Yahoo Finance Want to Take Advantage of the Recent Selloff? 2 Top Crypto Stocks to Buy
Written by Daniel Da Costa at The Motley Fool Canada
Over the last few months, many high-risk stocks have been selling off, as investors brace for higher interest rates. Perhaps the most significant impacts, though, have been on the cryptocurrency industry. Therefore, if you’re looking to take advantage of this significant selloff, finding top crypto stocks to buy will be one of the best ways to do so.
Not everyone is bullish on cryptocurrencies. However, the industry offers years of massive growth potential. So, if you are bullish on the potential that blockchain technology offers, this is the best time in months to consider an investment.
Therefore, if you’re looking to take advantage of the dip and buy top crypto stocks at a massive discount today, here are two of the best to consider.
An excellent cryptocurrency platform south of the border
Some of the best stocks to buy if you’re bullish on the long-term potential of cryptocurrency and its ability to continue growing in popularity are cryptocurrency exchanges. That’s why Voyager Digital (TSX:VOYG) is one of the top crypto stocks to buy during this selloff.
Voyager’s main business is a cryptocurrency onboarding platform. The company allows investors south of the border to buy and sell over 70 of the most popular cryptocurrencies. That’s not all, though. Voyager has been rapidly expanding its offerings over the last year, which is why it’s one of the top crypto stocks to buy while it’s cheap.
In addition to allowing users to purchase and sell cryptocurrencies, Voyager also offers a significant yield of up to 12% on many of these assets. Plus, it now also offers a crypto debit card, which earns up to 9% rewards for the cardholder.
So, with Voyager Digital stock trading almost 75% off its high, it’s easily one of the top crypto stocks to buy now. This massive discount isn’t necessarily surprising, though. The company is highly volatile, as it moves with the entire crypto industry.
In addition to being volatile, though, it’s also likely going to see an impact on its impact during these selloffs in cryptocurrencies. However, this should only be temporary. Plus, what business Voyager gains during the rallies typically exceeds what it loses during selloffs.
So, if you’re a crypto bull, now is an excellent time to buy this top stock. It’s not just incredibly cheap, but it also offers years of growth potential for investors.
A top crypto stock to buy now
There are several other crypto stocks to consider, but another option, and one of the best to buy would be a top ETF giving you exposure to crypto, especially to Ethereum.
So, you may want to consider a stock like CI Galaxy Ethereum ETF (TSX:ETHX.B). Ethereum is already the second most valuable cryptocurrency, and many are bullish on its long-term potential. If you’re looking to take full advantage of the selloff in cryptocurrencies, buying the dip today is a prudent choice.
The ETF offers a number of advantages as well. First, you can buy it in your TFSA, which could allow you to save thousands in taxes over the long run, as Ethereum gains in popularity. It also allows investors a simple way to gain exposure to Ethereum. You simply buy the ETF like any other stock.
This is in contrast to buying cryptocurrencies, which can be difficult, costly, time consuming, and highly risky if you make a mistake or send the funds to the wrong wallet address.
So, if you’ve been on the sidelines and you’re looking to finally gain exposure to crypto, or if you already own crypto stocks and see that now is the top time to buy more, these are two of the best to consider.
The post Want to Take Advantage of the Recent Selloff? 2 Top Crypto Stocks to Buy appeared first on The Motley Fool Canada.
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Fool contributor Daniel Da Costa owns Ethereum. The Motley Fool owns and recommends Ethereum.
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