Invest in these promising cryptocurrencies to become a crypto millionaire in the long run.
Cryptocurrencies are a promising investment for the future. These digital assets have been on investors’ radar ever since Bitcoin skyrocketed in value more than five years back. Today, there are thousands of digital currencies and projects worth investing in. Without fundamental analysis, it can be challenging to differentiate the success stories from the ones with low potential.
Many early investors that spotted crypto opportunities much earlier have become crypto millionaires because they bought low and sold high. For those wondering, it is still not too late to invest in promising cryptocurrencies now and earn sizable returns in the long run. So what are some of the digital assets that could perform well in the future?
Based on various considerations, experts believe it is possible to become a crypto millionaire by investing in Solana (SOL), Terra (LUNA), and Cardano (ADA).
Solana (SOL) is one of the fastest blockchains out there. Thanks to a third-generation architecture, it can process 50,000 transactions per second. Launched in 2019, Solana is one of the fastest-growing blockchain-based platforms and has experienced rapid adoption in the decentralized application (dApp) ecosystem. More than 400 projects plan on using Solana.
Solana was a top performer in 2021. Its growing community of investors is excited to witness how Solana’s technology compares to market leaders like Bitcoin and Ethereum. Even though crypto is relatively a newcomer in the market, Solana investments have been gaining momentum, despite its extreme volatility.
Crypto enthusiasts believe that Solana is Ethereum’s biggest rival. ETH can currently process 14 transactions per second (TPS), whereas SOL can support 50,000 TPS. Ethereum is converting from a proof-of-work consensus algorithm to a proof-of-stake since the gas fees are quite expensive. But SOL still has the edge on transaction speeds and costs.
Solana is also making headlines in the NFT sector, which has gone wild over the last year. The non-fungible tokens became a high-growth industry opportunity followed by epic sales hosted by eminent digital artists. Leveraging this expanding industry, Solana jumped into the market to share the NFT option. Solana is gaining market share with Solanart, the NFT marketplace running on the network. One of the biggest advantages for NFT fanatics using this platform is its minimum fees and transaction speeds.
Investing in SOL could help you become a crypto millionaire in the long run.
Don't Miss: Solana (SOL) Price Prediction
Another coin to consider investing in is Terra (LUNA), a blockchain platform that leverages the dollar-pegged UST to construct a worldwide payments system. It uses a set of algorithmic decentralized coins to power a thriving ecosystem that makes DeFi accessible to everyone.
The network leverages a native token, stablecoin protocol, oracle system, and smart contracts to bring users programmable money for the internet. Terra offers multiple stablecoin options that provide instant settlement. To accomplish this task, Terra relies on a price-stability algorithm that actively alters the monetary supply of an asset to retain value. In this way, Terra can provide users with lower fees, more stability, seamless cross-border exchanges, and highly responsive financial assets.
Terra brings a lot of benefits to the market. Its decentralized and permissionless nature makes it ideal for the digital economy. The network offers competitive programmable payments, logistics, and an infrastructure designed to simplify Dapp and stablecoin development.
There are many different types of stablecoins available on Terra at this time. Specifically, you can access TerraUSD (UST), which is pegged to the USD, TerraKRW (KRT), which is pegged to the South Korean won, TerraMNT, which is pegged to the Mongolian tugrik, and TerraSDR (SDT), pegged to the IMF’s SDR unit of account.
Terra’s self-adjusting monetary supply mechanisms are unique to the industry. As such, the project reflects the pioneering spirit of the decentralized sector. Today, Terra is popular amongst traders, and the network continues to see increasing usage globally. You can expect to hear more about this unique project as developers expand the number of blockchains the protocol operates on in the coming months.
Read Also: Terra (LUNA) Price Prediction
Cardano is a popular, fast-growing blockchain technology that stands for secure and sustainable blockchain with ground-breaking use cases. According to the developers, Cardano is capable of “redistributing power from unaccountable structures to the margins.”
Cardano (ADA) is a third-gen blockchain available to all and a reliable dApp advancement platform. Third-gen cryptocurrencies generally improvise on the constraints of first and second-gen cryptocurrencies (like Bitcoin and Ethereum). The Cardano platform has used new advancements, including security, sustainability, and multiple-layer architectures, to develop versatility.
Unlike some other cryptocurrencies whose supplies are not capped at a limit, Cardano has a fixed supply cap of 45 billion. Currently, there are approximately 31 billion ADA tokens in circulation today.
Accordingly, investors in ADA know that approximately 70% of all ADA tokens that will ever exist already exist today. By limiting supply, investors have a theoretical floor underneath the price of ADA, assuming supply and demand fundamentals remain intact.
As with other cryptocurrencies, supply and demand are chief factors in valuation. Thanks to Cardano's supply-demand structure, the asset could gain more popularity and soar in 2022, reaching new all-time highs.
Check Out: Cardano (ADA) Price Prediction