Don’t Miss the Boom: 7 Cryptos Set to Explode Higher
Faisal Humayun
5 min read
At the beginning of the year, Bitcoin (BTC-USD) was trading at $16,000. The digital asset almost doubled to a high of $31,800 before correcting. In my view, that correction presents us with a good opportunity to buy. Potentially fueling further upside, it’s important to note that monetary policy tightening is almost over. And it’s likely that there will be a few rate cuts in 2024. I believe that this is a key catalyst for top cryptos to buy, including these seven.
Cryptos to Buy: Bitcoin (BTC-USD)
Up trend Technical graph of Bitcoin (BTC-USD) in futuristic concept, BITI ETF is a Bitcoin short fund for investors betting against Bitcoin.
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Bitcoin (BTC-USD) is up 58% year-to-date and could see higher highs. For example, Standard Chartered believes that Bitcoin can touch $120,000 by the end of 2024. If this holds true, the cryptocurrency is poised to quadruple from current levels. Given the ferocity of the rally in Bitcoin in the past, this target does not seem unrealistic.
The biggest catalyst for Bitcoin is the halving event in 2024. Historically, Bitcoin has surged after these events and I expect the same next year. Additionally, Bitcoin is the blue chip of the crypto world. As the adoption of digital assets increases, so will the demand for Bitcoin.
Etereum coin is in pocket. Ethereum is a decentralized, open-source blockchain with smart contract functionality. ETH crypto
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I strongly believe Ethereum (ETH-USD) can outperform Bitcoin in the next few years. For one, according to Ethereum co-founder Vitalik Buterin, Ethereum development is only 55% completed after the merge in 2022. In comparison, Buterin believes that Bitcoin development is 80% complete. The key takeaway is that there is ample scope for Ethereum platform development. Scalability is another key catalyst. At some point, Ethereum may be able to process 100,000 transactions. Also, if Ethereum can reduce cost per transaction, we could be looking at a game-changing catalyst.
Cryptos to Buy: Dogecoin (DOGE-USD)
One Golden Dogecoin Coin on keyboard, Meme coins to sell
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Dogecoin (DOGE-USD) has remained depressed after a euphoric rally. However, I strongly believe it could push significantly higher. In fact, one of the biggest positives for Dogecoin is sustained interest from Elon Musk. A potential integration with X (formerly Twitter) might be on the cards, for example. It’s also worth noting that Dogecoin has a strong community with four million holders. In addition, I should note that some major companies have already allowed Dogecoin as a payment method. As the holder community swells, it’s likely that more companies will allow payment integration. This will boost the use case for the meme coin.
Zilliqa (ZIL-USD)
The Zilliqa (ZIL) crypto logo in front of a trading chart illustration.
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Zilliqa (ZIL-USD) is another top name among cryptos to buy. At the moment, the coin trades at just two cents. However, I believe it could also push higher. As an overview, Zilliqa is the world’s first sharding-based blockchain. This splits the entire network into partitions, known as shards. Parallel verification of transactions allows for faster transaction speed. Additionally, Zilliqa has significantly lower transaction costs as compared to Bitcoin or Ethereum. I must add that ZIL also has an attractive staking option with the current APR at 12.92%. In recent news, Zilliqa has partnered with GMEX ZERO13 to launch a consumer-focused carbon offset platform. The project seems to be making the right moves and partnerships focused on value creation.
Cryptos to Buy: Houbi (HT-USD)
An aerial shot of a group of popular cryptocurrency tokens; cryptos. Cryptos to Watch
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Houbi (HT-USD) is another one of the top cryptos to buy. Currently, Houbi ranks among the top ten crypto exchanges globally with a monthly visit of 22.8 million. It’s worth noting that in May 2021, the HT token touched highs of $39.70. The token trades 93% lower from the highs. On a conservative basis, I believe HT can surge by 5x in the next bull market. Houbi claims to have a total user base of 45 million. Further, with more than 700 prime virtual assets, the exchange is positioned to benefit from a surge in trading and speculation activity. With features of derivative, NFT, and staking, the exchange looks attractive.
Polygon (MATIC-USD)
A phone, on top of a laptop keyboard, displaying the logo for Polygon. Polygon Price Predictions
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Polygon (MATIC-USD) is among the most attractive projects to consider. As an overview, Polygon is among the few Layer-2 side-chain firms. The Ethereum scaling solution therefore attracted big investors and underscored the credibility of the project. The project also offers an attractive staking option. Investors can stake while securing the Polygon PoS network. The current reward for staking is 4.95%, which I believe is attractive. Overall, with Polygon 2.0, the outlook for the project is promising and the project is well-funded to create value.
inSure DeFi (SURE-USD)
Cryptocurrency: Pile of cryptos and altcoins represented as physical coins. high-growth cryptos
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inSure (SURE-USD) is a unique project that’s likely to find takers as the bull market returns and crypto adoption increases. One of the challenges in the cryptocurrency industry is the potential for loss, with hacking, devaluation, or scammers. inSure claims to be the world’s first DeFi, NFT, and Metaverse insurance ecosystem. Besides insurance protection, the project also provides an attractive APR of 24% on staking. To elaborate on the token use case, investors need to buy SURE tokens to insure their digital holdings.
As an example, an investor with 30,000 SURE tokens will have an insurance coverage of $6,000 for 1.2 years. Similarly, an investor holding 500,000 SURE tokens will have insurance coverage of $140,000. As more investors buy SURE tokens for insurance coverage, the circulating supply will decline and will have a positive impact on the price.
On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
