Summary: Over the past few weeks, many of the top cryptocurrencies have seen incredibly impressive gains. Though these have been great for people holding coins like Cardano and Solana, many others are left wondering which cryptocurrencies will be next and why. When looking at recent price action, it is easy to see that the cryptocurrency market ...
Over the past few weeks, many of the top cryptocurrencies have seen incredibly impressive gains. Though these have been great for people holding coins like Cardano and Solana, many others are left wondering which cryptocurrencies will be next and why.
When looking at recent price action, it is easy to see that the cryptocurrency market is currently in a bull cycle. Almost everything is up tens, if not hundreds, of percentage points per week, and choosing a losing coin is almost harder than choosing a winning coin. That being said, some coins are increasing much more than others, and those who are able to catch 1000% gains are doing significantly better than those only able to get 10% gains. Let’s take a look at some cryptocurrencies that may be poised to significantly increase in price over the next coming weeks.
One pick which is still relatively unknown in the cryptocurrency community is Fantom. Fantom is a smart contract platform that boasts high throughput and low costs, while also being EVM-compatible, meaning that any dApp on Ethereum can easily migrate to their blockchain. Though there are many similar Ethereum alternatives available, the main reason that Fantom might increase is their new DeFi incentives program, which is offering over $300 million to DeFi projects on the Fantom blockchain. This is incredibly significant, as the Avalanche cryptocurrency has shot up nearly 500% since their announcement of a $180 million incentive program and now has a market capitalization of $10 billion.
Even though Fantom is currently up around 600% since its July low, it only has a market capitalization of $3 billion. Even now, it reaching the same highs as Avalanche would mean that the coin has the potential to do another 300% gain, which is entirely possible.
Like Fantom, Harmony is another smart contract blockchain that could see big gains in the near future. Their main selling point is that they are the first project to implement a sharded proof of stake blockchain, meaning that they can scale incredibly efficiently while also only costing one one-thousandth of a cent for transactions. If they follow in the footsteps of Avalanche and Fantom and release some sort of DeFi incentive program, the price of the ONE token could increase dramatically.
It currently sits at a market capitalization near $1 billion, and if it can garner the same attention as other DeFi incentive programs, it could easily reach new all-time highs. Of course, this DeFi incentive program is not a guarantee and they may decide to spend their treasury money in other areas, but for many investors the reward is worth the risk.
The next pick, which is safer than the previous two, is Ethereum. Even though it already has a market capitalization of $450 billion, positive news, continued development, and general public adoption make ETH an incredibly solid pick. Ethereum 2.0, which is a monumental upgrade to the blockchain that will introduce sharding, proof of stake, and a decrease in transaction costs, is coming out in late 2021 or early 2022. This is the biggest upgrade to ever happen on the Ethereum blockchain and promises to help the blockchain achieve its goal of being the ‘World's Computer.’ If ETH can have a market capitalization of $450 billion when it is hardly usable due to high fees and long transaction times, $1 trillion is a very achievable number after ETH 2.0's release.
Even though these picks all seem like solid bets to increase in the short-term, nothing is guaranteed, especially in the world of cryptocurrencies. Additionally, the promise of ‘getting rich quick’ is a dream that is nearly impossible to achieve without unbelievable luck. For the average investor, the best path to cryptocurrency riches is through dollar cost averaging, or taking a fixed amount of money to invest in certain cryptocurrencies every week or so. For those that are willing to take a risk on a short-term play, these cryptocurrencies offer an exciting opportunity to do so, but it should be treated as a gamble and not a retirement plan.
By Lincoln Murr