Stock market downturns can be intimidating, especially when there's no end in sight. Nobody knows for certain how long this bear market will last, or whether a recession may be looming.
There is a silver lining, however: Prices are at rock bottom. Crypto prices, especially, have plummeted over the last few months, and while that may not seem like good news, now is one of the most affordable times to buy.
If you've been considering investing in cryptocurrency but the sky-high prices have been off-putting, now may be your best chance to invest at a discount. And there are a few investments that are essentially on sale right now.
1. Bitcoin
The king of crypto, Bitcoin (BTC 0.43%) is also one of the most expensive investments out there. At its peak, it cost close to $70,000 per token. Currently, though, its price is down close to 70% to roughly $20,000 per token -- its lowest price in 18 months.
While there are never any guarantees when investing (especially when it comes to crypto), Bitcoin has a better chance of recovering from this downturn than some other cryptocurrencies.
It's the most popular cryptocurrency by a long shot, making up more than 40% of the crypto market as a whole. It's also the oldest cryptocurrency, and it's recovered from many slumps in the past. In fact, it's lost more than 80% of its value on multiple occasions, yet it's still managed to see positive average returns over time.
Of course, past performance is not necessarily indicative of future returns. But if there's any cryptocurrency to survive this bear market, it's most likely going to be Bitcoin.
2. Ethereum
Ethereum (ETH -1.52%) is the second most popular cryptocurrency behind Bitcoin, and its price has also taken a beating in recent months. It's currently down nearly 77% to around $1,100 per token.
Ethereum's biggest advantage lies in its decentralized applications. It's a programmable blockchain, and its network is host to everything from non-fungible token (NFT) marketplaces to decentralized finance (DeFi) projects and smart contracts.
Developers are also working on an upgrade to move Ethereum from a proof of work (PoW) protocol to proof of stake (PoS). When that's completed, the network will be significantly faster, more energy-efficient, and more affordable for users.
Again, while there are never any guarantees when investing in crypto, the future appears bright for Ethereum. By investing now, you could potentially see substantial returns if its price rebounds.
3. Solana
Solana (SOL 0.07%) has been a rising star in the crypto world, but recent struggles have caused it to plummet. Its price has fallen by more than 86% since November, down to just $34 per token.
Part of this crash is due to the overall "crypto winter," but Solana has also faced difficulties in recent months. Its network has experienced multiple outages so far this year, as bugs and attacks have knocked it offline -- sometimes for hours at a time.
Fortunately, Solana developers claim to have resolved the issues behind these outages. If that's true, Solana could be ready to soar.
It already has some distinct advantages over its competitors. It's faster and has lower transaction fees than Ethereum, for example, and its latest project, Solana Pay, could help it compete against Bitcoin. If Solana is able to make a comeback, buying now could potentially prove to be lucrative.
Cryptocurrency is more affordable than ever, and if you've been looking to start investing or expand your portfolio, now is one of the best times to buy. While nobody knows for certain whether crypto prices will bounce back, choosing your investments wisely can protect your money as much as possible.
