The pain trade has been an unwelcome sight across the cryptocurrency market since the start of 2022 and over the past 24 days Bitcoin (BTC) and the altcoin prices have drifted, leading some analysts to suggest that a bear market is at hand.
Despite traders’ concern that another extended crypto winter could be starting, it times like these when investors can capitalize on great opportunities to pick up fundamentally sound cryptocurrencies at a discount.
Crypto Fear & Greed Index. Source: Alternative.me
In that vein, here’s a closer look at several projects with strong fundamentals and a proven use case that could be good candidates for accumulation during the current market correction.
The Ethereum (ETH) layer-two scaling solution Polygon (MATIC) is currently down 50.76% from its all-time high of $2.92 which was established on Dec. 27, 2021.
MATIC/USDT 1-day chart. Source: TradingView
Polygon saw a tremendous amount of growth and adoption over the course of 2021 because its compatibility with Ethereum and low transaction costs made it a destination for users and protocols that were looking for a way to remain on the Ethereum network and avoid the high cost of transactions.
Total MATIC wallets over time. Source: Dune Analytics
The network is capable of hosting all manner of decentralized applications including lending protocols like AAVE, decentralized exchanges like Uniswap or gaming and nonfungible token projects like Aavegotchi.
With the capabilities and final date for the rollout of Eth2 still unknown, layer2 solutions like Polygon are likely to continue to see increased engagement as users seek lower-fee transactions.
Fantom (FTM) is a layer-one blockchain protocol that also rose in prominence over 2021 as its low fee environment and Ethereum Virtual Machine (EVM) Compatibility helped attract new users and protocols to the network.
FTM/USDT 1-day chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that the price of FTM is currently down 36.3% from its December highs and trading at a price of $2.15 at the time of writing.
The bullish case for FTM is…