC, or Litecoin
Litecoin, the speedier and less expensive variant of Bitcoin, is the final buy-the-dip cryptocurrency for May. Like Bitcoin, Litecoin has experienced a decline, falling to $76.57 following a 26% gain in a month. Given that it has the potential to increase in value threefold, Litecoin is a viable investment in this sluggish market.
Final Words
Given their low value and the sluggish market, this is the ideal time to invest in some of the most well-known cryptocurrencies. There are alternatives to Bitcoin and Ethereum, such as Solana, Toncoin, Dogecoin, and MATIC, for purchasing dip cryptocurrencies.
