5 Growth Cryptocurrencies With 100% To 500% Upside
Over the past month, the crypto market has been on a rebound. The total crypto market is back above $2 trillion, and it’s still growing.
Despite this growth, not all cryptos are likely to give investors the mega returns that many expect in this market. Based on their price difference from their last all-time highs and core fundamentals, the following five growth cryptocurrencies can return 100% to 500% to investors.
5 Growth Cryptocurrencies With 100% To 500% Upside
1. OctoFi: Implied Upside of 700%
OctoFi (OCTO) is still more than 700% from its all-time highs. While there are never guarantees that crypto will retest its all-time highs, OCTO has been showing signs that it could re-test them as long as the crypto market keeps gaining.
In the heat of the crypto bear market back in June, OctoFi hit a low of $5. It has since rebound alongside the broader crypto market and is currently trading at $13.
This means that in the period that Bitcoin and Ethereum have gained by about 40%, OctoFi has gained by over 100%.
Its strong correlation to the market gives it even more potential for gains. That’s because the crypto market is accelerating in its recovery. Today, the total crypto market has crossed back through the $2 trillion mark.
This is a sign of underlying strength considering that there is the issue of the infrastructure bill in the US. Investors expect the market to keep growing irrespective of how this bill goes.
That aside, the leading crypto market drivers, Bitcoin and Ethereum, have lots of positive news about them at the moment. Ethereum is in the process of a transition that will make it more efficient to use.
On its part, Bitcoin has shed off the risk of mining centralization after China got rid of miners from its territory. These are factors that are likely to push the broader market up going into the future.
Besides these broader market factors, OctoFi’s internal fundamentals are pretty good too. This crypto has a very low supply that is capped at 800k.
This means that as demand increases, it will keep chasing an ever-smaller number of coins. This is good for its long-term growth potential based purely on the factors of demand and supply.
The fees generated from these transactions are then distributed amongst investors. It’s a huge incentive for anyone to hold OctoFi and could see its value rally by hundreds of percentages in the short to medium term.
2. Dogecoin: Implied Upside of 300%
Dogecoin (DOGE) may have gained by over 12000% in quarter one of 2021. However, if what is ahead is anything to go by, then Dogecoin has the potential to easily gain by another 300% or more in the short term.
One of the key factors that could drive it is that influential people have started talking it up again.
Back in 2020, Elon Musk single-handedly lifted Dogecoin by talking it up for months. He was so influential that even the inactive Doge developer team came back alive.
The hype that characterized Dogecoin in 2020 and the first quarter of 2021 is back. Recently, billionaire Mark Cuban stated that Dogecoin is one of the most practical cryptocurrencies for use as a currency.
This has created a lot of excitement in Dogecoin and has seen its value rally by over 20% in the past week.
However, this hype is just the beginning. The big event for Dogecoin comes in quarter one of 2022. This event is the Doge-1 moon mission, a space mission that will be fully funded in Dogecoin.
It is also expected that as part of the mission, an actual Dogecoin will be taken to the moon. This, like all space events, will be heavily broadcast across the globe.
Knowing how crypto hype works, this is an event that could easily see Dogecoin rocket by hundreds, if not thousands of percentages in a very short time.
In the last Bull Run, it went up by 12000% based on nothing but tweets alone. Putting it on the moon, coupled with celebrity hype, puts Dogecoin up there amongst the highest potential crypto gainers in the short term.
3. Chainlink: Implied Upside of 200%
Chainlink (LINK), like Ethereum and Bitcoin, is supported by a little more than speculation. There is a real and massive, and growing use case underpinning it.
Chainlink is the biggest decentralized data oracle in the market today. The number of credible institutions running Chainlink nodes is ever on the rise.
This has the effect of increasing the credibility of the Chainlink network in data provision for smart contracts. It’s a factor that has played a role in the growing demand for LINK since its launch.
With decentralization now set to disrupt every economic sector, Chainlink has everything it takes to grow by many multiples from where it is today.
That’s because LINK is the one that powers all transactions on the Chainlink network. Therefore, as the network’s demand grows, so will the value of this crypto.
LINK is also likely to get a boost once staking is activated. Due to its strong intrinsic value, LINK staking will draw in lots of investors.
This, coupled with the high demand, could see its price rally by 100s of percentages within a very short time.
Its performance so far indicates its potential to keep gaining going into the future. For instance, Chainlink is up by over 50% from July, and it does not seem to be slowing down. In the past week, it has gained by over 24% and tested $30 per token.
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4. Ethereum: Implied Upside of 100%
Many times, the idea of crypto gaining by hundreds of percentages is usually associated with the small-cap cryptocurrencies.
However, even the big cap cryptos hold the same potential. Ethereum (ETH) is one of the cryptos that exhibit such potential.
Ethereum’s potential stems from the fact that it is in the middle of a transition. The transition is meant to make it more energy-efficient, scalable, and more affordable to use.
This is a big deal and could see Ethereum usage in DeFi and other applications shoot up in the short to medium term.
As usage grows, so will the demand for Ether, the crypto that powers the Ethereum network.
The potential for Ethereum to grow based on demand is increased by the coin burn feature introduced with the London fork of August 5th.
With this feature, and the fact that Ethereum is the largest platform blockchain in the market, there is practically no limit to how high this crypto can go.
Then there is the fact that Ethereum has seen a huge uptake by institutional money in recent times.
It is widely expected that it is institutional money that will drive the next phase of crypto growth.
On this front, Ethereum is one of the biggest winners, alongside Bitcoin. All across the world, many Ethereum derivatives are targeted at institutional money.
For context on how big of a deal Ethereum is, VanECK filed for an Ethereum ETF in the US. That’s despite having their Bitcoin ETF rejected multiple times by the regulators.
On top of that, Goldman Sachs, one of the largest investment banks in the US, announced that it was looking to give crypto exposure to the ultra-wealthy.
At around the same time that the bank’s CEO made this announcement, the bank announced that it was looking to open an Ethereum trading desk. It eventually did it in June.
All these factors point to Ethereum likely having lots of demand pressure going into the future. It’s one of the few cryptos whose growth is driven by actual adoption and not just mere speculation.
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5. Cardano: Implied upside of 100%
Cardano (ADA) has been in a strong rally over the past few days. It even displaced Binance coin as the 3rd largest cryptocurrency for a few days.
If its current momentum is anything to go by, Cardano has the potential to gain by over 100% in the short term.
In the short term, the big factor that could drive up Cardano is enabling smart contract capabilities on its mainnet.
This is expected to take place in September, and excitement around it has seen Cardano rally by over 30% in a few days.
The excitement around this event is driven by the fact that it will put Cardano in a good position to compete with Ethereum. It will be in a position to take on Ethereum in everything from DeFi to pretty much any other decentralized applications.
Cardano’s other functionalities also put it in pole position to take on Ethereum and give it a run for the money.
For starters, Cardano does not have the scalability problems that Ethereum has been grappling with for years.
That’s because, from the moment the team behind it started building, they built it with Ethereum’s challenges in mind.
This explains Ouroboros, which is Cardano’s proof-of-stake algorithm that is peer-reviewed, and designed to handle over 200 transactions on-chain.
It also has off-chain solutions that can handle over 1000 transactions per second. All this without compromising on security or decentralization.
Once smart contracts become a thing on Cardano, and dApps start building on it, the value of ADA could easily grow by 100% or more.
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