The cryptocurrency market, known for its speculative nature, is experiencing renewed interest. The instability in the banking sector has questioned the reliability of our conventional financial systems. This has led to an increase in demand for non-traditional methods of the transaction as people seek safer alternatives. Thus, examining some of the leading speculative cryptos may prove to be a fruitful exercise for traders and those looking to play the momentum in this market.
It turns out that not all speculative cryptos are created equal. Sure, many projects have very iffy fundamentals. There may be little for investors to point to in terms of utility created by a given platform. These sorts of stories are what generally drive more conservative investors to other asset classes.
That said, there are some lower-volume, mid-cap projects I’d put in the speculative bucket that I think have excellent potential and relatively strong fundamentals. Here are three speculative cryptos that investors may want to consider, as the crypto market continues to churn higher.
| ICP-USD | Internet Computer | $ |
| BAT-USD | Basic Attention Token | $ |
| FTM-USD | Fantom | $ |
Internet Computer (ICP-USD)
During its launch in 2021, Internet Computer made bold assertions about its scalability, threatening Ethereum (ETH-USD) and other layer-1 platforms. This competing layer-1 network initially soared on its debut, before falling to earth in a rather dramatic fashion.
Thus, many investors may not want to consider this token, which has gone from more than $400 per token in mid-2021 to around $5 apiece today. Arguably, this Web3 project, aimed at providing much of the infrastructure for a decentralized world computer, looks like a dud.
However, there’s been some impressive upward price action with ICP in recent months, despite the slump in the broader crypto market. Internet Computer has come back on the radar for some investors due to reports that the project plans to integrate Bitcoin (BTC-USD) and Ethereum with the ICP network. According to the recently-released roadmap, these integrations will occur sometime this year. The incorporation of smart contract capabilities into these blockchains may lead investors to perceive ICP as a scalability solution for these leading blockchains.
The potential of Internet Computer to enable Bitcoin to be transmitted without private keys through smart contracts is an innovative concept that has piqued the interest of some investors. Furthermore, some are enthusiastic about the future of Internet computers in the multi-chain ecosystem. Indeed, there are several reasons investors may be excited about the prospects of ICP, particularly at these beaten down levels.
Basic Attention Token (BAT-USD)
If you are interested in earning incentives for simply browsing the internet, exploring Basic Attention Token (BAT-USD) may be worthwhile. The token offers an innovative approach to earning rewards via the Brave browser, created by the company responsible for developing BAT. With Brave’s feature that replaces conventional internet advertisements with BAT-awarding ads, users can earn rewards while surfing the web.
The Brave browser provides a distinct method of earning rewards using the token. Through Brave’s replacement of traditional internet ads with BAT-rewarding ads, users can earn while they surf. This sort of model is immediately appealing to anyone who spends multiple hours on the computer on a given day.
Despite being behind significant web browsers in popularity, Brave has already gained over 50 million monthly active users, proving to be one of the most successful cryptocurrency projects.
Additionally, BAT is not just any other cryptocurrency. It represents a groundbreaking technology that has the potential to revolutionize online advertising. The technology can create a more effective and fair ecosystem by giving users greater control over their browsing experience and removing intermediaries. Thus, this is certainly one of the more speculative cryptos I’ve got on my radar. If the project’s overall fundamentals continue to show growth, BAT could turn out to be a screaming buy at current levels.
Fantom (FTM-USD)
Last on this list of speculative cryptos to buy is Fantom (FTM-USD), a Layer-1 blockchain platform that was introduced in 2019. One of the unique features of Fantom is its proof-of-stake (PoS) consensus process, known as Lachesis, which utilizes an asynchronous Byzantine Fault Tolerant (aBFT) PoS protocol built on a directed acyclic network (DAG) engine.
Fantom is an innovative smart contract platform that offers DeFi services to developers. This ensures efficient scalability and security for blockchain projects, while maintaining quick transaction speeds and reasonable costs. If users become dissatisfied with Ethereum or other platforms, Fantom could meet their needs. As a result, FTM is a cryptocurrency worth investigating to determine its potential.
FTM has experienced a sharp decline in value after reaching its all-time high of $3.36 in January 2022. Its price dropped drastically, breaking down at support levels around 20 cents, ultiamtely hitting a low of $0.164 in November, resulting in a 95% loss for investors who bought in at the top. However, the trend has recently changed, and the value of Fantom has been on the rise, almost tripling from its lows.
On the date of publication, Chris MacDonald 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.
