Cryptos set to make millionaires are drawing attention as Bitcoin (BTC-USD) scales new heights in 2024 and the next halving approaches. After weathering the storms of 2022 and 2023, the crypto market is roaring. And will continue to do so until mid-April, when the reward for mining Bitcoin gets cut in half.

This is not just conjecture; investors are flooding the asset class with cash, especially after the SEC approved 11 bitcoin exchange-traded funds, making cryptocurrencies accessible to a large number of new investors.

However, we will explore some names other than the big two, Ethereum (ETH-USD) and Bitcoin, as diversification is important. First on the agenda is an asset with a unique approach to decentralized data storage, positioned for significant growth, potentially by as much as 217%.

The second pick emphasizes privacy and anonymity at a time when global bodies tighten the noose around established cryptocurrencies. With its fast transaction speeds and privacy-focused features, Dash stands out in a competitive industry.

Finally, billionaire Mark Cuban recommends a pick, saying it’s superior to Bitcoin and Ethereum. Because it solves Ethereum’s scalability problems and improves interoperability, it makes a name for itself and is used for projects by numerous multinational companies.

Filecoin (FIL-USD)

Filecoin (FIL-USD) aims to transform global data storage by substituting conventional cloud storage options with its decentralized storage network concept, leading to potential upside of 217%.

One of the main reasons for the bullishness surrounding FIL is its exposure to the cloud storage market. Although estimates will vary, one forecast is particularly bullish. The market, per Fortune Business Insights, will expand from approximately $132 billion in 2024 to about $665 billion by 2032 at a compounded annual growth rate (CAGR) of 22%; nothing to scoff at.

Separately, Filecoin is a “green coin” as it relies on a consensus mechanism based on valuable output, known as proof-of-useful-work. It reduces the energy waste that basic proof-of-work blockchains frequently experience.

Filecoin is compatible with the Ethereum blockchain and other Web3 technologies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). Again, I take estimates with a pinch of salt in the crypto space. However, the DeFi market is predicted to grow 39.5% to reach $70.3 billion between 2022 and 2027, BCC Research estimates. A separate analysis says the NFT space will grow from $36 billion in 2023 to $217 billion in 2032.

Notably, Filecoin is also partners with Lockheed Martin (NYSE:LMT), working together to explore the potential applications of blockchain technology in space exploration, giving FIL an air or legitimacy other crypto assets lack. The collaboration intends to send a node of the Interplanetary File System (IPFS) into orbit.

In addition, Filecoin is handling more than two million gigabytes of data and introducing the Filecoin Virtual Machine (FVM). Furthermore, the launch of the FIL-RetroPGF-1 programme awarded 200,000 FIL to network contributors as a prize. The action demonstrates Filecoin’s dedication to community involvement by providing incentives for investment and participation in the network.

Dash (DASH-USD)

Dash (DASH-USD) is the product of a Bitcoin hard fork. Thanks to its focus on anonymity, it distinguishes itself among cryptos set to make millionaires.

The unique selling point for Dash comes down to one word: privacy. Most people tend to forget that the main thrust of cryptocurrency is to escape government oversight. However, many times, things do not go the way they originally intended.

Governments everywhere are trying to impose some sort of legal control on major cryptocurrencies like Ethereum and Bitcoin. Particularly noteworthy for its assertive approach to the cryptocurrency market is the U.S. Security & Exchange Commission. It filed lawsuits against Binance and Coinbase (NASDAQ:COIN).

Moreover, 98% of the world’s GDP, or 134 currency unions and countries, are considering a central bank digital currency. The IRS already categorizes cryptocurrency as property, so Bitcoin income and profits are subject to taxation.

All of these developments build the investment case for Dash, which emphasizes privacy through its PrivateSend feature. The system will take one transaction and then jumble it up with others, making it difficult to trace.

Initially introduced as XCoin in 2014, DASH uses a dual-layer network architecture delineating miners from ordinary users. It features distinctive technologies such as InstantSend and ChainLocks.

DASH sets a new benchmark for speedy transactions with its InstantSend feature, which guarantees nearly instantaneous confirmations and facilitates the quick sending and receiving of DASH coins.

ChainLocks, on the other hand, enhances the DASH network’s security by stopping 51% of attacks.

Altogether, a combination of fast transaction speeds and anonymity helps DASH stand out in a crowded marketplace of cryptos set to make millionaires.

Polygon (MATIC-USD)

Polygon (MATIC-USD) finishes off this list because it performs a very important function: solving Ethereum’s scalability challenges.

Polygon’s value proposition is rather clear-cut and basic. It improves interoperability across blockchains and provides quicker, less expensive transactions. Its Layer-2 network status expands its possible use cases, enabling improved interoperability and fast transactions.

By offloading traffic from the main blockchain onto Ethereum sidechains, Polygon lowers transaction costs and congestion. Unlike Bitcoin, which is simply a store of money, Polygon can allow a wide range of applications.

The platform is notable for its mushroom growth in the DeFi sector. The growth in decentralized finance solutions is hard to measure. One estimate says the industry will be worth over $231 billion by 2030, an astounding CAGR of 46%​ between 2023 and 2030.

Because of all these factors, notable investors like Mark Cuban are bullish on Polygon. The billionaire admires Polygon more than Bitcoin and Ethereum, giving it a substantial public endorsement.

In addition, several companies have partnered with Polygon, such as Nike, Starbucks (NASDAQ:SBUX), Mastercard (NYSE:MA), Adobe (NASDAQ:ADBE), Disney (NYSE:DIS) and Meta (NASDAQ:META), among others. The purpose of each partnership is different, illustrating the wide range of use cases for Polygon’s platform.

Meta, for example, used Polygon for non-fungible tokens or NFTs. Nike partnered with Polygon to create a digital marketplace for NFTs and digital fashion items. Meanwhile, Mastercard launched a web3-focused incubator with Ethereum scaling layer-2 blockchain Polygon. The institutional support places it well among cryptos set to make millionaires out of investors in this halving season.

On the date of publication, Faizan 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