Markets
3 Oversold Layer 2 Altcoins to Buy as June Crypto Rally Beckons
The crypto market is currently seeing downward trends following recent corrections, impacting several layer 2 cryptocurrencies. Among these, three altcoins appear significantly undervalued and poised for recovery. Polygon (MATIC), Immutable (IMX), and Arbitrum (ARB) are prime investment candidates as the market prepares for a potential recovery in June.
1. Polygon (MATIC)
Polygon (MATIC), a key Layer 2 solution, is designed to power Ethereum by improving its scalability and interoperability without modifying its core structure. It operates using a series of sidechains that drastically reduce costs and improve Ethereum’s processing capabilities. This setup is particularly advantageous for users who face high transaction fees.
Polygon Price Chart
Recently, MATIC registered a significant decrease in its market value, with an 8% drop in the last month. At the moment, Polygon Price is at US$0.602, which marks a drop of 1% in just 24 hours. Currently positioned among the top 20 cryptocurrencies by market cap, which is $5.95 billion, MATIC is considered a potential buy, especially as the cryptocurrency market anticipates a recovery in June.
2. Immutable (IMX)
Immutable (IMX) has established itself as the top layer-two solution for NFT scaling on the Ethereum blockchain, addressing critical issues such as scalability, user engagement, liquidity, and development delays. This innovative platform transforms the traditional limitations associated with Ethereum, increasing the speed and efficiency of NFT transactions and related applications.
Immutable price chart
In recent developments, Unchangeable price fell to $1.76. This represents a 14% decline last week and a 27% decline last month. It currently ranks 39th on CoinMarketCap, with a market capitalization of $2.6 billion.
3. Arbitration (ARB)
Arbitrum (ARB), a prominent scaling solution for Ethereum, employs optimistic rollups to increase transaction speeds while ensuring that Ethereum’s core security features remain intact. This technology increases yield and reduces costs, improving overall efficiency.
Arbitrum price chart
Recently, the Arbitrum token took a nosedive, dropping 2.21% to $0.9285 in the last 24 hours. The monthly numbers show a slight decline of 0.04% and a decline of 7% throughout the week, positioning it as a potentially undervalued asset ahead of an expected rally in the cryptocurrency market in June. The current CoinMarketCap the rating is 38, with a market value of US$2.6 billion.
Conclusion
As June approaches, investors may consider focusing on altcoins such as Polygon, Immutable, and Arbitrum. These three have shown resilience and growth potential amid broader market fluctuations, making them attractive to those looking to buy promising crypto assets.
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