With Bitcoin (BTC-USD) surging by 27% in the past month, a renewed rally in the digital asset is likely to sustain through 2024. Hence, it’s a good time to examine some of the best cryptos to buy for multibagger returns.
Investors have multiple reasons to be bullish on Bitcoin, which is the blue-chip of cryptocurrencies. First, halving is due in 2024. In the past, this has translated into a sharp rally for Bitcoin. Further, there seems to be an increasing possibility of spot Bitcoin ETF, which would be a major catalyst.
Notably, interest rates may have peaked out. Given the global economic scenario, multiple rate cuts might be on the cards next year. This will imply a weaker dollar, which is good news for risky asset classes. And finally, geopolitical tensions are high globally, with several points of friction and digital assets likely to find demand in this scenario.
So, let’s delve into three of the best cryptos to buy now.
Within the risky world of cryptocurrencies, Bitcoin and Ethereum (ETH-USD) are the safest digital assets. Year to date (YTD), ETH has underperformed Bitcoin. However, being bullish on Ethereum is plausible. And if Bitcoin touches $120,000 by the end of 2024, ETH might trade at $6,000 to $8,000 levels.
Further, after the 2022 merge, Ethereum development was 55% complete, an important development as it eliminated the energy intensive proof-of-work system. The green Ethereum narrative is likely to drive adoption in the potential bull cycle of 2024.
Also, with the development only partially complete, important milestones are impending. These can be potential catalysts for ETH trending higher. The key factors are likely to be increase in transaction speed coupled with reduction in cost. With potential developments impending in the next 24 months, Ethereum looks attractive.
With Bitcoin trending higher, excitement is buzzing in the altcoin space, making Zilliqa (ZIL-USD) an interesting pick as a potential multibagger. ZIL has trended higher by 13% in the last two weeks. Further, Zilliqa can easily do a 20x in a scenario where Bitcoin trades at $120,000 by the end of 2024.
As an overview, Zilliqa claims to be the world’s first sharding based network. In sharding, transactions can be grouped into smaller groups and divided among miners for parallel verification. This results in faster transaction speed. In addition, ZIL has a significantly lower transaction cost as compared to Bitcoin or Ethereum.
Also, investors can secure the Zilliqa network with attractive staking. Currently, the 13% APR adds to the attractiveness of ZIL coin. And regarding project development, Zilliqa Group relaunched Metaverse-as-a-Service (MaaS) in September, yet another potential game changer in the coming years.
Dogecoin (DOGE-USD) continues to trade lower by 90% from its all-time highs of May 2021. Without doubt, DOGE trading at 73 cents was purely euphoric. However, 200% to 300% returns are entirely likely for DOGE in the next bull market.
The biggest positive for Dogecoin is the backing of Elon Musk. Without that, DOGE might plunge significantly from current levels. Speculations abound that Elon Musk plans to launch financial services on X platform by the end of next year. Realistically, Dogecoin is likely to be a part of the bigger plan. Any new confirmation would spark a massive rally.
Further, with its strong base, millions of holders make a strong case for Dogecoin as a digital currency.
On the date of publication, Faisal Humayun did not hold (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.