Cryptocurrencies rally up due to two major causes– when the value of the underlying platform appreciates and out of pure speculation.
Last month has probably been the best for cryptocurrencies based on AI platforms. A series of events expanding the capabilities of AI models, including the launch of Sora, OpenAI’s text-to-video platform, has pushed the price of AI tokens to all-time highs.
The Bonk token, yet another dog-themed meme coin has also made headlines, thanks to a fan base who want some light-heartedness and fun (probably some returns too) from their cryptocurrencies.
In this article, I will list down some cryptocurrencies that are expected to go up several times their current price.
Aave token (AAVE)
Aave is a decentralized finance platform focused on peer-to-peer lending. Aave allows users to lend and borrow cryptocurrency with the help of smart contracts, thereby eliminating the middlemen. Users can earn an interest on the digital assets that they lend, decided by market conditions.
Notably, Aave has expanded into real-world assets with a collaboration with Centrifuge. This allows companies to tokenize parts of their businesses, which investors can buy at market rates. The issuers can then borrow stablecoins against these tokens.
Uniswap Protocol Token (UNI)
Uniswap is the most popular decentralized exchange (DEX) out there. The platform is essentially an automated market maker (AMM), which uses smart contracts to offer crypto trading without a central authority.
Uniswap was the first DEX to take off and achieve significant transaction volumes, standing today at $489 billion in total transaction volume. DEXs are expected to become more popular in the future in the context of the failure of centralized exchanges like FTX.
Monero (XMR)
Monero is a privacy coin, meaning that the cryptocurrency is anonymous and the transactions are untraceable. While transacting with Monero, the sender, recipient, and amount of transaction are hidden.
Having been around since 2014, the coin has stood the test of time. Against the backdrop of the increasing regulatory crackdowns and legal landscape, Monera has now become an attractive value proposition.
Ether (ETH)
Ether has been the second-largest cryptocurrency in terms of market cap for years and the largest, if we are talking about the daily transaction volumes.
Considering its multi-billion market valuation, getting a 100x return from Ether is not practical anymore. However, the platform appears to be a great choice for investors seeking low-risk crypto investments.
Ethereum, Ether’s native platform, was the first blockchain to offer smart contracts, allowing developers to build decentralized applications without a central authority.
It is believed that the platform’s first-mover advantage has given it a sizable lead over its competitors. Now, in its version 2, the platform is faster and more energy efficient.
Bitcoin (BTC)
Nearly half of the over 2 trillion overall cryptocurrency market capitalization is constituted by Bitcoin, the first and, claimed by most, the best cryptocurrency.
Like Ether, though the upside potential of BTC is limited, it’s probably the best cryptocurrency to invest in for people who are looking for a store of value out of the reach of big governments.
Ironically, the United States SEC approved Bitcoin ETFs in early 2024 and was greeted with an overwhelming interest in the public markets.
Owing to the sheer size of the coin, it is also less susceptible to market fluctuations and can be considered a comparatively low-risk investment.
Conclusion
The best thing about crypto investment is that these digital assets can shoot up in value like nothing else. Solana (SOL), for instance, has seen its price go up by more than a hundred-fold in 2021.
However, the downsides are equally large. Since most crypto assets have no intrinsic value it’s not uncommon to see many of their prices fall by more than 99%. Moreover, we can’t know how long the governments will tolerate this decentralization tool.
Though it is not practical to figure out exactly which cryptocurrencies are close to their tipping points, our picks represent the ones that are most probable to skyrocket in price, based on the publicly available data.
