In the ever-evolving financial landscape, the appeal of high-profit potential cryptos is hard to ignore. Despite the dramatic downturn last year, and the debacle that was crypto exchange FTX, cryptocurrencies have made a triumphant return this year. The resilience of this digital asset class has debunked the exaggerated rumors of its demise.
However, it’s imperative to acknowledge the risks associated with the crypto world. As we teeter on the edge of a potential recession, investors would be wise to focus on established cryptos with huge growth potential rather than chasing the hot, new thing.
For those who believe that the crypto market is not just about risk but also about long-term opportunity, here are three cryptos to buy for huge profits.
Bitcoin (BTC-USD) has established its position as a bellwether in the crypto realm, as it holds its ground as a strategic investment. Its impressive price and market capitalization distinguish it from the rest of the crypto pack.
Moreover, it is the most widely accepted crypto as a payment method for various businesses, including payment titans like Stripe and Visa (NYSE:V). Its integration with major banks and the unmatched institutional investor interest in the asset cements it as a leader in the crypto sphere.
BTC is up more than 60% since the start of the year, and recent developments point to robust long-term gains. Recently, its transaction fees soared to their highest point in nearly two years, averaging over $7. Additionally, crypto trading platform Binance halted withdrawals due to network congestion. While BTC fell following the halt, it sheds light on the robust demand for the digital asset.
Unlike smaller-cap alternatives, Bitcoin offers a smoother trading experience, making it a standout choice for those interested in cryptos with huge growth potential.
Ethereum (ETH-USD) is often seen as the silver to Bitcoin’s gold and has proved its resilience in the volatile crypto market. Despite the market turbulence, Ethereum’s prospects this year remain mighty promising, mirroring Bitcoin’s optimism. As the architect of smart contracts, ETH’s influence extends to thriving sectors like non-fungible tokens (NFTs) and DeFi.
Furthermore, the successful implementation of “The Merge” has positioned Ethereum for massive long-term gains. Ethereum continues to build on this momentum, enhancing scalability, security and reliability through various upgrades. One major upgrade is the introduction of rollups, a smart scaling solution that accelerates transactions while lowering user fees.
In a major bullish sign for Ethereum, a recent report by TokenInsight revealed that the number of ETH on exchanges has plummeted to a low not seen since July 2016. This suggests that investors are holding onto their Ethereum, anticipating a potential price surge.
Despite experiencing a significant dip in value last year, much like its crypto counterparts, Solana (SOL-USD) has rebounded impressively since the beginning of 2023. While this upward trend remains a matter of speculation, the crypto’s burgeoning ecosystem should not be overlooked. Solana’s Layer 1 blockchain network has consistently given Ethereum a run for its money in areas such as decentralized finance, gaming and NFTs.
In a recent development, Solana Labs unveiled a 25,0000-square-foot community office space in Lower Manhattan. This collaborative hub was built to support Solana project participants and host events, fostering a vibrant community. Solana’s dedicated community of developers and users bolsters its relevance in the crypto landscape.
Adding to the positive news, the recent launch of the Solana “Saga,” the platform’s unique Android flagship device, has been met with rave reviews. Its seamless integration with Web3 features has been particularly lauded.
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.