Investors aren’t feeling too adventurous at this point, and not many are looking for cryptos to buy. Who could blame them, though? Considering the choppiness in the traditionally volatile equity and crypto markets. Crypto bellwether Bitcoin (BTC-USD) has undergone a correction in the past month. Similarly, many tech giants that led the S&P 500 to record highs this year have shed much value of late. With that in mind, would it be odd to load up on cryptos to buy now?
“Be greedy only when others are fearful,” the great Warren Buffett would say, considering the market’s current state. This line resonates with savvy investors who’ve made a fortune by believing in the crypto market’s long-term potential. Sure, it’s lost a ton of value over the past decade, but its astronomical gains overall should shut up its detractors. BTC’s 10-year gain is at an eye-popping 13,831%, blowing past the S&P 500’s 174% gain in the same period. However, if we look at a much shorter period, we don’t see such a massive discrepancy in BTC’s gains compared to the equity market. Hence, for those incredible gains, it’s time to survey multibagger cryptos in the making.
Cryptos to Buy: Basic Attention Token (BAT-USD)
The Basic Attention Token (BAT-USD) is one of the more promising cryptos I’ve encountered. The BAT token is integral to the Brave browser’s ecosystem and is touted for its robust potential in the Web 3.0 space. Web 3.0 is perhaps the next major phase of the internet, and research suggests that its market could grow by 46% from 2023 to 2032, hitting $66 billion. The Brave browser seamlessly aligns with Web 3.0, supporting direct interactions with decentralized applications (dApps) without additional software. Additionally, BAT functions as both a rewards system and an advertising platform within the Brave browser.
BAT is built on Ethereum’s (ETH-USD) Proof of Work (PoW) mechanism, facilitating transactions among content creators, advertisers, and users. However, it’s more than just an advertising token, with Brave’s vision extending to various Web3 services. Some of these include micropayments for content creation, authentication rewards, and social media tipping, among others. Hence, BAT boasts significant utility and has been up more than 32% in the past six months.
Filecoin (FIL-USD)
Filecoin (FIL-USD) efficiently merges the evolving cloud storage needs with the blockchain network. The platform is straightforward; customers pay for data storage and retrieval while the miners provide storage space and data retrieval options. This essentially facilitates a novel rental economy on the blockchain, the likes of which we’ve seen with crypto platforms like Decentraland (MANA-USD). A 2022 article on DailyCoin showed that rental listings cost as low as 14 MANA to as high as 3,000 MANA per day in Decentraland.
Hence, developing a rental economy could benefit FIL holders over the long run. It also highlights the huge potential of turning available device storage into an income-generating asset. Moreover, the global cloud storage market is expected to rise from $99.2 billion to a whopping $234.9 billion by 2028, growing at an 18.8% CAGR. Additionally, FIL has increased by more than 10% in the past year.
Render (RNDR-USD)
Render (RNDR-USD) is another potentially multibagger crypto in the making, serving a critical purpose. It offers a unique blockchain-powered solution that efficiently connects spare GPU capacity with surging demand. Why is this important? Artificial intelligence (AI), the metaverse, and similar tech-intensive applications will likely consume GPU resources voraciously. Consequently, the demand for GPU-as-a-service is expected to skyrocket. In fact, according to KBV Research, the market could grow by an exponential 35% CAGR from 2023 to 2030 to $22.4 billion.
The Render Network enables creators to flexibly rent GPU firepower, which offers a proficient response to evolving needs in a variety of tech verticals. Moreover, with privacy and efficiency at its core, the platform’s scalability ensures it has the capacity to deal with the burgeoning demand. Hence, it could become a beacon for the decentralized computing economy, offering its investors tremendous upside potential.
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.
