The cryptocurrency market is reveling in a resurgence of interest. A likely slowdown in interest rate hikes and concerns over traditional financial systems has boosted investor interest in this space. Hence, savvy investors are on the lookout for altcoins to buy. Moreover, with non-traditional alternatives gaining traction, it’s perhaps the ideal time to explore the best altcoins and grow your portfolio aggressively.
Industry bellwether Bitcoin (BTC-USD) is up 80% year-to-date, pointing to a much brighter outlook for cryptocurrencies. I think this bullish momentum is likely to be sustained. Moreover, we have another Bitcoin halving event in 2024, which has historically heralded significant surges. When Bitcoin rallies, altcoins often follow suit, making it an ideal time to scoop up some altcoins to buy.
Furthermore, expansionary monetary policies may return, as the global financial system faces mounting pressures and fears of a potential recession. This development is likely to fuel growth in riskier asset classes. In this climate, altcoins emerge as compelling investment opportunities for the long haul.
With that said, let’s delve into three altcoins with the potential for huge returns.
Zilliqa (ZIL-USD) is one of the most-promising cryptos that have flown under the radar. Understandably, it’s a high-risk, speculative asset that will have spooked its investors with its sharp price swings. Nevertheless, it continues to make strides in tackling the ever-present scalability issue.
Zilliqa harnesses sharding technology to revolutionize crypto scalability by partitioning databases across multiple computers, significantly boosting throughput. This determined approach could help Zilliqa rival payments titans such as Visa (NYSE:V) in the long run.
Though predicting the future success of any crypto is a challenge, if Zilliqa’s bold plans come to fruition, it can make for an intriguing contender to watch. Since the beginning of the year, it is up over 90%. I think this momentum should continue, particularly as the crypto markets continue to snap back in the coming months.
Binance Coin (BNB-USD)
Binance Coin (BNB-USD) is a vibrant crypto powering the world’s top crypto exchange. Binance is the leading crypto exchange in the world, with a 24-hour trading volume of over $7 billion and a market share of over 9.5%.
Furthermore, this exchange continues to grow with its ambitious acquisitions. It recently acquired the Japanese crypto exchange Sakura in November 2022, and a majority stake in a Korean business, exhibiting its commitment to expand across borders. On top of that, Binance has been making meaningful roads in the Middle Eastern market. According to a report by blockchain research firm, Chainalysis, The Middle East and North Africa (MENA) region was the fastest-growing crypto market last year.
As the exchange’s reach expands, BNB coin will continue to test new highs, positioning itself for long-term growth.
Cosmos (ATOM-USD) has effectively taken the blockchain world by storm, ushering in a new era of seamless interoperability and the ability to redefine the decentralized financial landscape. Moreover, by simplifying the development process, the Cosmos platform has essentially paved the way for improved efficiency in distributed applications. Cosmos is undoubtedly one of the best altcoins because it facilitates frictionless transactions between disparate blockchains.
Its native token, ATOM, has taken its investors on a rollercoaster ride, soaring to an all-time high of roughly $44 in late 2021. Now, ATOM did shed much of its value last year, but has kicked off 2023 with a bang, rising over 30%. However, as we watch Cosmos continue its dazzling ascent, we must keep an eye on the horizon and proceed cautiously.
On the date of publication, Muslim Farooque did not have (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.