The process of buying cryptocurrencies is pretty simple. However, purchasing the right cryptocurrency without a time-tested strategy can pose a fair challenge.
Presently, there are over 12,000 cryptocurrencies in existence, and the field is ever-expanding. With all the benefits that cryptocurrencies provide, people have become more enthusiastic about investing in this emerging asset class. However, picking the most profitable ones amongst the crowd can become a mighty task. Thus, here is a list of three unstoppable cryptocurrencies that could turn $20,000 into $1 million by 2030.
Investing In Cryptocurrencies: Everything You Should Know
One of the most important factors to consider when buying a cryptocurrency is the level of adoption. Adoption means that there is an underlying value to crypto besides speculation. The more adopted a cryptocurrency is, the higher the chances it can grow in value long term.
The second factor to consider is the technical capabilities of a project. This encompasses everything from security, scalability, technical capabilities, among other factors.
Thirdly, the community that is behind crypto. The best cryptocurrencies are those that have a strong community of both developers and investors. A strong community of developers means that the crypto can continuously improve its technical features to meet market needs.
Based on all these considerations, here are the top three cryptocurrencies to invest in right now to realize massive profits in the long run.
- Solana (SOL)
- Ethereum (ETH)
- Shiba Inu (SHIB)
1. Solana (SOL)
With cutting-edge offerings, Solana is one of the hottest cryptocurrencies in the market.
Solana has been one of the fastest-growing cryptocurrencies in 2021. By combining, Proof-of-Stake (PoS) with Proof-of-History (PoH), the Solana cryptocurrency follows a unique hybrid consensus algorithm, which adds to its popularity. Additionally, new NFT projects opt for its blockchain over other popular blockchain networks, like Ethereum.
Solana was launched in April 2020 and has gained popularity over the last 18 months. The price of Solana has surged from $0.75 to a high of $214.96 in early September. The introduction of NFTs on the Solana network has helped increase awareness of the cryptocurrency and the valuation of SOL.
Degenerate Ape Academy is one of the most well-known Solana NFT projects. The NFT project sold 10,000 apes in 10 minutes. In addition, a seven-figure sale of a Degenerate Ape Academy NFT was announced recently, bringing more attention to the NFT project and Solana.
With the demand for new NFT projects launching on Solana increasing, the price of Solana could keep rising. NFT collectors and investors are starting to diversify their portfolios by owning NFTs across several cryptocurrencies or transitioning to Solana to avoid high gas fees.
There will be competition coming for Solana and Ethereum in the future as more cryptocurrencies look for ways to take advantage of the rising interest and valuation in NFTs.
Solana: Cutting edge network architecture
Solana is a Delegated-Proof-of-Stake (PoS) network. DPoS networks differ from PoS networks in a couple of ways.
Both mechanisms utilize validators to process transactions. Validators are chosen based on their overall holdings in the network. Therefore, the more SOL you hold, the higher the chances you get selected as a validator. This strategy ensures that only those vested in the network retain this position.
Validators earn rewards when they approve transactions and add them to the blockchain. Those who are not validators can still secure some easy profits by delegating their holdings to one of the validators. This system allows everyone participating to secure the network and allows the users to decide what nodes deserve to validate transactions.
DPoS networks are multiple times faster than PoS blockchains. For example, the average block time for Solana is 2.34 seconds. However, bench tests have shown the network can approve blocks in as little as 1.6 seconds. Considering Bitcoin requires 10 minutes to accomplish this task, it is easy to see why DPoS blockchains continue to gain momentum.
The POH mechanism also serves a vital role in the Solana ecosystem. This protocol increases the efficiency of the blockchain by integrating timestamps in every transaction approval. These timestamps enable nodes to establish the sequence of events. In this way, the system serves as a cryptographic clock for the network. For these and other reasons, Solana is a growing ecosystem. Investing in SOL now could help you earn sizable profits.
Check Out: Will Solana Make Me Rich?
2. Ethereum (ETH)
With Ethereum 2.0 in the works, an investment in ETH now could help you become a millionaire in a decade.
Ethereum is one of the safest altcoins to bet on if one needs both capital safety and growth. Ethereum’s biggest asset is its dominance in the platform blockchain space. Most DeFi projects run on the Ethereum blockchain despite its many scalability issues.
Now that this blockchain is in the process of a major upgrade, there is every reason to believe that its adoption in DeFi and other applications could grow significantly going into the future. With Ethereum 2.0, most of its scalability bottlenecks will be gone. In addition, gas prices are getting more predictable now, since the London fork. If there was ever a good time to bet on Ethereum, now is most likely the best time.
The network's transition to Ethereum 2.0 is likely to cement its position as the top blockchain platform. It is shifting to become a Proof-of-Stake blockchain, a factor that will cut its energy consumption by over 90%. This means it will become a lot more attractive to institutional investors who are environmentally conscious.
Besides becoming more attractive to institutional players, the upgrades are set to make it more scalable and more affordable to those building on top of it. Through its layer-two solution called Optimism, Ethereum will achieve additional scalability. Many other layer-two solutions will operate alongside Optimism, such as Polygon.
Without the scalability bottlenecks that Ethereum has today, highly complex dApps will build on top of Ethereum. It already has a majority of the dApps market, and with a higher level of protocol efficiency, Ethereum will be unmatched in this market.
Essentially, this is likely to play into its price dynamics over the next decade. That is because Ether tokens are needed for one to start building on the Ethereum blockchain.
Still, on-demand and supply, the recent Ethereum upgrade, popularly known as the London Fork, introduced a coin burn feature as part of the gas stabilization mechanism. Since this affects the supply of Ethereum as usage grows, its demand stands to grow exponentially going into the future.
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3. Shiba Inu (SHIB)
Known as a Dogecoin killer, Shiba Inu is poised for a bull rally soon.
There is a lot of hype around Shiba Inu, making it one of the biggest gainers in the last bull run. This hype around it is still there despite the price correction, which is evident in the fact that it is still one of the cryptos that trend at the top in search engine rankings despite its bearish price action.
Such hype shows that Shiba Inu has a strong community, which is essential for its long-term value appreciation. This visibility and community support help drive investor demand and adoption long term. Hence, SHIB makes a stellar investment option.
Besides the hype, Shiba Inu has a lot going for it at the moment. The cryptocurrency’s adoption has shot up quite strongly in the last months, which is impressive for a crypto that is only a few years old.
Shiba Inu has also made a lot of progress on the technical front. Since it launched, Shiba Inu has created a DEX called Shibswap, which plays a vital role in increasing the liquidity of Shiba Inu. On top of that, the DEX has the option for staking Shiba Inu. Since staked SHIB tokens are locked for some time, this will positively affect the demand and supply dynamics of Shiba Inu in the long run. This is one of the many reasons why SHIB is a top penny cryptocurrency to buy now.
SHIB came to the market when the Dogecoin hype fueled by Elon Musk was gaining traction and positioned itself as the Dogecoin killer. Most investors, looking for the next big crypto, bought it in droves.
This hype has remained strong despite the dip in price over the last couple of months. On major social media platforms, and even on YouTube, there is a lot of hype around Shiba Inu.
Such hype will play into its favour long term for several reasons. First, now that more new investors are getting into crypto, the visibility of this crypto will play a role in drawing them in. This is evident in its high volumes (both when the price was rallying and now when it is far from its ATH).
The best part about having a strong community is that once Shiba Inu turns bullish again, there will be FOMO on social media and other platforms. It is a factor that could easily see this crypto make new highs quickly as buying pressure from new money outstrips supply.
Though Bitcoin is still a great investment, it simply cannot compare to the momentum of some of the emerging cryptos, some of which are performing better now than during the 2021 bull run and appear to be hinting at a change in investor interests.
Solana, Ethereum, and Shiba Inu are three Unstoppable cryptocurrencies that could turn $200,000 into $1 million by 2030. That said, cryptocurrencies are volatile in nature. Investors are advised to perform due research before investing in them.