The cryptocurrency market has been on fire lately, with industry bellwether Bitcoin’s price soaring to an unprecedented $70,000 last week. This record surge aligns with the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S., marking a pivotal shift in investor sentiment. Moreover, 11 spot Bitcoin ETFs were approved in January by the U.S. Securities and Exchange Commission (SEC), fueling investor optimism surrounding cryptos to buy.
Since October, Bitcoin has witnessed a more than 150% increase in value, a bullish trend mirrored by both major and minor cryptocurrencies. Moreover, apart from the ETF developments, the improving investor sentiment in cryptos is linked to the potential drop in interest rates in the forthcoming months. The landscape of digital currencies is evolving, propelled by regulatory advancements and shifting investor perspectives, pointing to a remarkably bright future ahead. With that said, here are seven of the top cryptos to buy offering tremendous upside ahead
Ethereum (ETH)
Ethereum (ETH-USD) is up over 50% year-to-date (YTD), indicative of a similar upward trajectory as BTC. Likewise, the optimism in ETH is fueled by anticipations that the SEC will green-light spot Ethereum ETFs by the upcoming summer. Following the SEC’s nod to Bitcoin ETFs earlier this year, the regulatory body has a May deadline to decide on Ethereum’s ETF fate. Such approval is poised to act as a major lever for ETH’s value, simplifying investment in the crypto realm for individuals and institutions.
The completion of the Ethereum merge was a huge moment, yet Vitalik Buterin, Ethereum’s co-founder, has stated that the project’s development journey is only half complete, with completion at 55%. This assertion sets the stage for more breakthroughs in Ethereum’s ecosystem in the near future. Layer that up with the potential for spot ETF approvals, and you have a remarkably vibrant outlook for ETH ahead, signaling robust growth ahead.
Solana (SOL)
Solana (SOL-USD) is arguably one of the premier platforms in the decentralized finance (DeFi) sphere and a formidable contender to Ethereum’s dominance in the sector. Solana’s powerful blockchain platform facilitates various blockchain applications, from non-fungible tokens (NFTs) to web3 applications, reinforcing its key role in the sector.
Moreover, the platform’s valuation has experienced a meteoric rise, surging over 657% over the past six months, complemented by a YTD bump exceeding 46%. This growth trajectory underscores Solana’s robust performance and growing appeal among crypto investors. Furthermore, Data from DeFiLlama indicates that decentralized exchange trading volume on Solana from March 3 and March 6 blew past the $2 billion mark. It culminated in a peak daily trading volume of $2.85 billion on March 5, setting a new benchmark for the platform. Hence, with the dynamism in Solana’s DeFi ecosystem, expect it to thrive amidst an increasingly competitive market landscape.
Zilliqa (ZIL)
Zilliqa (ZIL-USD) stands out as the pioneering blockchain in implementing sharding technology. Sharding essentially enhances transaction speed by dividing transactions into smaller groups for miners to verify simultaneously. This innovation accelerates transaction processing times while ensuring Zilliqa boasts significantly lower transaction fees than its counterparts.
Moreover, the ZIL token’s utility within its ecosystem is another critical aspect underpinning its value. ZIL is essential for operating decentralized applications (dApps) on its network, implying that the demand for cryptos could potentially rise in tandem with the growth of dApps.
Also, Zilliqa presents an enticing annual percentage rate (APR) for token staking, currently standing at a robust 10.35%. Hence, in the lucrative crypto realm, a high APR signifies a money-spinning opportunity for investors to earn interest on their holdings.
Dogecoin (DOGE)
Dogecoin (DOGE-USD) is a crypto originating from a viral internet meme of a Shiba Inu dog, which continues to turn heads with its performance. Embraced by a massive online community, DOGE’s value has surged by 85% YTD, thanks in part to the burgeoning interest in meme coin trading. Moreover, with a 160.50% increase over the past six months, Dogecoin’s rally extends beyond BTC, highlighting a broader crypto market upswing.
Additionally, the momentum behind DOGE is further underscored by its record-setting futures trading volumes, which hit the whopping $1 billion mark. Remarkably, 70% of these trades anticipate increasing the coin’s value. This speculative activity reflects the major influence of social media and online forums on Dogecoin’s market movements, showcasing the power of community support and market performance.
BNB (BNB)
BNB (BNB-USD) coin, is the native crypto of the Binance trading platform, which is positioned for remarkable growth amid the bullishness in the crypto bull market. As the world’s largest centralized exchange by trading volumes, the platform’s fortunes linked to the vibrancy of the crypto market. Hence, given the heightened trading and speculative fervor, the BNB coin is expected to witness a healthy surge in value.
The platform’s resilience and growth trajectory is shown further by a hefty 30% increase in its user base last year, pushing a total number of accounts to a staggering 170 million. Despite facing regulatory setbacks, Binance’s continued expansion and user engagement signal a promising outlook for BNB coin. This growth narrative not only highlights Binance’s dominant positioning but also underscores the potential for BNB coin as one of the leading cryptos to buy.
Algorand (ALGO)
Algorand (ALGO-USD) has made major strides in blockchain, emphasizing decentralization and security to ensure no single entity dominates its network. Recent upgrades have ushered in dynamic round time, catapulting ALGO to rival the transaction speeds of giants such as Mastercard (NYSE:MA). Moreover, the United Nations Development Programme (UNDP) has earmarked ALGO to spearhead blockchain education, adding to its appeal.
Enhancements in network throughput and reduced block time have fortified Algorand’s position as a developer-friendly platform. As we advance, Algorand’s strategic token staking plan aims to distribute 2.5 billion tokens as participation rewards, effectively managing the ecosystem’s support and controlling inflation to induce scarcity. Also, a $10 million grant from the Algorand Foundation aims to bolster ETH compatibility, signifying a promising endeavor in strengthening both blockchain networks. This helps make it one of those cryptos to buy.
Chainlink (LINK)
Chainlink (LINK-USD) is renowned for its pioneering role as a decentralized oracle network, efficiently bridging smart contracts with real-world data. Amidst the bullishness in the crypto market in the past several months, LINK is up an astonishing 200% YTD. Moreover, 2024 promises to be a milestone period for LINK, which is highlighted by its expansion of its Cross Chain Interoperability Protocol (CCIP). This expansion is tailored to cater to the fast-evolving needs of capital markets, making the shift to blockchain technology.
Chainlinks facilitate the construction of a network of networks capable of seamlessly connecting data across different blockchains and smart contracts. Achieving this interconnectedness amplifies the utility and value of cryptos while revolutionizing the digital payment ecosystem. As Chainlink fosters this data integration, it enhances the functionality of the digital finance landscape making it one of the best cryptos to buy at this time.
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
