Cryptos may have flatlined for the past two and a half months. However, they are still showing big signs of life, especially Bitcoin (BTC-USD). From its trough in Nov., it’s up about 77%. It also broke above the $30,000 resistance level a few times. I believe there is some near-term risk since it has failed to hold above that level, but the upcoming halving event and rate cuts will eventually trigger a rally in the crypto sector. That should help create opportunity for cheap Cryptos with huge growth potential. Here are three such cheap cryptos with huge growth potential.
Cheap Cryptos with Huge Growth Potential: Storj (STORJ-USD)
Storj (STORJ-USD) is a blockchain storage cryptocurrency that works like its better-known peer, Filecoin (FIL-USD). The main difference here is that Storj does not have its own blockchain, and it uses its own protocol, while Filecoin uses IPFS. Storj also has support teams and is a full-fledged company.
But overall, both offer the same benefits regarding blockchain storage. That is decentralization, no censorship, and privacy. They also have much cheaper rates compared to centralized data centers since they can pool storage from individuals worldwide and do not have to pay for upkeep, staffing, utilities, or any other facilities required for physical data centers. Filecoin also released Filecoin Web Services to challenge AWS, which adds even more efficiency and utility to blockchain storage solutions.
On paper, Filecoin appears better than Storj. But I believe Storj has much more upside potential in the long run. The reasoning here is that Filecoin’s inflation rate is over 100% annually, while Storj only has a 1.36% inflation rate. Filecoin may appear cheap when you look at its price, but the market capitalization makes it clear that the upside potential here is limited.
Thus, STORJ is one of the top cheap cryptos with huge growth potential since it can deliver much higher gains in the long run.
Cheap Cryptos with Huge Growth Potential: Nervos Network (CKB-USD)
Nervos Network (CKB-USD) has been rallying. That’s because it will be undergoing a halving event in Nov., similar to the Bitcoin halving next year. It is currently trading at very depressed prices, and the current entry point will likely return multibagger gains if the crypto market rallies in the near future.
Of course, even without the halving event, the Nervos Network is a solid crypto project. The Nervos Network is a modular blockchain platform that consists of multiple layers with different functions. The base layer, called the Common Knowledge Base (CKB), is a proof-of-work blockchain that provides security and decentralization. The CKB also serves as a store of value and a universal state verifier for upper layers. The upper layers can use different consensus mechanisms and support various applications and smart contracts. Essentially, it aims to create a peer-to-peer crypto-economy network that is scalable, interoperable, and sustainable.
Cheap Cryptos with Huge Growth Potential: Polygon (MATIC-USD)
Few people would call Polygon (MATIC-USD) cheap since it still trades at ~32% of its all-time high value. But I’d still call it cheap since it has tremendous growth potential due to its ties to Ethereum (ETH-USD).
For starters, Polygon seems to be the most advanced scaling solution for the Ethereum network. The market may seem saturated with ZK-Rollups and optimistic rollups, but the Polygon project is the best bet in my book due to its zkEVM technology. Polygon calls it “…the leading ZK scaling solution that is equivalent to Ethereum Virtual Machine: The vast majority of existing smart contracts, developer tools and wallets work seamlessly.”
It basically means that Ethereum developers can easily onboard their smart contracts onto Polygon’s sidechains without touching any code. But to top it off, they will inherit the security of Ethereum while enjoying Polygon’s scalability. Thus, if the Ethereum network becomes congested in the next rally, MATIC is a surefire way to benefit from that.
Another way to benefit from Ethereum’s congestion is Solana (SOL-USD). This was a blockchain that I rarely touched on in previous articles. The Solana blockchain routinely suffers from outages, something other blockchains don’t have to deal with. Therefore, despite its advantages with speed and scalability, Solana doesn’t stand out to me as an Ethereum competitor.
However, things may be changing soon. It is now a worthy investment since its developers have finally shifted their focus toward fixing its stability issues. It is also changing hands near $20, which is very compelling considering the upside potential in the next rally.
Furthermore, Solana is slowly chipping away at Ethereum’s dominance in the non-fungible token market. The market share of Solana has grown to 14% in February, and it has likely surpassed 15% in May. Once its stability issues are addressed and fixed, more developers will feel comfortable switching to Solana, making it a top candidate for cheap cryptos with huge growth potential.
Render Token (RNDR-USD)
Render Token (RNDR-USD) has been one of the hottest cryptos this year, climbing from 40 cents to over $2.86 in its 2023 high so far. A cool-off is overdue, but it is one of the best cheap cryptos with huge growth potential in the long run.
Render is a decentralized network that leverages blockchain technology and smart contracts to provide GPU-based rendering solutions for digital content creation. Users can rent out their idle GPU power to render animations, motion graphics, and visual effects using OctaneRender software and receive Render tokens as payment. RNDR is the native utility token of the network that is used to pay for rendering services and accessing exclusive features. Render aims to democratize GPU rendering, reduce costs and complexity, and empower creators with a global network of distributed GPU power.
With the rise of artificial intelligence models and a chip shortage in certain industries, the Render Token could be in hot demand in the next few years. Eventually, I see RNDR reaching a multi-billion market cap and entering the top-10 tokens like FIL.
Bitcoin Cash (BCH-USD)
Now, if you worry little about utility and more about tokenomics, the last two picks may be for you. Starting with Bitcoin Cash (BCH-USD), it is one of the best crypto payment methods out there. It may not have flashy Web 3.0 support or regular updates, but this cryptocurrency is accepted by just about any vendor that supports crypto payments.
This is a hard fork of the original Bitcoin blockchain, and Bitcoin Cash has meager fees and high scalability. The downside is that updates are unheard of, and XNO can only be used as a method of exchange. Still, that use case alone can make it a compelling buy in this range. BCH has been trading sideways for around a year at the $100 range, and the bottom is likely in. A halving event is due for next year, and I believe it is a great time to snap up some BCH before that happens.
Nano (XNO-USD) is in a similar position to BCH. The crypto project does not receive significant updates and is considered outdated due to its lack of Web 3.0 features. The price has been stagnant near 70 cents to $1 for the past year (On most exchanges. Google’s NANO price data is wrong), but there is significant upside potential.
The Nano crypto project is feeless and green, and the remarkable thing about this project is that you will not be charged any transaction fees. You can make infinite transactions for free on this peer-to-peer blockchain instantly, and it is the perfect crypto for transacting. If crypto becomes a major payment method, I expect XNO to increase in price significantly.
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.