The cryptocurrency market has seen a broad selloff in the first few days of 2024, with Bitcoin (BTC) dropping below $43,000.
Major altcoins like Ethereum (ETH) and Solana (SOL) have also declined, trading significantly lower than their December highs.
This article will examine the latest crypto price pullback and discuss five altcoins that could still have significant upside potential for investors looking to buy the dip.
Matrixport’s Conflicting Predictions Trigger Crypto Price Crash
The sharp selloff seen in the crypto market over the past day appears to have been triggered by a controversial set of statements from the financial services platform Matrixport.
On January 1, Matrixport predicted that the SEC would likely approve the first spot BTC ETF this month, forecasting a surge to $50,000 for Bitcoin.
However, the company reversed course just one day later, claiming approval would not come before Q2 2023.
The crypto community reacted with outrage to what looked like blatant market manipulation.
Leading ETF analysts were also skeptical of Matrixport’s change of heart, with Eric Balchunas questioning if the company had any legitimate sources for the updated rejection forecast.
Regardless, the strange Matrixport predictions seem to have affected market confidence in the imminent approval of spot BTC ETFs.
This again highlights the power of rumors and misinformation to move crypto prices.
Which Are the Best Coins to Buy on the Dip?
As volatility ramps up following the Matrixport news, investors are now deciding whether to sit on the sidelines or take advantage of lower prices to buy the dip.
Below are five altcoins with solid fundamentals that could bounce back strongly and provide upside potential from current levels.
1. Sponge V2 (SPONGEV2)
One of the most talked about new altcoin launches that could appeal to investors is Sponge V2 (SPONGEV2).
Sponge V2 is the soon-to-be-released upgrade to the original Sponge (SPONGE) token, which produced explosive returns for investors back in May 2023.
This upgraded version will feature new use cases, including being used in a SpongeBob-themed P2E racing game.
Given the incredible success of its predecessor, Sponge V2 looks well-positioned to capitalize on the crypto gaming trend sweeping the market.
The only way for investors to obtain SPONGEV2 tokens before their open market debut is to stake SPONGE on the sponge.vip website.
Stakers can currently obtain yields of 458% per year – presenting a limited-time opportunity that investors may wish to consider.
2. Bitcoin Minetrix (BTCMTX)
Another of the best coins to buy on the dip is Bitcoin Minetrix (BTCMTX), an Ethereum-based project seeking to shake up the crypto-mining space.
Bitcoin Minetrix’s main innovation is the Stake-to-Mine model, which allows crypto investors to stake BTCMTX tokens and earn cloud mining power as a reward.
This mining power can then be used to mine BTC virtually – providing a pathway to recurring rewards.
Investors’ income stream is bolstered by a built-in staking protocol that offers yields of 87% per year for BTCMTX holders.
The combination of these groundbreaking features has led to enormous demand during Bitcoin Minetrix’s presale phase, resulting in over $7.3 million in funding being raised already.
With exchange listings in the pipeline, BTCMTX could be another promising addition to the portfolios of investors looking to buy the market dip.
3. Meme Kombat (MK)
Meme Kombat (MK) is a utility-driven meme coin that allows users to earn tokenized rewards through an engaging battle mechanic.
The platform’s battle arena features virtual fights between meme coin mascots, which users can bet on using MK.
Those who pick the winning fighter will earn more MK tokens – which can then be staked to generate yields of 160% per year.
Meme Kombat’s combination of utility and hilarious branding has piqued the interest of meme coin investors, with over 15,000 people now following the project’s Twitter page.
YouTuber Michael Wrubel, who has more than 310,000 subscribers, also speculated that it could be the “next 100x gaming meme crypto.”
Like Bitcoin Minetrix, Meme Kombat is still in its presale phase, yet given its unique approach, it has the potential to become a breakout star in the meme coin space.
4. yPredict (YPRED)
Next up is yPredict (YPRED), an AI-powered platform designed to help crypto traders make better decisions.
yPredict has several key features, including AI-driven trading signals and a predictive model marketplace, where data scientists can monetize their own models.
This innovative approach aims to leverage industry expertise to provide the most accurate crypto price predictions possible.
At the time of writing, yPredict is in the final stage of its presale phase and is gearing up to list the native YPRED token on exchanges in the weeks ahead.
More than $6.3 million has been raised from early investors, with 20,000+ people on the project’s waitlist.
Given the growing demand for advanced trading tools in the crypto space, yPredict’s AI-powered platform has the potential to revolutionize the way traders forecast market movements – making YPRED another exciting altcoin to watch.
5. Tellor (TRB)
Concluding our list of the best coins to buy on the dip is Tellor (TRB).
Tellor is a decentralized oracle network that provides external data to Ethereum-based dApps.
It allows smart contracts to access valuable off-chain data like price feeds, weather data, sports scores, and more.
The network is secured by miners who stake TRB tokens to participate in submitting this data.
Ultimately, by enabling blockchain apps to use real-world data, Tellor expands the potential use cases of these apps – especially in the world of DeFi.According to CoinMarketCap, the TRB price is up 73% in the past month – an impressive performance that reflects the growing buzz around Tellor and its features.