Do you want to skip the read and get right to our top picks? The best growth cryptocurrency that could make you a millionaire is Chainlink or Ethereum.
- A major indicator of millionaire-making crypto is the adoption potential
- Chainlink oracles anchor the smart contracts economy and usage is growing
- Ethereum is growing in DeFi, and adoption as a mainstream asset is on the rise
Many factors play into the price appreciation of a cryptocurrency. One of the most important ones is the current level of usage and future prospects of adoption. Adoption usually points to a project having real value, over and above the speculation characteristic of cryptocurrencies. It also makes crypto attractive to new investors, which plays into the supply and demand dynamics.
Chainlink (LINK) and Ethereum (ETH) have experienced a massive surge in adoption over the last couple of years. What’s even more interesting is that they have so much room for growth going into the future. To better understand them, let’s look at a couple of reasons why these two can easily make you a millionaire.
2 Growth Cryptos That Could Make You a Millionaire
1. Chainlink
Chainlink is looking to be the bridge between smart contracts and real-world data. Its decentralized Oracle network has so far done an incredible job at interconnecting blockchain projects with the data they need to function effectively. When Chainlink got into this market, it was pretty much untapped. It has grown in it, and today, almost all smart contracts rely on Chainlink for data.
However, it is not just its present adoption that makes this project interesting. Its future prospects look good too. Blockchain is still in its infancy and is yet to penetrate core sectors of the economy. This gives Chainlink huge room for growth since it is already the dominant force in the decentralized oracles space.
It is also noteworthy that Chainlink has use cases that cut across industries. At the moment, it is mainly used for supplying financial data in the DeFi ecosystem. This is just one of its use cases, though.
One area that Chainlink has massive potential is in the global supply chain networks. The complex processes involved in supply chains such as payments, customs, and document sharing can easily be automated using smart contracts. It is only a matter of time before these systems get decentralized.
As this happens, Chainlink is uniquely positioned to connect such smart chains to the data they need to function efficiently. For context, Chainlink can link supply chain smart contracts with real-world sensors that help in the movement of goods across the globe. These include GPS, temperature, and humidity, among many others. This data can then be used to facilitate payments and other aspects of the supply chain without having to rely on the services of a single centralized entity.
Chainlink also has a use case in the utility market segment. Thanks to smart contracts, it is possible to optimize the services offered by utilities to give customers the best possible services. Chainlink is useful in helping utilities find areas of inefficiency for better optimization.
For instance, Chainlink decentralized oracles can be used to figure out the number of times that an internet provider has downtime. This is data that can be used to improve on services or even reimburse customers for downtimes. It’s a huge use case, considering that it cuts across internet providers, telco’s, and even cloud infrastructure services providers.
Besides, the two above, one of the biggest markets that Chainlink has a role to play is identity management. Since most consumer-driven technologies require personal data in one or the other, the ability to connect smart contracts to such data is critical.
Chainlink oracles are useful on this front because they can connect identity databases, such as those held by the government, to a smart contract user’s on-chain address. This means sensitive personal data can be integrated into smart contracts without compromising personal data privacy. It’s a use case that opens blockchain to real-world use without compromising on regulations that touch on user data, such as KYC and AML.
All this potential is translating into real adoption for Chainlink. So far, Chainlink data is trusted by top companies like Binance, DOTAMIND, Huobi, and many others. The potential for Chainlink to hit upwards of $150 is quite high in the next couple of years.
Check Out: Will Chainlink Make Me Rich in 10 Years?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
2. Ethereum
Ethereum is quite the obvious go-to crypto for long-term growth. It is easily one of the most adopted cryptocurrencies today. One of the biggest aspects of Ethereum adoption is DeFi. The amount of money tied up in DeFi is over $50 billion and was close to $100 billion in the last crypto rally. The interesting part of it is that most DeFi projects are Ethereum-based.
DeFi, while it may seem quite huge presently, is still in its infancy. Most of the people that use DeFi applications are techies. However, the concept is growing in adoption, and in a couple of years, will be a major rival to the centralized financial system.
Essentially this means that it is still early days for Ethereum and its use in DeFi. More importantly, Ethereum is solving scalability, which is a key hindrance to its widespread use in DeFi. Once the transition to Ethereum 2.0 is complete, Ethereum will easily be in a position to handle countless DeFi applications with the same efficiency as centralized finance. This will also open up Ethereum adoption in many other areas, including government applications.
Besides its strong and growing use case in building the decentralized economy, Ethereum is also increasingly being adopted as a mainstream investment by institutional players. For instance, Ethereum ETFs have been filed in the U.S. Financial heavyweights like Goldman Sachs also offer Ethereum to their clients.
This points to the mainstreaming of Ethereum, and it will have widespread implications for this crypto. The most obvious one is an increase in demand for ETH. For a long time, its price dynamics have been driven by retail money. It is in 2021 that this crypto has seen an inflow of institutional money. The result was that it tested a high of $4300.
As more institutional players buy Ethereum and its usage in Dapps development grows, it could trade at multiple times its current price. Ethereum has the potential to grow tenfold or more from its current market cap in the foreseeable future.
Don't Miss: Why Ethereum Will Skyrocket
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.