2023 has been very rewarding for crypto investors so far. But there are several reasons to believe that crypto prices could rally even more. For starters, the investment climate in early 2023 makes it appear likely that there will be rate cuts later this year. The Bitcoin halving event next year will also bode well for the broader crypto market. In short, finding some of the best cryptos to invest in is a good idea.
Of course, there’s no doubt that big-cap projects will do well in a potential crypto rally. But if you’re okay with higher-risk investments, smaller market cap cryptos could be your ticket to better returns.
Thus, in this article, I’ll be listing three best cryptos that I believe have the potential to “skyrocket” this year:
Storj (STORJ-USD) offers blockchain storage solutions, much like its much larger counterpart, Filecoin (FIL-USD). Both projects buy data storage from individuals worldwide using their tokens and then resell it to those who need it. By doing so, their services are much cheaper than non-blockchain competitors who have to build and upkeep expensive centralized servers. As a result, I think blockchain storage is likely to be one of the top-performing sectors in the crypto space.
But what makes Storj different is that it has a central authority, while Filecoin is fully decentralized. People may have mixed feelings about this, but I see it as a plus. Institutional cloud storage buyers are likely to choose Storj because they can rely on Storj’s in-house team for technical support. The project is still relatively new, so it may not materialize anytime soon. But I see a lot of long-term potential.
Damex Token (DAMEX)
While it’s an under-the-radar pick, Damex Token (DAMEX-USD) is a strong investment opportunity for those looking to benefit from the current banking turmoil. As a fully regulated crypto company, Damex Finance App is currently available in the UK and EEA. It offers traditional payment features, a move-to-earn gamification layer that rewards users for being healthy and active and more. Damex has established itself as a leading digital asset challenger banking alternative app with over 65 employees.
In addition to its retail services, Damex also helps businesses and high-net-worth individuals (HNWI) with regulated digital asset liquidity, custody, over-the-counter (OTC), crypto payment gateway, IBANs and cross-border settlements.
It has had a $2.4 billion OTC volume in the last 24 months while demonstrating profitability with positive earnings before interest, taxes, depreciation and amortization for over two years.
The token was also sold out on Bitmart and was oversubscribed on Coinstore in just four minutes during the initial exchange offering (). Thus, I see it as one of the best cryptos to buy if you’re looking for something up-and-coming with more upside potential.
Secret (SCRT-USD) was a high-flier from 2020 to Q1 2022, launching its mainnet in 2020 and becoming the first blockchain with privacy-preserving smart contracts. It captured the interest of many crypto investors, reaching an all-time high of $9.86 in October 2021. Since then, it has been languishing at penny levels due to the lack of interest in smart contracts, especially NFTs.
However, I think this is a great opportunity to buy Secret at these low prices. Having a lower market cap than many other smart contract platforms, Secret has more room to grow if the crypto market rallies and the NFT frenzy returns.
Secret’s unique value proposition sets it apart from other smart contract platforms. It offers privacy by default, which means that users don’t have to opt-in or pay extra fees to use Secret contracts. It also supports interoperability with other blockchains through Cosmos’ IBC protocol and bridges to Ethereum and Binance Smart Chain. This means that Secret can leverage the existing liquidity and user base of these networks while offering them a privacy layer.
With all that in mind, I believe that Secret will benefit in the long term from the expanding use cases of smart contracts, which, combined with its privacy features, can make this project much more useful and valuable.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Omor Ibne Ehsan 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.