The crypto market, alongside the US stock market, had a pretty tough start to the week. The S&P 500 fell as low as 4305 points on Monday while Bitcoin managed to drop below $ 42.5,000.
The royal coin also managed to continue the same slow momentum on Tuesday and the broader crypto market was trading in the red as well. Well, dips and buys usually go hand in hand and a few alternatives have presented themselves as compelling buying options at the time of writing.
The MATIC price managed to appreciate by more than 24% between September 13th and 19th. However, this alt could not protect itself from the “Monday blues”. Its price has managed to drop down to $ 1.09.
Despite the ongoing consolidation phase, the state of on-chain MATIC metrics has been pretty decent lately. The use of the network is growing organically. Consider the unique transactions on the PoS network over time. The chart attached below clearly highlights the jump in the number of transactions from the 4k to 5k tranche.
The number of unique trades continued to register new highs daily during the 45-day period from May to mid-June. Notably, in the same window, the price of alt has increased by over 240%. Likewise, as the number of trades increased in August, MATIC was also able to achieve higher trading targets on the price chart.
Additionally, the total value locked on to Polygon’s ERC 20 bridge currently stands at $ 2.23 billion. The same accounts for 30% of the total value blocked on all Ethereum bridges. So, it is quite evident that the growth and adoption of the network has played a vital role in helping the token rally so far. Considering how sophisticated the metrics are, adding this alt to your portfolio wouldn’t be a bad option after all.
The next piece on the “buy the dip” list is Enjin. The Enjin Network is basically a social gaming platform through which users can build websites and host virtual item stores. As such, Enjin allows game developers to tokenize game items on the Ethereum blockchain and its native ERC-20 token – ENJ, can be used to back up digital assets issued using the platform.
The increase in the number of addresses with balance is a testament to the growth and adoption of this network. Even amid the presence of competitors like Decentraland [MANA], Enjin is doing well. In addition to retaining existing users, the network has managed to accommodate more over time. Since the start of the year, the number of active addresses has increased from 65,000 to 133,000.
Consider this – while the number of addresses saw a big increase in the March-April period, the coin’s price managed to rise 285% from $ 0.7 to $ 2.7. Thus, the recent surge should be able to trigger a rise in prices in the coming days. In hindsight, token HODLers would directly be able to savor the same.
The last three months have been quite phenomenal for WAVES in terms of price development. The valuation of the alt has managed to go from a level as low as $ 12.7 to a number as high as $ 33. The past week has been pretty brutal for this alt, however, as its price has managed to dunk to $ 22.5.
This versatile blockchain platform supports a multitude of use cases, including the creation of dApps and the execution of smart contracts. Over time, the adoption of the WAVES network has increased quite a bit. The same was evidenced by the network value / transaction ratio.
The aforementioned ratio assesses the relationship between market capitalization and transfer volumes. Whenever NVT is high, it indicates that the network value exceeds the value transferred over the network.
The graph below shows that the same has reached higher highs over the past year. The price has more often than not managed to recover in such favorable environments.
Market participants who HODL coins with strong fundamentals rarely care about the broader downtrends in the market because they know that the long term prospects of these coins are protected. So adding these three alternatives to your portfolio at this point would likely improve the long-term returns achieved.