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Earlier this month, Bitcoin surpassed its all-time high of $69,044.77, set in November 2021. The asset is currently experiencing significant volatility ahead of next month’s so-called halving, but many experts expect it to reach $100,000 this year.
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As of March 20, Bitcoin was valued at $63,655, up 128% over the past year, 44% since the beginning of the year, and 22% in the last month.
Currently, the crypto bull market is driving huge interest in altcoins, with investors looking for the next big thing. However, it remains to be seen whether Bitcoin’s rise will lead to a sustained rise in these small coins.
Learn more: 13 cheap cryptocurrencies with the biggest upside potential for you
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Altcoins on investment radar
Modulus CEO Richard Gardner argued that altcoins are “a lot like micro-cap stocks.”
“There will be winners who completely transform the industry,” he says. “There are going to be people who will continue to move slowly, and many of them will eventually fold.”
The problem with the term altcoin, Gardner said, is that it doesn’t differentiate between coins with high market caps, such as Cardano or Solana, and coins that are nothing more than what he considers “scam coins.”
“The best way to determine if an altcoin is trustworthy is to dig into the technical details. Determine if an altcoin has real-world applications. It’s important to do your due diligence.” he added.
Which ones are likely to spike?
Solana SOL Token
According to Frank Korba, digital asset analyst at Finder, SOL has benefited the most from the rise in Bitcoin prices this cycle, making SOL the darling of this cycle, just as it was the darling of ETH last time. Many people have suggested that this may be the case.
Other experts, such as Brian D. Evans, CEO and founder of BDE Ventures, also echoed similar sentiments, saying that Solana is gaining a lot of attention from the general public, especially as the performance of the Solana blockchain improves. I said that. Many users and applications are attracted to it.
“This is poised to be beneficial for Solana Network’s native token, SOL,” Evans said. “The more a user interacts with an application on Solana, the more SOL he has to purchase to pay for gas. As this dynamic continues, over time he will have to purchase more SOL to pay his gas bill. I think it will become even more valuable.”
Ethereum (ETH)
Jeff Owens, co-founder of Haven1, argued that Ethereum is the “natural choice” as a foundational layer in the Web3 space, especially for retail investors just getting used to cryptocurrencies.
“Bitcoin typically moves in tandem with Bitcoin, and this month has seen an increase of more than 70% versus its opening price in 2024,” Owens said. “Combined with the Dencun upgrade, which was successfully introduced last week and reduced Ethereum’s Layer 2 gas fees by 10-100x, these numbers suggest that ETH could soon start outperforming BTC. I am.”
AI token
Recently, artificial intelligence tokens have also been riding the widespread AI wave and garnering a lot of interest. As CoinGecko pointed out, these tokens are cryptocurrencies that power AI-related projects. As of March 20, the market capitalization was $24 billion, according to data from CoinGecko, up from just $2.7 billion in April last year, according to Reuters.
Markus Levin, co-founder of XYO Network, said, “AI will continue to work well in all fields as the need to verify data, including authenticity and provenance, increases.” “This also includes oracle networks like ours and his XYO, because these kinds of networks can provide clean, verified data to all kinds of systems.”
Top AI coins by market cap include Render’s RNDR token, which is up 709% over the past year and 86.4% in the last month. Moreover, FET on Fetch.ai is up 568% over the past year and 196.2% in the past month.
Are these crypto investments safe?
While it may be tempting to jump on this crypto bull market right away, due diligence and prudence are key.
We will likely see more investors pouring money into new, untested altcoins without doing their due diligence first, and many of these investors may be first-time entrants to the crypto space. there is.
“So we’re definitely going to see new crypto billionaires created overnight, but we’re also probably going to see some spectacular losses as well,” Haven1’s Owens said. . “A bull market is always accompanied by a surge of new projects, making it a particularly risky time to try to get rich quick. So as altcoin season begins in earnest, be sure to ramp up your research and if something doesn’t add up. It is more important than ever that we never invest in projects.”
And for Bitcoin purists, the asset is the only way to go, as they claim it is the safest investment in the crypto space.
“This is an asset that investors, especially new investors, should stick with,” Finder’s Korba said, noting that its rarity sets it apart from other assets.
GOBankingRates Details
This article originally appeared on GOBankingRates.com: Beyond Bitcoin: These 3 altcoins could skyrocket — are they safe investments?
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