My Top 3 Cryptocurrencies to Buy in May
It's no secret that it has been tough sledding for crypto investors as of late, with most major cryptocurrencies in the red year to date. But just like in the traditional equity markets, periods of turbulence can be a good time to pick up some quality names at discounts to where they were just a short time ago. Despite the market sell-off, these names all have plenty of positive developments underway and catalysts ahead.
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One such blue chip is Terra (CRYPTO: LUNA). Excitement about the burgeoning Terra ecosystem propelled LUNA to an all-time high of $119.22 just a few weeks ago. Terra is down about 30% from that high-water mark. Despite this drawdown, little has changed that should dim Terra's long-term prospects. Terra's stablecoin, TerraUSD (CRYPTO: UST), is still in high demand and now has a market cap of $18.5 billion. Founder Do Kwon is still acquiring more Bitcoin (CRYPTO: BTC) for Terra's reserves on his way to building up a $10 billion Bitcoin war chest, and investors are still parking their TerraUSD in Terra's Anchor Protocol to earn 20% annual percentage yields (APY) . Furthermore, there is $29 billion of total value locked in Terra, which is more than its current market cap of $28 billion. There will be plenty of volatility ahead, but Terra looks like the type of investment crypto investors want to buy and hold for the long term.
Source Fool.com
