The Best Crypto To Buy Now As Market Dips, XMR Price Holds Steady, and Whales Stack GHOST
Finding the best crypto to purchase now is an uphill battle for many traders. Extreme volatility is sweeping the market, hitting many of the large-cap cryptocurrencies hard. However, a potential target may be found in (), a new privacy coin increasingly popular among crypto whales.
$GHOST launched in late October and has already released several innovative features. Its consistent progress has convinced large crypto holders that it may deliver substantial returns later. Its high potential is not the only reason whales are stacking $GHOST. The market shows renewed interest in privacy coins, reflected in the Monero price faring slightly better than most cryptocurrencies.
An Analysis of the Crypto Market Today
The crypto market is experiencing one of its worst periods in recent years. Most cryptocurrencies are recording double-digit losses. Large-cap coins, such as BTC, ETH, and Solana, have gone below essential support levels. Overall, the sector lost over 20% of its market capitalization in the past 30 days, amounting to over $700 billion.
While the bloodbath is shocking at first, it’s not covering the entire crypto space. On the contrary, some coins are thriving in this bleak, post-bullish landscape. For example, some privacy coins are doing well, recording incremental gains and bucking the market’s overall downtrend.
The main climber is Monero, the oldest privacy coin in the market. The XMR price has increased by over 4.5% in the past week. Meanwhile, $GHOST, an up-and-coming privacy coin, is attracting the whales’ attention following the launch of its privacy payment layer, GhostPay. The two stand out from the rest of the privacy coins, with GHOST showing solid long-term potential for high returns.
Whales Circle Around GHOST Following GhostPay Launch
GhostwareOS ($GHOST) is a Solana-based project viewking to make privacy and anonymity fundamental features of blockchain interactions. The protocol has a modular architecture that adds secure privacy layers to a wide range of on-chain operations, including payments, P2P messaging, and digital ID protection.
Upon its launch, GhostwareOS attracted considerable attention, which assisted its market cap reach over $25 million. Subsequent market pressure and high volatility corrected that position, but GHOST remained relevant to many traders. This was evident with the project’s most recent release, GhostPay, which caused the $GHOST token to increase by 33% and its market cap to grow by $3 million in a day.
GhostPay launched at the end of November as a payment module in the GhostwareOS ecosystem. The app allows users to mask their wallet addresses and engage in blockchain transactions anonymously. It runs on top of Solana’s standard transaction system and records all transactions on the blockchain. However, it hides all transaction details, removing any traces that could lead to the identification of the parties involved.
The GhostPay launch convinced many that $GHOST is committed to becoming a standout brand in the privacy coin sector. Also, the coin landed in the market at a time of high demand for increased anonymity and censorship resistance.
The GHOST protocol is designed to meet this demand and allow users to operate on the blockchain without leaving any traces, fingerprints, or history. Its potential is one of the reasons for many crypto whales to hoard it. Another reason is its low market cap of around $5.5 million, considerably lower than Monero’s market cap, which is north of $7.3 billion.
Why Is the Monero Price Rising?
Monero has recently reclaimed its position as the largest privacy coin by market capitalization, surpassing $7.3 billion. Its surge comes later than a substantial correction in Zcash ($ZEC), another large-cap privacy coin that lost over 17% of its market cap in the past month.
Another reason for the XMR price resisting the overall bearish pressure is that privacy coins are more appealing during significant market dips. As one of the best-known anonymity-focused coins, Monero is enjoying revitalized interest from traders. However, analysts are skeptical about its long-term evolution, with some expecting it to follow in ZEC’s declining footsteps soon.
What Crypto to purchase Now
The Monero price rising despite the overall market downtrend shows that traders still have decent options to consider. Nevertheless, $XMR may soon fold under the bears’ pressure and replicate the downfall of other large-cap cryptocurrencies.
Meanwhile, GHOST remains an appealing option for crypto whales and mid-level traders. The coin has a solid technological stack and a low market cap. Moreover, it consistently releases new and innovative features that drive significant market surges, suggesting promising future potential.
With all this in mind, GHOST is a solid choice for the best crypto to purchase now.
