Forget Bitcoin: These Cryptocurrencies Can Triple Your Money
Bitcoin has been a trendsetter in the crypto space ushering in a wave of altcoins built on a decentralized peer-to-peer network. Needless to say, cryptocurrencies have come a long way in terms of technological advancements, new opportunities, and popularity. Therefore, there are numerous tokens other than Bitcoin, which are a viable option for investors.
The Bitcoin Bull Thesis
Bitcoin is indeed the pioneer of the vast cryptocurrency market that we have today. It has always been a viable investment option for investors for a long time despite its high volatility. Though Bitcoin enjoys widespread brand recognition, that does not accurately reflect its value as an asset, especially in comparison with other assets in the market today.
In a March 17 analyst report, Bank of America echoed a similar sentiment about Bitcoin stating that “there's no good reason to own BTC unless you see prices going up. It is not tied to inflation and remains exceptionally volatile, making it impractical as a store of wealth or payment mechanism.”
Therefore, the central argument for holding Bitcoin is its price appreciation. But lately, in May, the crypto market faced a massive crash, and Bitcoin was down almost 50% from its highs. Though it is slowly rebounding, the reason for this decline was Tesla CEO Elon Musk’s announcement that the company will no longer accept Bitcoin as a form of payment because of its high energy efficiency and environmental impact.
This Trio Of Cryptocurrencies Could Triple Your Money
Bitcoin is still the most popular cryptocurrency. But, we can say that the global market has matured beyond this leading digital asset. With an array of innovations in blockchain technology, several new altcoins have caused quite an uproar in the market today.
These coins are launching innovations that are already disrupting the world of traditional finance, entertainment, and other industries as we speak. Therefore, instead of focusing on Bitcoin, let us explore how this trio of cryptocurrencies could triple your money.
Cryptocurrencies That Can Triple Your Money:
#1 Ethereum (ETH)
Ethereum has been making huge waves in the crypto world lately, rivalling Bitcoin as one of the most popular cryptocurrencies. It has seen explosive growth over the past few months, increasing by more than 500% since the beginning of 2021.
Though the price of ETH had a considerable drop in the recent crypto market crash, it is slowly bouncing back to its form, with more developments and use cases. As we know, Ethereum is a decentralized software platform that allows smart contracts and dApps (decentralized applications) to be built on the network.
Ethereum is rapidly moving towards its goal to create a decentralized suite of financial products that anyone can access freely anywhere in the world. However, Ethereum is also used for other purposes that are advantageous for this crypto token.
Along with being the host for the Ether token, the foundation is also home for other applications like non-fungible tokens (NFTs) and Decentralized Finance (DeFi), two booming sectors of the crypto space today.
The Ether token also plays a significant role in boosting the popularity of the network. As of writing ETH trades at $2,636.24 with a market cap of $306,205,878,20.
Additionally, with its latest update, the Ethereum 2.0, which is said to be releasing shortly this year, the network will become more efficient and scalable with faster transaction speed. The new Proof-of-Stake mechanism can also address the growing environmental concerns raised by Bitcoin. It claims to use 99.95% less energy than its current technology.
Therefore, with its increasing institutional adoption and advancements, Ethereum is one of the best cryptocurrencies that can triple your money in the future.
Read Also: Will Ethereum Make Me Rich In Ten Years?
#2 Ripple (XRP)
Ripple Labs created XRP with the express goal of solving a real-world problem with cryptocurrency and blockchain technology. Unlike other cryptocurrencies, instead of disrupting the whole traditional financial system, Ripple XRP helps large financial institutions speed up their flow of capital in a safe and secured way.
XRP is an efficient cryptocurrency tailored to work on the Ripple network. It is both a service token and an interexchange mediator. It enables people to use the network service and acts as a bridge to process cross-border transactions.
It has also been consistently listed among the top ten cryptocurrencies by market capitalization. As of writing, XRP trades at $0.953245. It sits at the 7th position in the CoinMarketCap ranking with a market cap of $4,521,965,392.
Further, XRP Ledger (XRPL) is also becoming highly popular worldwide for cross-border payments. The report released by Ripple in May 2021 highlighted this jump in the adoption of XRPL. Moreover, Ripple is also planning to support NFTs on its network as per news, which will eventually boost its adoption rate.
XRP is an ideal investment option for thematic investors in the financial sector as its main aim is to make the whole financial institution more advanced and more effortless. At the same time, mainstream adoption is a big market mover for Ripple.
It has several strong partnerships with established banks and financial institutions worldwide. In addition, ripple is looking forward to spreading its branches to the conventional capital markets, making it an ideal cryptocurrency that could triple your money. In the future, Ripple’s wide adoption could further provide millions of sole traders and entrepreneurs unhindered access to the global economy.
#3 Binance Coin (BNB)
Binance Coin, the utility token that operates as a payment method for the fees associated with Binance exchange trading, has seen tremendous growth since the beginning of 2021. As a result, its value shot up to about $690.93, hitting a record high on May 10.
It’s worthy to note that a significant part of its popularity comes from the Binance exchange, which is the fastest-growing cryptocurrency exchange in the world. The value of Binance Coin also comes from its usefulness and demand, with every transaction done on the platform using BNB.
However, BNB has gained massive support from various partnerships, like Uplive, the biggest social video entertainment platform. Also, thanks to its unique consensus mechanism, known as the Byzantine Fault Tolerance (BFT), Binance is one of the highly secured and trusted exchanges in the market.
Adding to its growth, Binance Exchange has introduced a beta version of Binance Pay, the PayPal competitor, in February 2021. By deploying Binance Pay, users can seamlessly pay and get paid in crypto from anywhere in the world.
Further, the launch of the Binance Card offered a convenient method of crypto payment directly from the Binance Coin wallet. BNB’s prominent role in fee settlement and transfers has drastically boosted its value and demand in the market, making it one of the best cryptocurrencies that could triple your money.
Check Out: Could Binance Coin Make Me A Millionaire?
The crypto infrastructure has opened up a global opportunity for traders, investors, and businesses alike. There are a plethora of advanced and novel altcoins available in the market today. As the crypto market continues to mature and grow, these new tokens in the ecosystem will stand to benefit in ways that Bitcoin simply cannot.
Therefore, considering the price rally, market cap, recent developments, and adoption rate, these three mentioned cryptocurrencies can triple your money in the coming decades.
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Virtual currencies are highly volatile. Your capital is at risk.