The foundational story of cryptocurrencies is one of democratizing money and preventing major institutional abuses such as those that caused the crash of 2008. It also represents the ambition to provide greater efficacy and anonymity to the world’s financial system.
It has also, through the crypto market, become a popular and lucrative investment avenue and, along its idealistic foundation. The fact that part of its appeal comes from the fact that these assets have a demonstrated ability to rise millions of percents within relatively short timeframes simply cannot be ignored.
Looking at the world’s first and foremost cryptocurrency – Bitcoin (BTC) – and its price history, this ability and the appeal it offers becomes self-evident. In fact, a person who invested just $1 in Bitcoin in 2010 – a time when it was worth between around $0.0008 and $0.08 – would, by press time, have approximately $500 million.
Still, while Bitcoin’s price has already exploded well over $1, there are numerous cryptocurrencies whose price is still measured in cents that have the potential to skyrocket in 2024 – and Finbold has identified three promising candidates.
XRP (XRP)
For many years, XRP has held a significant place in the minds of many crypto traders and enthusiasts. On the one hand, it is a major cryptocurrency linked to one of the most prominent firms in the industry – Ripple Labs – and is, by that fact alone, well-positioned to be among the greats.
On the other, its faith is in many ways linked to the faith of the entire sector as it is the focal point of a long-standing legal battle between the SEC and Ripple Labs – a battle that could make or break the case that even the coins and tokens never involved in an initial coin offering (ICO) can be considered unregistered securities.
While XRP has been stifled by uncertainty since 2020, it benefits greatly from strong fundamentals and its access to Ripple’s cutting-edge technology. It has also received several significant boons in the minds of investors recently, as it achieved multiple important courtroom victories in 2023.
In terms of sheer numbers, XRP has done well over the last 52 weeks – it is 32.19% in the green. It has, however, been struggling since the start of 2024 and is down 15.87%. In the last 24 hours, it is also 2.91% in the red and is worth, at press time, $0.53.
Despite the recent setbacks, between its strong foundation, decent chances for a final victory against the SEC, and upcoming events such as the Bitcoin halving, XRP is well positioned to be one of the tokens that could surge above $1 sometime in 2024.
Cardano (ADA)
Cardano (ADA) has always been notable for its unique approach to development. The team behind the cryptocurrency has a track record for focusing on stability and scalability and has been receiving significant upgrades over the years.
Despite also suffering in the slowdown that engulfed the crypto market since the start of 2023 – having fallen 20.86% to $0.49 between January 1 and press time – many experts believe it is likely to surge significantly within the next 12 months.
For example, Ali Martinez, a prominent crypto analyst on X, recently pointed out that ADA’s current behavior is reminiscent of its behavior in late 2020 and estimated that it might not only reach $1 but go as high as $7.
Polygon (MATIC)
Polygon (MATIC) is in a profoundly strange spot in early 2024 as it is undergoing a major upgrade aimed at effectively replacing it with another cryptocurrency – Polygon (POL).
Despite this, it remains a promising investment. As a cryptocurrency built on the Ethereum (ETH) blockchain, it has been continuously focused on improving upon it – particularly when it comes to transaction speed and fees.
Additionally, MATIC has remained popular with investors and companies alike, having recently partnered with both Starbucks (NASDAQ: SBUX) and Fox News.
Still, it has – along with much of the crypto market – been declining since the start of the year and, at the time of publication, stands at $0.76.
On the flip side, the upgraded cryptocurrency – Polygon (POL) – has, since its launch in November 2023, generally been rising. In the timeframe, it is 18.39% in the green and, at the time of publication, stands at $0.76.
Ultimately, between their own characteristics and the likely performance of the crypto market in 2024 – especially due to events such as Bitcoin halving – both MATIC and POL represent interesting potential investments that may have a good chance of rising significantly above $1.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here