Additionally, it’s unclear as to whether this macro environment, sector-specific issues, or problems related to certain tokens are more to blame for the huge declines of so many digital currencies.
The Federal Reserve’s goal of bringing down inflation is likely to bring more pain to risk assets. That’s because as rates rise, money becomes much more expensive to borrow, reducing the amount of money that can be deployed by traders and investors.
That said, there are plenty of blockchain projects worth considering right now, and there are many crypto technologies that can improve the financial sector and the real world. Here are three cryptos to buy for those looking to benefit from the proliferation of some cryptos over the long term.
Let’s start this list of top cryptos to buy with Solana (SOL-USD), my largest crypto holding right now.
Hands-down, Solana is one of the fastest growing crypto projects out there. This fast, inexpensive blockchain has grown in popularity due to its unique, proof-of-history, consensus mechanism. In combination with proof-of-stake, this validation mechanism is much faster and more efficient than its peers. As a result, the Solana ecosystem has charged near-zero fees while offering some of the fastest transaction times among large-cap projects.
Thus, Solana has become a leader in the world of non-fungible tokens (NFTs) and decentralized finance (DeFi). As these sectors continue to grow over time, expectations are that Solana could continue to gain market share. If that’s the case, there’s a lot to like about this token’s long-term outlook.
A much lesser-known crypto is IoTeX (IOTX-USD). But its growth is similarly compelling. Indeed, this is one project without the name recognition of Solana, but with the potential to become a household name soon.
That’s because this project provides unique utility to users in the internet of things (IoT) space. As its name suggests, IoTeX is focused on integrating the blockchain with every component of the IoT. This is transforming the IoT market, and users are increasingly jumping aboard this novel approach to storing data on the blockchain.
Blockchain technology really is just a digital ledger. Accordingly, as more IoT devices switch to the blockchain, IoTeX is poised to gain market share. While we’re still in the very early innings of this transition, if even a fraction of the existing market shifts toward IoTeX’s technology, it will grow tremendously.
Like Solana, the IOTX token is down around 85% from its high. Accordingly, those looking for a speculative, high-potential bet on a market recovery may want to add this token to their shopping list right now. It’s on my list of top cryptos to buy for a reason.
One of the more underappreciated cryptos to buy right now is Qredo (QRDO-USD). I’ve been bullish on this token for a while, for a few key reasons. The simplest reason that I’m bullish about this token is my belief that cryptocurrencies will be widely adopted as payment methods by institutions.
Qredo essentially offers cross-chain payments and settlements services via decentralized blockchains. Additionally, institutions that want to store their data and their cryptos may consider using Qredo, a blockchain project which is viewed as being great for this purpose.
The crypto also has options like multi-party computation and Blockchain, enhancing its attractiveness to institutions. With this crypto project, users also get unmatched security. Thus, users are easily carrying out transactions with Qredo while keeping their personal information hidden from the party with whom they are doing business. The crypto’s technological breakthroughs are notable, and that’s what makes this project special.
On the date of publication, Chris MacDonald owns Solana. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.