The fourth Bitcoin (BTC-USD) halving on April 20 made cryptocurrency investing a hot topic in 2024. Mining rewards decreased from 6.25 BTC to 3.125 Bitcoin, limiting supply, and typically resulted in higher Bitcoin and altcoin values.
During rapid growth in the crypto market, opportunities arise for investors seeking profits. Risk-averse individuals seek cryptos with solid fundamentals and positive price responses. Conversely, risk-takers favor projects promising quick 10x or 100x returns.
Regardless of preference, the goal is to profit. Let’s examine three rapidly growing cryptos worth considering. They may not 10x or 100x from here, but they could have more upside than Bitcoin based on their fundamental growth metrics and relative size advantage.
Solana (SOL-USD)
Solana (SOL-USD) is gaining traction rapidly, attracting investors with its upgraded technology and surging trading volume. It’s becoming increasingly prominent in cryptocurrency, indicating its potential to rival Bitcoin soon.
Also, Solana offers notably low transaction costs, typically less than a half-cent. And it executes transactions in about a second, barring network congestion. On the other hand, gas fees on the Ethereum (ETH-USD) network typically costs tens of dollars. This makes the Solana network a preferable option for developers and users seeking cheaper and more cost-effective transactions.
In addition, Solana offers a wealth of data sources and tools, with multiple options for hardware and software wallets like Ledger Nano X and Phantom. For those seeking true value in the decentralized finance world, Solana looks like a top layer-1 network to bet on right now.
Toncoin (TON-USD)
With a 138% surge this year, Toncoin (TON-USD) hit a new high of $5.69, coinciding with Telegram’s revenue-sharing launch. Toncoin has been on an impressive tear over the past month. It more than doubled on news that Telegram, a key social media platform tied to the crypto project, could be headed for an initial public offering. While still a speculative catalyst, this is certainly one investors are watching closely.
Toncoin’s 101% rise in a month, reaching $5.69, followed news of a potential Telegram IPO. Telegram endorsed Ton network in 2018, and a number of top Telegram engineers were behind the project initially.
Telegram’s new feature shares 50% of Toncoin’s ad revenue with channel owners. This key announcement led to the latest surge in TON, with some analysts predicting more upside is ahead. Post-introduction, TON rose over 5%, hitting $5.48. Its market cap is now $18 billion, making Toncoin the ninth-largest token.
Moreover, the TON Foundation established The Open League with over $115 million rewards program for Toncoin. This helped boost the token’s growth of over 70% in TVL and a 370% surge in daily active wallets. Since the launch, TON has seen a 14% increase through investor confidence.
Tron (TRX-USD)
Decentralized blockchain network Tron (TRX-USD) provides an excellent platform for DApps and smart contracts. Its native token, TRX, is known for excellent payment transactions and commissioned user engagement. Its goal is to become a more scalable and cost-effective choice than other decentralized systems, even better than Bitcoin or Ethereum.
Additionally, Tron uses the Delegated Proof of Stake (DPoS) consensus mechanism which allows faster transactions at lower energy consumption. The TRX token serves multiple functions, including but not limited to operating smart contracts and dApps. Its smart contracts can easily automate processes.
The Tron team has emphasized the enduring significance of these non-traditional tokens, believing they will remain prominent in the crypto landscape. Their potential role in future bull runs is integral, with many citing support from influential figures like Elon Musk for various meme coins in the past. If Tron can pick up steam as a wave of altcoin buying hits the market, this is a top token worth considering at current levels, given its trajectory.
On the date of publication, Chris MacDonald 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.
