Many crypto millionaires have been minted in recent years. And with a number of key catalysts continuing to unfold in this space, investors continue to look for under-the-radar opportunities to cash in on the next potential bull market cycle.
I believe we’re already in the early innings of yet another bull market rally. Many major top-tier cryptocurrencies are surging, with smaller meme coins and other more speculative projects seeing even bigger gains.
But for those looking to build a diversified and relatively lower-risk portfolio of digital assets, sticking to some of the most prominent tokens is the best way to go. For those seeking crypto millionaire status, three tokens are worth buying for the long-haul.
Solana (SOL-USD)
One token that’s seen some strong bullish momentum of late is Solana (SOL-USD). Indeed, Solana has emerged as a lucrative investment for bullish crypto fans. Although it saw a 9% decline over the past week, it still remains a strong buy for the long-run.
Technically, Solana may be forming a rounding bottom. Its recovery continues to strengthen, relative to its peers in the smart contract/decentralized finance world. Key integrations, such as Solana Pay with Shopify and Visa’s (NYSE:V) stablecoin program, enhance its potential.
Solana validators approved SIMD-0096, allocating 100% of priority transaction fees to validators instead of the current 50%. This change, favored by 77%, is expected to increase inflation by 4.6%. The proposal aims to improve the incentive structure but has divided the validator community.
In other news, MEW, a cat-themed Solana token, partnered with LOCUS animation studio to produce a 3D animated series. LOCUS, known for Korean 3D animations, raised $17.5 million pre-IPO and plans an international IPO next year. MEW aims to become the most recognized memecoin globally by leveraging LOCUS’s animation to reach film and TV audiences.
Ethereum (ETH-USD)
After a long journey of its U.S. Securities and Exchange Commission (SEC) approval, Ethereum (ETH-USD) spot ETFs are finally approved. This marks the country’s second crypto-based ETF, enhancing institutional access to Ethereum. The SEC briefly published the filing but later retracted, signaling a shift in crypto sentiment.
Ethereum’s bullish momentum, fueled by improving on-chain metrics, is boosted by the potential debut of these spot ETFs. Bloomberg’s Eric Balchunas sees a chance for launch by late June, following BlackRock’s S-1 update for its iShares Ethereum Trust. While fine-tuning SEC comments are expected, Balchunas suggests an end-of-June launch as plausible, with higher odds for July 4.
ETH has surged 23% over the past 10 days, surpassing Bitcoin and other layer-1 tokens. Bitcoin rose by only 2% in the last month, and other major tokens saw minor increases as well. I think Ethereum could be the mega-cap token investors want to watch most closely right now.
Bitcoin (BTC-USD)
Following U.S. Memorial Day, Bitcoin (BTC-USD) traded in a tight range around $68,000 but dipped near the week’s low on Friday. At 11:45 am ET, it stood at $67,300, down 1% in 24 hours and over 2% from two hours prior when it briefly hit $69,000. Despite strong strength seen in May, Bitcoin has lagged, rising 11% from around $60,000 from the month’s start. I think this momentum could continue, and Bitcoin could have the potential to be a top-performing token once again.
This week, Bitcoin showed stability, moving toward the $69,000 level. With economic data suggesting stagflation could be a possibility, all eyes are on stores of value right now.
Now that we’re entering June, analysts are anticipating more key U.S economic reports in the following weeks. Softening economic conditions might prompt Bitcoin’s rally toward its all-time high, while strong data could lead to a retest of May’s lows.
On the date of publication, Chris MacDonald 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.
