After singlehandedly tanking the crypto market and kicking off the biggest crash in years, Terra – the erstwhile “next cryptocurrency to bet on” and “next cryptocurrency to bet with” (sorry about that) – has been rebranded as Terra Classic.
It’s also gone from an all-time high (ATH) of $116.41 per coin to just $0.0001423 per coin.
Even more amazingly, that swing happened over the span of just five weeks, from April 3 to May 11.
We discussed why this happened – a clever legal “attack” that led to the depegging of TerraUSD from its dollar-equivalent LUNA standard, which then prompted a massive LUNA selloff and, later, the dumping of Terra’s Bitcoin reserves – in the above-linked article, so we won’t rehash that here.
Notably, since the event a few weeks ago, there’s been no information to suggest a different cause, so the initial speculation still seems to hodl the most water.
It’ll probably be a boring Netflix Original in a year or two.
Needless to say, if any legal online sportsbooks were planning on supporting LUNA or TUSD, that’s no longer going to happen. The few speculators who can afford to hope for a return to prominence for either asset aside, we can’t really understand why either of these coins is being supported by anyone.
And this Terra LUNA V2 thing probably isn’t worth your time or money, either.
So, now that the market is down significantly and it’s the best time in ages to get into crypto (or get more into crypto, as the case may be), which coin(s) should you buy?
Well, if you intend to use them to bet on sports online, it’ll depend on the site you choose and then which site-supported cryptos you think have the best potential for long-term growth.
We’ve discussed these options a number of times, and our advice hasn’t changed: You should look to buy into a third-generation proof-of-stake crypto coin like Cardano, Solana, or Avalanche. Barring that, Litecoin is best re speeds and fees, while Bitcoin is best because Bitcoin.
It might also be a savvy play to get some Ethereum while the ETH price is under $2000 (it’s currently hovering at $1820 or so), as Ethereum 2.0 should launch inside the next six months and could lead to massive gains for the Ethereum price going forward.
Similarly, XRP isn’t a bad play, either, as a few top betting sites accept the stuff. Plus, once Ripple Labs settles its SEC lawsuit (as it’s expected to do any day now), the coin should be relisted at all major USA exchanges and experience significant growth practically overnight.
Honestly, Ripple XRP is probably the best play right now for that reason alone.
Of course, given how low most assets are trading of late, there’s really no bad choice.
And if you’re not as concerned with crypto sports betting as you are with crypto investing, you have even more to choose from. Assets like Polkadot, VeChain, Uniswap, EOS, and Aave are all promising.
However, one coin in particular – Tron (TRX) – has weathered the crash extremely well. While most other top 100 crypto assets have seen their values halved or worse since the start of 2022, the Tron price has actually gone up. On January 1, TRX coins were worth $0.067 each, while today they’re trading at $0.082 per.
That kind of stability is encouraging from an investment perspective, and it’s also one reason we think Tron is primed to be one of the next popular sports betting cryptocurrencies.
When it comes to online gambling, Tron checks all the right boxes for crypto betting efficiency. The Tron network boasts speedy transfer times of under a minute on average, and Tron fees are almost always going to be in the “fraction-of-a-penny” neighborhood.
You can also earn Tron rewards by staking Tron through popular crypto wallets such as Atomic Wallet and Guarda Wallet.
Regardless and nevertheless, the sky’s the limit for just about all viable cryptos right now. And whether you’re betting, investing, or both, this is probably the best time to jump into crypto – or double down on crypto – that we’ve seen in years.