Cryptocurrency may have begun as a maverick-dominated Wild West of investment, but it is now firmly in the financial mainstream.
Despite recent volatility, the collapse of a major exchange, and regulatory crackdowns in China and elsewhere, institutional investors and large banks regard it as a genuine asset.
Consider the following as proof of how volatile: Bitcoin’s value had varied from $15,599.05 to $45,544.36 in the previous year as of March 4.
Regardless of the volatility, many bitcoin investors are looking for the next big reward. Continue reading to find out which cryptocurrencies are likely to explode in the near future.
Which Cryptocurrency Is About To Take Off?
If you’re thinking about investing in cryptocurrency, you might be wondering which one will provide the most potential return.
Although bitcoin may seem like the obvious choice, it isn’t always the best in 2023.
A smaller coin that hasn’t previously been inflated up by institutional investors, like bitcoin, may offer a better possibility of a large reward.
Here are six cryptocurrencies with a potentially high ceiling:
1. Ethereum (ETH)
Ethereum, often known as ether, is the world’s second-largest cryptocurrency behind bitcoin, occasionally outperforming it.
Ethereum implemented a big upgrade in 2021 that lowered the amount of ether, which is now at 120.46 million coins as of April 5.
The upgrade also enabled the Ethereum network to process more transactions per second, enhance platform scalability, and reduce transaction fees.
In comparison to bitcoin, ethereum lacks scarcity (the quantity of bitcoin is limited to 21 million coins) and widespread support by businesses and governments.
Unlike bitcoin, though, ethereum is more than just a store of money. It also serves as the foundation for an architecture over which apps can be built. Ethereum is the foundation of decentralised finance and is used to issue other cryptocurrencies.
2. BNB (BNB)
In terms of trade volume, Binance is the largest cryptocurrency exchange.
BNB coin, formerly known as binance coin,, like bitcoin, has a hard limit on the amount of tokens in circulation – currently, 157,887,462 out of a maximum of 159,979,964 tokens are in circulation. This aided the token price’s exponential rise in 2021.
Furthermore, Binance invests roughly one-fifth of its revenues each quarter in permanently removing, or “burning,” BNB tokens, which increases the value of the remaining tokens.
It burned 2.06 million BNB tokens (worth about $575 million) in January and plans to burn 50% of the maximum supply ultimately.
3. Tether (USDT)
Tether is a sort of “stablecoin” that is connected to another asset, making it a less volatile alternative to bitcoin.
In the instance of tether, that asset is the US dollar. In terms of valuation, tether typically has a one-to-one relationship with the dollar, implying that it is less volatile than cryptos such as bitcoin and ether – the important word being “usually.”
Tether briefly fell to $0.9455, its lowest price since 2018, in May 2022, before rebounding to its usual price of more than 99 cents.
4. Decentraland (MANA)
Decentraland is an Ethereum blockchain-based virtual reality game that employs the MANA token as in-game currency. Users can buy goods and services, buy land, visit other players, and produce and monetise their own content.
MANA’s April 5 price of $0.5989 is a 109% gain from its 52-week low of $0.2859 — and a 76% reduction from its 52-week high of $2.56. In terms of market capitalization, MANA is the second-largest gaming cryptocurrency.
Although Decentraland has competition from The Sandbox and ApeCoin, and in-game assets are relatively pricey — land parcels recently advertised start at 3.5 ethereum, or roughly $6,650 at current prices — it does offer several advantages that could propel the MANA token forward.
5. Algorand (ALGO)
Algorand, designed by renowned computer scientist Silvio Micali, has established itself as a rival to the Ethereum blockchain.
It is used by hundreds of businesses, including the International Federation of Association Football and the governments of El Salvador and the Marshall Islands.
Algorand has recently hired its first chief financial officer. “There are tremendous opportunities for Algorand to extend its leadership across many sectors of blockchain,” Matthew Commons, a Chartered Financial Analyst with over 20 years of expertise establishing and running blockchain firms, said in a March 1 statement.
One of my first goals will be to work with the leadership team to identify strategic growth areas and then ensure we have the appropriate financial strategies in place to pursue them.”
6. RenderToken (RNDR)
RenderToken is a visual rendering network that allows miners with excess GPU bandwidth to distribute it to artists and creative studios in need of more computer power.
RNDR is the native token used by Render Network producers and miners in their transactions.
Render is the work of the cloud graphics business Otoy. Otoy has announced their Octane X RNDR app for iOS to further level the graphics-processing playing field.
According to Fast Company, the app features the same Otoy GPU renderer that studios like Disney and Marvel use, and it might pave the way for RenderToken to become a big player in metaverse rendering.
Where to Look for the Next Big Cryptocurrency
Before determining whether cryptocurrency will be the next big winner, it’s important to understand why so many investors are drawn to cryptocurrencies in the first place.
According to Jeff Dorman, chief investment officer of Arca, a financial services firm that specialises in digital assets, much of it is due to a fundamental shift in how digital assets are perceived.
Profits and Gains from Crypto
When looking for the next major cryptocurrency, two things to look for are comparable to what a stock investor would look for: market capitalization and pricing.
To read our blog on “Russia becomes world’s 2nd most powerful Bitcoin miner,” click here
