As we ride this new wave of optimism, identifying the right undervalued cryptos to buy becomes paramount.

The long crypto winter of 2022 left many investors biting their nails, wondering if their investments would ever see the light of day. Fast forward to now, the market scenario is vastly different.

Those resilient enough to weather the storm are now looking to reap massive long-term rewards. Remember, the crypto space can be fickle and rewarding simultaneously.

With rumors of more turbulence ahead, a misplaced investment could lead to a heavy blow to investor portfolios. The crypto space is not the only sector exuding volatility.

A case in point is the recent unexpected rebound in the US stock market post its 2022 shake-up or the jittery moves in the commercial real estate sphere. So, for those looking for cryptos to buy, perhaps it’s less about dodging volatility and more about embracing diversification.

Bitcoin (BTC)

In the dynamic realm of cryptocurrencies, Bitcoin (BTC-USD) remains the undisputed king. It’s the top digital asset in market capitalization, and its swings continue to dictate the rhythm of the entire crypto space.

After weathering the storms of 2022, Bitcoin surged out of the gates in 2023, boasting an enviable uptick of nearly 76%. Investors are buzzing with anticipation, with their eyes set on even loftier gains.

Given that the most daunting Fed rate hikes seem to be in the rearview, Bitcoin’s growth prospects appear even sunnier.

The magic number on everyone’s lips is $30,000. Should Bitcoin confidently stride past this threshold and maintain its position, we might see it blow past the pinnacle of 2023 highs. Hence, the stage is set for Bitcoin to continue rising to new heights.

Ethereum (ETH)

While the crypto spotlight often shines bright on Bitcoin, the silver medalist Ethereum (ETH-USD) offers a fascinating narrative.

Unlike its peers, Ethereum presents its users with a platform bursting with use cases, adept at processing lightning-fast payments and, even more intriguingly, hosting smart contracts. Imagine a contract that, like clockwork, releases payments upon completing specific objectives.

The shift to a more energy-efficient proof-of-stake system positions Ethereum as an eco-warrior in the crypto realm, a feature yet to garner the applause it deserves.

Also, the visionary behind Ethereum, Vitalik Buterin, highlighted last year that 55% of Ethereum’s development under the awaited merge is underway. Therefore, the next half-decade might witness Ethereum outpacing Bitcoin, a sentiment echoed by several top crypto enthusiasts.

With the dual allure of swifter transactions and lower costs, Ethereum isn’t just playing the game; it’s setting new rules.

Uniswap (UNI)

Dipping into decentralized finance, Uniswap (UNI-USD) stands tall as a digital trading giant.

Perhaps its primary allure is that it offers direct cryptocurrency exchanges, which effectively sidestep traditional banks and intermediaries.

Uniswap’s recent Version 4 upgrade exemplifies its commitment to revolutionizing user experiences.

Among its many notable features is “Hooks,” a game-changer in the realm of automated market maker \exchanges. Hooks effectively grant developers a level of flexibility previously unseen, empowering them to act at various junctures in an asset pool’s timeline.

Moreover, Uniswap Labs, staying true to the decentralized philosophy, continues to champion community collaboration, ensuring its platform evolves and does so with the collective heartbeat of its avid supporters.

Solana (SOL-USD)

Despite the towering presence of giants such as Bitcoin and Ethereum, the crypto universe boasts a myriad of stars, one of which includes Solana (SOL-USD).

Lauded as an early contender to Ethereum’s throne in the Web 3.0 space, Solana’s trajectory, however, has had its share of turbulence. From a staggering high of $260, it currently hovers around the $25 mark, a reflection of the long and winding crypto winter. Yet, writing it off would be premature.

Solana’s story is still unfolding with a growing moniker as the “Visa for digital assets” and increasing institutional adoption signal a promising horizon.

A potent mix of scalability, affordability, and compatibility position the company for long-term gain and fuel its potential as an “Ethereum challenger.”

Its prowess in decentralized finance and the NFT arena, coupled with innovations such as the Helium migration, make it a dark horse worth watching in the crypto race.

Cardano (ADA)

Cardano (ADA-USD) emerges as a luminary amidst a laundry list of altcoins. Its meticulous long-term approach positions it as a sterling contender, making it one of the most interesting crypto opportunities.

A key distinguishing factor for ADA is its embrace of proof-of-stake technology. Cardano sidesteps the colossal energy requirements of traditional cryptos, making it an environmentally conscious alternative.

Beyond sustainability, ADA broke new ground with its commitment to interoperability. ADA aspires to be the harmonizing bridge in a digital realm bursting with diverse blockchains and currencies, knitting disparate networks cohesively.

At the helm of ADA is the Cardano Foundation, a consortium of giants in cryptography to software development. This brigade is unwavering in its mission of amplifying Cardano’s scalability, bolstering security, and embedding its footprint in real-world applications.

Polygon (MATIC)

In the bustling blockchain, Polygon (MATIC-USD) has established its position in the sector with its robust “Layer 2” solution.

Polygon’s interoperability with Ethereum sweetens the deal by offering faster, wallet-friendly transactions, enabling fluid asset and application transfers across multiple blockchain networks.

Its recent adoption of zero-knowledge EVM roll-ups has amplified transaction efficiency and aligns with Ethereum’s coding language. With Ethereum’s ongoing network congestion woes, a bet on MATIC is a strategic long-term move to harness Polygon’s unrivaled scalability and anticipated ascendancy.

The symbiosis with Ethereum is critical, allowing establishments to effectively into Ethereum’s vast ecosystem while basking in Polygon’s scalability. And to top it off, the recent unveiling of Polygon ID, boasting the user-friendly Query Builder, promises to effectively redefine simplicity for developers, building on Polygon’s allure significantly.

Zilliqa (ZIL)

Zilliqa (ZIL-USD), often overlooked amidst the clamor of bigger crypto names, is carving a pioneering path.

The crypto platform has proven to pioneer the sharding concept, breaking-down transactions into bite-sized portions and dispersing them among miners for simultaneous verification.

The outcome is essentially a transaction speed that doesn’t just impress but leaves many in the dust. Additionally, in the costly world of crypto transactions, Zilliqa offers a refreshing alternative that stands notably lower than giants such as Bitcoin or Ethereum.

ZIL coin’s staking perks are difficult to ignore for the savvy investor. A handsome APR of 13.2%, coupled with over 30% of the circulating supply currently staked, makes for a compelling argument. Such dynamics might ignite a supply-driven rally, further amplifying its appeal.

Zilliqa’s recent foray into the “metaverse-as-a-service” has witnessed its coin’s value soar post-launch. Coupled with an uptick in decentralized applications, Zilliqa’s trajectory promises continued growth and innovation.

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.