3 Cryptos to Buy to Bet On a Continued Risk-On Rally


  • Here are three cryptos to buy for those bullish on the markets this year.
  • Bitcoin (BTC-USD): So far this year, the value of Bitcoin has surged by approximately 70%.
  • ImmutableX (IMX-USD): This NFT project has recently made some big partnership headlines.
  • Solana (SOL-USD): A top layer-1 network with plenty of long-term upside potential.
cryptos to buy - 3 Cryptos to Buy to Bet On a Continued Risk-On Rally

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The crypto industry has seen a considerable increase in prominence in recent years, with many investors seeing outsized returns during the last bull market rally. Thus, the search for cryptos to buy to amplify one’s potential portfolio returns is on.

This risk-on rally we’ve seen thus far in 2023 has certainly invited risk-taking investors to take a look at top cryptocurrencies. Of course, not all cryptocurrencies are created equal. There are plenty of rug pulls and nefarious activity within the sector that could certainly entice investors to steer clear.

That said, among the high-quality cryptos to buy, a few projects are worth considering right now. These three projects are tokens that have significant growth potential and some strong secular growth catalysts.

Accordingly, without further ado, let’s dive into these three cryptos to buy.

BTC-USD Bitcoin $28,612.40
IMX-USD Immutable X $1.11
SOL-USD Solana $20.66

Bitcoin (BTC)

Bitcoin Depot, Woman in front of ATM for Bitcoin.
Source: Petr Hoffmann / Shutterstock.com

The resilience of Bitcoin (BTC-USD) is widely acknowledged. This project has the longest track record of any cryptocurrency and has survived (and thrived) through previous crises.

Its inception 14 years ago was a result of the previous financial crisis. With faith in the banking system at an all-time low, creating a digital currency that could be used to transfer value if the fiat monetary system failed was intriguing as a concept.

Fast forward nearly 1.5 decades later, and we have a similar scenario. As was the case back then, investors are flocking to this digital currency as an apocalypse hedge.

The price action of BTC on a year-to-date basis has been impressive. This token has surged nearly 70% at the time of writing, starting the year around the $16,500 level and now hovering around $28,000 per token.

For those looking for the biggest (and likely safest) option in the crypto space, Bitcoin is a top-tier way to play a continued risk-on rally in 2023.

ImmutableX (IMX)

futuristic image of a hand with the words block chain floating above it. representing riot blockchain stocks
Source: Shutterstock

ImmutableX (IMX-USD) is a Layer-2 protocol on Ethereum (ETH-USD) focusing on NFTs. The protocol aims to offer the benefits of Ethereum’s security and network effects while providing users with an improved user experience.

Accordingly, ImmutableX employs features such as a ZK-Rollup Scaling Engine, API Abstraction Layer, NFT-enabled Wallets, Platform SDKs, Shared Liquidity & Orderbook, and a Default Marketplace & Transaction History Explorer. Immutable X generates revenue by charging fees on prior asset sales and NFT trades.

The IMX token is an ERC-20 utility token used on the Immutable X protocol as a reward for various pro-network activities like trading, liquidity provision, and app development. Currently, Immutable X’s protocol fee requires a 20% IMX token payment, which can be automatically swapped for IMX on the open market. Notably, the token has three primary uses: staking, fees, and decentralized governance.

Recently, ImmutableX announced that the company is partnering with blockchain protocol Polygon Labs (MATIC-USD) to expedite the growth of Web 3.0 gaming. By leveraging Polygon’s zero-knowledge technology, Immutable intends to enhance its platform products to facilitate onboarding game studios and developers to Web 3.0. The partnership aims to provide businesses with a time-efficient option granting end-users access to a vast and highly liquid ecosystem. According to the press release, the alliance is geared towards accelerating time-to-market for developers while simultaneously offering a large and fluid ecosystem.

For those bullish on the future of NFTs, IMX is a top way to play this growth.

Solana (SOL)

Solana logo on phone screen stock image. SOL-USD, Solana price predictions
Source: sdx15 / Shutterstock.com

Last but certainly not least, we have Solana (SOL-USD). As far as leading layer-1 networks are concerned, Solana remains a top pick of mine. That’s not only because this decentralized blockchain is highly-scalable. Instead, it’s a combination of Solana’s scalability and speed that excites me about its future.

Like Ethereum, Solana supports a massive ecosystem of decentralized applications. However, unlike the Ethereum network (with its high fees and slow transaction times), Solana has shown itself to be among the best projects for speed and cost.

Indeed, in the world of NFTs, this is a big deal. No one will pay a $20 or $30 transaction fee to buy an NFT worth $20. On Solana, it’s a fraction of a penny.

Notably, Solana’s trading volume has been surging lately, despite an otherwise pronounced downturn in the altcoin market. These abnormal trading volume surges raises the question of whether a potential price rally for SOL is imminent. However, long-term investors bullish on the growth of NFTs and decentralized applications should consider Solana on dips moving forward.

On the date of publication, Chris MacDonald has a position in SOL and ETH. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/3-cryptos-to-buy-to-bet-on-a-continued-risk-on-rally/.

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