Decentraland (MANA), ApeCoin (APE), The Sandbox (SAND), Enjin (ENJ) and GALA – metaverse coins are today’s best gainers after the May 12th Bitcoin crash to $26,000.
All are available at regulated platform eToro.com – their crypto exchange has a list of daily movers, top trending coins, the highest gainers and their percentage moves, similar to Coinmarketcap.
Buy the Dip Coins
For those wondering what is the best coin dip to buy, usually betting on strength is the best play – rather than trying to buy coins still in the red, lagging behind the rest of the crypto market.
These five coins bounced hardest – making them the best coins to buy in the dip today, after this week’s market crash – MANA, GALA, APE, SAND and ENJ.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Best Coin to Buy in the Dip
The current market leader among metaverse coins is MANA, which powers the Decentraland metaverse. MANA may be the best coin to buy the dip.
At one point we also saw ApeCoin up 40%, about the same percentage gains. The exact pump percentage fluctuates by the minute.
MANA price bounces back above $1 – price chart via eToro
The metaverse and NFTs are a separate emerging asset class to the rest of cryptocurrency and are not going anywhere even if BTC is volatile and correcting in the short term.
Another strong mover not related to the metaverse is Fantom (FTM), also listed on eToro. That may have found a bottom after its long bear market correction and be ready to start a new bull cycle.
BTFD Crypto Meaning
BTD is an acronym you might have guessed for ‘buy the dip’, and in the internet crypto scene BTFD means ‘buy the f***ing dip’.
Nothing goes down in a straight line, and every large crypto crash like this week in early May ends in a sea of green, as many of the best altcoins bounce by double digit percentages, giving a high ROI if you can buy near the bottom. Buy when there’s blood on the streets, as Baron Rothschild said.
APE bounce after the crypto dip – price chart via eToro
Bear in mind a strong bounce doesn’t always indicate the start of a new bull run – it can be a dead cat bounce that retraces. It may take time for a new bull market to come in the remainder of 2022, if it does – so take profit on the cryptos you buy on the dip on the way up.
Is it Time to Buy the Crypto Dip?
Some notable crypto traders are predicting Bitcoin will ultimately hit around $20,000. After a large move bottoms can take time to form.
However the same traders also note a short term move up to around $38,000 for Bitcoin is possible, even if the crypto dip continues after that. ‘Should I buy the crypto dip today’ ultimately depends on your appetite for risk.
SAND bounce after the crypto dip – price chart via eToro
If you do buy the dip scale out of your position gradually by setting limit orders to sell the rally every 5-10% until you’ve recouped most of your investment, then let the rest ride as a ‘moon bag’ in case Bitcoin does continue to the upside and set new all-time highs.
Avoid margin trading in the current market conditions – eToro doesn’t have perpetual futures pairs so there’s no temptation to open a long position with leverage.
GALA bounce after the crypto dip – price chart via eToro
How to Buy the Dip Safely
Wait for confirmation first, i.e. some HTF (high-timeframe) candles to close green. You may miss the first 10% or so of the bounce and resulting pump but it’s also a simple low risk way to avoid what happened to some who tried to ‘catch a falling knife’ on Terra (LUNA) just because it was down 99%.
LUNA dropped another 99%, then again, and again, due to a black swan event and hyper inflation of the circulating supply – what happened to LUNA was not a normal crypto crash.
ENJ bounce after the crypto dip – price chart via eToro
The way the Terra crash dragged down the rest of the crypto markets was bound to result in the best coins bouncing back strongly.
Panic sell offs in those crypto assets just because of LUNA, or Bitcoin retesting $26,000, or FUD over Tether (USDT), changed nothing about their intrinsic value – especially metaverse coins.
eToro suspended LUNA trading 15 hours before Binance exchange did, saving investors capital to buy the dip on cryptos that would bounce as their supply of coins in circulation wasn’t being inflated.
Crypto News
- 5 Best Cryptos to Buy on the Dip in the May Crypto Crash
- How to Invest in Metaverse Companies
- How to Invest in DeFi Crypto
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Author: Michael Abetz
Michael has been investing in cryptocurrency since the 2017 bull run, and is a freelance writer producing educational material on decentralized finance topics online.… View full profile ›
