Bitcoin (BTC-USD) is on a tear once again. The world’s largest cryptocurrency has surged over the past few weeks, recently breaking its previous $69,000 high in 2021, by a hair. Now, with a new bull market firmly in place for Bitcoin, investors are increasingly setting their sights on other projects that have the potential to surge to new all-time highs during this rally.
Importantly, Bitcoin’s gains often precede a broader rally in the crypto market known as “altseason.” Once Bitcoin tops out, investors tend to rotate into other cryptocurrencies that have more room to run. That’s why right now could be an opportune time to get ahead of the curve and identify some altcoins with breakout potential. Here are three projects to look into right now.
Beldex (BDX-USD)
Beldex (BDX-USD) is building an ecosystem of privacy-preserving applications including encrypted messaging, VPN, and web browsing. This project focusing on anonymity targets a growing cohort of crypto users concerned by surveillance and censorship. Beldex uses a modified version of Monero’s (XMR-USD) proven Cryptonote protocol with over 2000 validators to enable confidential transactions. Despite privacy being a timely topic amid tightening regulations, Beldex still has a modest $250 million market cap. That signals room for significant growth as demand for anonymity solutions rises.
Recent funding deals confirms this bullish thesis. Beldex secured a $25 million investment in early 2023 from Web 3.0 backer DWF Labs to expand its privacy R&D and marketing. This team also raised $3 million each from Block Alpha and Alpha Token Capital to advance features like EVM integration and private dApps.
Furthermore, Beldex is enhancing its ecosystem with the introduction of the BNS (Beldex Name Service), a decentralized domain name system built on the Beldex chain. The BNS ensures censorship-resistant and privacy-focused domain registrations, aligning seamlessly with Beldex’s commitment to anonymity. This addition allows the network to provide a comprehensive suite of privacy-preserving applications.
As the demand for decentralized domain name systems grows, Beldex’s inclusion of the BNS adds another layer of appeal to its ecosystem, potentially contributing to its anticipated breakout in the upcoming altseason. Influential investors assisting Beldex could also generate outsized returns. I believe Beldex is primed for a breakout once altseason comes into play.
Alephium (ALPH-USD)
As decentralized finance continues gaining steam, one area that hasn’t received as much attention yet is scalability and efficiency. Many existing chains like Ethereum (ETH-USD) face congestion issues, which result in high fees and prevent certain applications from running smoothly. This is where Alephium (ALPH-USD) comes into play.
Alephium is a sharded L1 blockchain that provides scalability, security, and energy efficiency tailor-made for DeFi and dApps. It uses a unique stateful UTXO model that matches Ethereum’s account model programmability, while enhancing security. However, what sets Alephium apart is its novel Proof-of-Less-Work (PoLW) consensus that dynamically calibrates the network’s mining difficulty to reduce energy consumption compared to Bitcoin.
Alephium has taken a small breather after climbing significantly over the past few months. This token has gone from just 36 cents in mid-November last year to almost $4 when it peaked last month. However, I believe new peaks will likely be in play going forward, as this crypto has some of the most interesting use cases and utility out there. It is also highly linked to Kaspa (KAS-USD), which has been going parabolic of late.
If the bull market continues its current trajectory, I believe Alephium could reach $1 billion in market capitalization, but it is important to keep in mind that small-cap crypto projects are not surefire bets. You should only invest your fun money into these projects, with the same consideration being paid to projects like Alephium.
iExec RLC (RLC-USD)
iExec RLC (RLC-USD) is a distributed cloud infrastructure crypto project built for high-performance computing. This project aggregates under-utilized computing resources across the internet. iExec lets users tap into spare computing power to handle complex parallel processing jobs.
By paying resource providers in RLC tokens, the project has built a decentralized market around cloud computing, aiming to disrupt centralized incumbents like AWS and Azure. With cloud spending topping half a trillion dollars and growing fast, the concept of iExec capturing even a fraction of this market could catalyze enormous growth.
The RLC token has doubled since I started to cover it, and I believe it still has room to run higher significantly in the coming months. Cryptos engaged in data, AI, and computing in general will likely see significant gains in the coming months as the AI mania spills over into the crypto world.
On the date of publication, Omor Ibne Ehsan 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.
