3 ‘Strong Buy’ Cryptos You Should Be Loading Up On Now
Omor Ibne Ehsan
5 min read
Cryptos are fascinating assets to consider, if you enjoy high-risk, high-reward investments. However, the truth is that most cryptos are unsafe and risky investments, and you may lose more than you gain on your few winners. This is especially true with startup crypto projects that have no usefulness attached to them, or are without any unique value propositions to drive their valuations.
On the other hand, some projects do bring a lot of utility to the table. During bull market rallies, such cryptos can deliver tremendous returns, similar to what Solana (SOL-USD) demonstrated in the last crypto market rally. We’ll be looking into similar projects today, and Solana (unsurprisingly) is one of the projects listed below.
But again, there’s no guarantee of a near-term rally, as Bitcoin (BTC-USD) once again trades below $30,000. There is much uncertainty about which direction this leading token, and therefore the market, is headed. However, Bitcoin’s upcoming halving event combined with anticipated rate cuts in 2024 will likely propel cryptos higher next year. Here are three cryptos to buy before that happens.
The Render (RNDR) crypto logo displayed on a smartphone screen.
Source: Maurice NORBERT / Shutterstock.com
Render Token (RNDR-USD) is one crypto project I’ve been covering a lot for the past few months. Thus far, it has delivered satisfactory gains.
Render leverages blockchain technology to provide decentralized and scalable solutions for the graphics industry. By creating a peer-to-peer marketplace for GPU computing power, Render Token makes it very easy for individuals or institutions to access GPU computing power on the cheap.
I think it is a very promising concept, and one that is poised to succeed in a world where the demand for chips is growing exponentially. Not only that, independent artists and researchers are also growing, increasing the demand for cloud rendering even more. Few people know that Render Network exists, but I expect a lot of appreciation here once it is on more investors’ radar. Render Token already has a strong partnership with Apple (NASDAQ:AAPL), which integrated its technology into its Reality Composer app. This allows users to create and share augmented reality experiences using their iPhones and iPads. Thus, this is a project with some pretty impressive corporate interest thus far.
On the other hand, it does have a caveat investors need to consider. Namely, Render Token has an inflation rate of 45.63%. This inflation rate is not constant, but it is a considerable barrier if you are looking to invest over a multi-year period. That said, I believe there is enough buying pressure here to outweigh the incoming dilution.
Kaspa (KAS-USD)
Four letter blocks, spelling out Web 3.0.
Source: Shutterstock
Kaspa (KAS-USD) has been among the hottest cryptos recently, and this momentum has only accelerated since I last wrote about it. The project reached a new all-time high, and could follow in the footsteps of Solana and become one of the major Web 3.0 players.
That’s because this blockchain claims to have solved the “scalability trilemma” through its GhostDAG protocol. It is a novel consensus mechanism that allows for fast and secure transactions on a blockDAG structure. Unlike traditional blockchains, which form a linear chain of blocks, blockDAGs allow for multiple blocks to be created and linked in parallel, forming a directed acyclic graph (DAG). This increases the throughput and scalability of the network, while maintaining the security and decentralization of the proof-of-work consensus mechanism.
Plus, Kaspa supports the creation and operation of subnetworks, which are independent networks that run on top of the Kaspa blockDAG. Subnetworks can have their own rules, parameters, and tokens, allowing for customized and specialized applications. Kaspa also enables users to create and join channels, which are encrypted peer-to-peer connections that allow for private and secure messaging. That’s a lot of utility, and the price action of this token has demonstrated that Kaspa may finally be getting the attention and recognition it deserves.
Solana (SOL-USD)
Solana logo on phone screen stock image. Solana price predictions.
Source: sdx15 / Shutterstock.com
Solana is one of the earliest cryptos to challenge Ethereum’s (ETH-USD) dominance in the Web 3.0 space. However, while it did have an explosive start in the 2021 rally, it failed to live up to the hype. Solana currently trades below $25 per token, a far cry from its all-time high of $260.
Moreover, Solana often faces downtime and reliability issues, almost unheard of in the blockchain space. This single issue is the main reason SOL continues to languish, despite its upside potential at its current price point.
Still, I wouldn’t say all is gloomy regarding Solana. The project’s developers have focused on fixing these downtime issues, stating that 2023 is all about improving stability. The project has also been relatively successful in capturing market share in the non-fungible token market.
All things considered, I see Solana performing well during the next rally.
On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. TipRanks has consistently ranked him among the top 5% of experts as of August 2023. You can follow him on LinkedIn.
