With the recent buzz about many cryptocurrencies falling in value terms, many people with fresh money to put to work are wondering which are the top cryptocurrencies to buy in June. There are over a thousand cryptocurrencies, so choosing one or two of the best cryptocurrencies can be a bit overwhelming, but we go through much of the noise to find our best picks: Litecoin LTC / USD and IOTA MIOTA / USD.
Should you buy Litecoin (LTC) now?
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
Litecoin is a currency developed to provide fast, secure, and low-cost payments using unique properties found in blockchain technology. At the time of writing this article (May 26), the price of Litecoin was $ 194.04.
Over the past month, the price of Litecoin has lost 18.5%, but looking further back on the charts, it shows that it was trading at $ 174.62 on February 26. Amid the cryptocurrency sell-off, Litecoin remains higher than 10% in recent months.
Of course, the all-time highest price of LTC was $ 389.24, but the recent momentum could push the current price of Litecoin towards its highs given its strong use case.
If you see it drop below $ 174 then it is definitely a sell or avoid buy situation, however if you see it go above $ 200 then it is time to potentially buy as you have overcome a key hurdle and momentum investors could start jumping.
Should I buy IOTA (MIOTA)?
IOTA is a distributed ledger that is not a blockchain and is instead a proprietary technology known as Tangle, which is a system of nodes that confirm transactions.
At the time of writing, Iota is trading at a value of $ 1.14. Like Litecoin, IOTA has also been down for the last month, but looking further back it is higher than in February.
MIOTA’s all-time high was $ 2,532 and there’s no reason why IOTA can’t retest its highs. It may take some time for all the volatility of the cryptocurrency to ease, but once it does, names like IOTA with strong value propositions could see high demand from investors.
If you can buy IOTA at $ 1.10 or less, it could be a good long-term investment. But if you fail to hold the $ 1 level, it would be wise to stop buying MIOTA and wait for signs of stabilization.
Bottom line: two different price points
LTC is currently trading around the $ 190 mark, while MIOTA is trading around the $ 1 mark.
This means that both currencies are targeting a different category of investors, with different budgets to invest in, or just different tactics that they implement within their business hours.
Regardless of the type of investor you are, it is highly likely that one of these has piqued your interest, and hopefully, through this analysis, you will be able to make an informed decision about what to invest in.