Navigating the roiling seas of the cryptocurrency market demands can be dicey, especially when scouting for the most compelling cryptos to invest in for the long haul. Undeniably, the crypto market, with its enthralling ascent, continues to demonstrate an unyielding vigor while offering a dazzling array of investment options despite the market’s choppiness. Enthusiasts and seasoned investors alike are setting their sails toward next year. That could be a time involving a significant halving event and an enchanting pull of potentially lower interest rates, forging a path for cryptos to rise in value with unparalleled strength. Meanwhile, the U.S. Federal Reserve projects a subtle dip in interest rates for next year, though lower than market predictions, offering a hopeful prospect for a sustained rally. With that said, let’s look at three of the best cryptos to invest in, with a healthy long-term upside ahead.
Cryptos to Invest In: Bitcoin (BTC)
Bitcoin’s (BTC-USD) stellar journey in 2023 underscores its bellwether status in the crypto realm, boasting a hefty 70% ascent year-to-date. Eyes are now set on 2024’s halving spectacle, an event likely to trigger a robust rally in BTC. Indeed, as digital assets garner mainstream affection, BTC, the undisputed heavyweight, anticipates a notable uptick in demand.
Transitioning to the exchange-traded fund (ETF) arena, Bitcoin’s storyline gains momentum. Astoundingly, a recent report suggested that a staggering $17.7 trillion of institutional wealth is eyeing Bitcoin ETFs. Moreover, the year’s final quarter often smiles upon the crypto giant, flaunting an over 35% average return across the past nine years. Hence, each stride not only cements Bitcoin’s place in the financial tapestry, but also heralds a new dawn of widespread crypto adoption. Hence, BTC is likely to surge to even greater heights next year in a more conducive market.
Ethereum (ETH)
A year since its monumental transition to a proof-of-stake protocol, Ethereum (ETH-USD) has achieved more than just slashing its energy consumption, solidifying its role in the unfolding crypto saga. Amidst expected volatility, its profound impacts on DeFi and NFT arenas highlight a promising horizon.
In April this year, it completed the “Shapella” upgrade, which aimed to significantly enhance ETH’s backbone in performance, security and efficiency. That crucial development, targeting lower gas fees for layer-2 operations along with improved staking and withdrawal protocols, positions ETH for massive long-term gains.
With Ethereum’s evolution only 55% complete, according to co-founder Vitalik Buterin last year, its path brims with potential, especially given its capacity for handling an astounding 100,000 transactions and significantly low costs. Moreover, the Securities and Exchange Commission (SEC) greenlit nine ETFs centered on Ethereum futures, a major stride toward the crypto’s financial mainstreaming.
Dogecoin (DOGE)
Dogecoin (DOGE-USD) remains a force in the crypto sphere for its perpetual social media relevance and allure. Moreover, despite its minimal use cases, mainstream acceptance has been accelerating over the past few years, with giants such as Tesla (NASDAQ:TSLA), Twitch, AMC (NYSE:AMC) and GameStop (NYSE:GME) possibly joining the Dogecoin caravan — likely swayed by its lowering transaction fees and a nod from big names such as Elon Musk. Hence, it isn’t a mere social media frivolity; it’s a digital currency carving its place in the commercial landscape.
Moreover, Musk’s ongoing interest is a powerful tailwind for Dogecoin. Rumors of an impending integration with X add to the enthusiasm. Couple that with a robust community of four million holders, and you see a digital asset that’s not just a flash in the pan. Crypto is barking at the doors of broader acceptance and utility.
Cardano (ADA)
Cardano (ADA-USD) stands out in its niche with its unwavering commitment to scientific rigor. Though its research-driven ethos sets a sturdy foundation, the journey has been rather bittersweet for investors. Despite the optimism surrounding it, Cardano has seen its value dwindle by half over the course of the past year.
However, its allegiance to empirical evidence fortifies Cardano’s future. Moreover, the crypto’s pragmatic approach extends to its adoption of ISO 20022 standards, a move placing it among the top crypto players with global financial norms. Additionally, with developers flocking to it more than any other platform, according to GitHub activity, the emotional coding activity is a harbinger of Cardano’s capacity to morph into something far grander. For those tracking the crypto-verse, this is a beacon of hope amidst the fluctuations, signaling Cardano’s vibrant pulse and promising horizon.
Solana (SOL)
Solana (SOL-USD) catapulted to a dazzling $260 in 2021, only to retract to under $24 at this time. Despite this stumble, the crypto often hailed as Ethereum’s rival commands attention — especially with its stellar 100% uptime in the second quarter. Moreover, it is carving a niche in the mobile crypto sphere with the Saga phone, fine-tuned for crypto functionalities.
Furthermore, Solana has been a major hit with institutional investors this year, as revealed by CoinShares’ Digital Asset Fund Flows report. However, despite overshadowing Ethereum and other altcoins, Solana’s path hasn’t been without turbulence. The recent redistribution of seven million SOL tokens by co-creator Anatoly Yakovenko has investors holding their breath. Yet, this move aims to amplify decentralization and user adoption, fueling its upward trajectory. The second quarter brought more than just stability; it heralded a new era of reliability for Solana, with on-chain metrics painting a bullish picture. Having navigated through prior outages, its reported 100% uptime during the second quarter isn’t just a technical win—it’s a trust regained.
Avalanche (AVAX)
Avalanche (AVAX-USD) effectively carved its niche in the crypto space with multifaceted functionality, echoing Solana’s scalability emphasis but with a unique flair. It specializes in the DeFi realm, with a keen focus on asset tokenization. Standing toe-to-toe with Ethereum in speed and scalability, it presents a compelling alternative. This strategy signals immense growth potential, with the efficiency of blockchain beckoning real-world assets away from traditional finance.
A significant accolade for Avalanche is Ava Labs‘ collaboration with Amazon Web Services (AWS), elevating it to a top-tier blockchain solution provider. That alliance should enhance Avalanche’s appeal among enterprises and governments, becoming a catalyst for AVAX’s demand. Additionally, Morgan Creek Capital’s CIO, Mark Yusko, forecasts a potential colossal rise for Avalanche, possibly outpacing the broader crypto market with a staggering 50x growth in the ensuing bull market.
Polkadot (DOT)
Polkadot (DOT-USD) champions a utility-centric ethos, pioneering data transfer across a variety of blockchain networks. As one of the frontrunners in knitting internet-esque connectivity into the blockchain fabric, DOT is positioning itself as one of the most compelling cryptos to wager on for the long haul.
The crux of blockchain’s marriage with mainstream finance hinges on interoperability. By enabling fluid connection among varied blockchains, it isn’t just facilitating information exchange; it potentially cements itself as the critical conduit linking this vast data reservoir to conventional financial systems.
Adding another feather to its cap, Polkadot recently rolled out “Polkadot Live,” a dual-purpose feature ensuring decentralized, real-time user notifications and empowering prompt responses through direct desktop extrinsic actions.
On the date of publication, Muslim Farooque 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.
