Bitcoin (BTC-USD) seems to be in a zone of consolidation before the next big rally. With several catalysts, I expect a major bull market for cryptocurrencies over the next 24 months. With the rally just getting started, it’s a good time to accumulate cryptos with millionaire potential.
If the previous bull market is anything to go by, it’s likely that there will be coins and tokens delivering 10x to 50x returns in relatively quick time. However, I would prefer to stay invested in the blue-chip of crypto assets than being overweight on speculative altcoins. Of course, some exposure to low market-cap cryptos makes sense for a market phase that’s likely to be euphoric.
For blue-chip crypto assets, I would prefer to buy and hold until 2030. It’s increasingly clear that cryptos are here to stay. As adoption increases, the blue-chip cryptos will deliver multibagger returns. Let’s talk about three cryptos to buy with millionaire potential.
Bitcoin (BTC)
Bitcoin has surged by almost 50% for year-to-date. However, I believe the best part of the rally for Bitcoin is due. There are catalysts for this year as well as for the long term that will ensure that the digital asset remains in an uptrend.
For 2024, a key catalyst for Bitcoin surging higher in the halving event. Going by past instances of halving, a big rally seems likely and the crypto will trade at new all-time highs. The Bitcoin spot ETF is also likely to witness steady inflow in the coming quarters. It’s worth mentioning here that Cathie Wood revised her 2030 Bitcoin target to $1.5 million after the spot ETF approval.
Another point to note is that there is a high possibility of expansionary monetary policies this year. In general, this is positive for all risky asset classes and Bitcoin is likely to surge higher if the dollar weakens.
Ethereum (ETH)
It’s estimated that the number of crypto users globally will touch one billion by 2030. A key point to note is that new users will look at the best crypto assets like Bitcoin and Ethereum (ETH-USD). The pure demand-supply factor is one reason to be bullish.
I further believe that Ethereum can potentially outperform Bitcoin in the next few years. One reason is that Ethereum development is only 55% completed as compared to 80% for Bitcoin. The roadmap is exciting and a catalyst for ETH trending higher. In my view, factors of lower transaction cost and higher speed are likely to be game-changers for Ethereum in the next few years.
As an important catalyst for 2024, Standard Chartered believes that Ethereum spot ETF is likely in May. If this scenario holds true, Ethereum is likely to surge to $4,000. This would also set stage for a bigger rally in the next five years as ETF assets swell.
BNB (BNB)
BNB (BNB-USD) is among the top cryptocurrencies in terms of market capitalization. Further, Binance is the largest crypto exchange in the world as measured by trading volumes. A key utility of BNB is to pay fees while trading on Binance. The fees can be paid at a discounted rate using the BNB coin. The use case is therefore strong.
It’s also worth noting that a major bull market for cryptocurrencies might be impending. This generally translates into high level of trading and speculative activity. Binance, as the largest centralized exchange, is positioned to benefit. I also expect BNB coin to surge higher.
Another important point to note is that Binance user base grew by 30% last year with the total number of accounts increasing to 170 million. Even with regulatory hurdles, the progress has been encouraging. As trading accounts swell, I expect BNB coin to surge higher after an extended period of sideways movement.
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.
