As the crypto winter ends, it’s a good time to look at cryptos to buy for multibagger returns.
Bitcoin (BTC-USD) has surged by 80% for year-to-date 2023. The blue-chip of cryptocurrencies is on the verge of doubling within few months. This might just be a trailer before the bull market across cryptocurrencies.
I remember coins and tokens skyrocketing by 1000% in 24 hours in the last bull market.
If we look at catalysts for a bull market, there are two factors. First, with an impending recession or deep slowdown, expansionary monetary policies might be on the cards. This will translate into a weak dollar and rally for risky asset classes.
The next Bitcoin halving is due in 2024. Past halving events have usually been followed by a considerable rally. If Bitcoin remains in an uptrend, 10-bagger returns in quality projects can come at the blink of an eye.
Let’s therefore talk about three cryptos to buy for multibagger returns.
I am very bullish on the Zilliqa (ZIL-USD) coin and I believe that it’s worth holding for the next few years. The project is the first sharding based blockchain in the world.
Transactions can be divided into smaller parts and verified simultaneously using sharding. The result is that the transaction speed is robust.
Zilliqa already has an edge over Bitcoin or Ethereum (ETH-USD) when it comes to transaction speed. As more dApps are built on the blockchain, ZIL is likely to trend higher.
From the perspective of returns, ZIL also offers an attractive staking. Currently, the APR is 13.56%. Total returns can be robust considering the coin upside potential. In 2021, ZIL coin had touched highs of 26 cents. The coin value can easily be above these highs in the next 12 months.
I must mention that Zilliqa has a strong community with almost 4.6 million holders. With the project launching metaverse-as-a-service in 2022, the outlook is bright.
Nervos Network (CKB)
Nervos Network (CKB-USD) is another potential multibagger among cryptos to buy. CKB coin has declined by 58% in the last 12 months. However, with Bitcoin trending higher, the worst is over.
Of course, project developments will serve as a major upside catalyst in the next 12 to 24 months.
As an overview, Nervos is a layer 1 blockchain, which is a decentralized and secure layer that provides common knowledge custody for the network. Nervos “is the only blockchain on the market that supports all cryptographic primitives.”
The blockchain is therefore interoperate with all heterogeneous blockchains. In simple words, Nervos will create an ‘internet like’ public network. The potential is therefore significant as the blockchain ecosystem expands.
There is a direct correlation between the growth of the ecosystem and the increase in CKB coin. With tightening supply, CKB will be positioned to skyrocket.
Amidst the crypto winter, HT token declined from highs of $40 to current levels of $3.9. I am optimistic about the token trending higher and potentially breaching previous highs. Current levels are therefore attractive for exposure.
Currently, the crypto exchange offers trading in the spot, futures, and derivatives market. The platform also allows users to stake various assets.
Huobi exchange has also launched iToken, which is a global crypto wallet. The wallet is being used by 10 million crypto holders globally. Overall, once trading activity gains traction across the cryptocurrency space, HT token should rally.
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.