Multibagger cryptos are no longer something you can expect to buy for short-term gains, especially after last year.
After all, 2022 was a cause for reflection amongst cryptocurrency investors, to say the least. There was no denying the bubbly nature of crypto markets last year, and it came as little surprise when a correction brought prices back to more sustainable levels.
However, worse still is the news regarding increasing instances of fraud in crypto markets, which has shaken investor confidence and rendered some of the hottest coins practically worthless. Nevertheless, the long-term bull case for multibagger cryptos remains firmly intact.
Blockchain technology applications are gaining ground in multiple industries. Particularly impressive is the growth of the blockchain market in supply chain applications.
The sector is estimated to grow to an astounding $4.9 billion by 2027. Blockchain technology has also found utility in other markets, such as finance, healthcare, and logistics. With sectors as diversified as these being impacted positively by blockchain technology’s ever-growing impact on the modern digital landscape.
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Since its emergence on the scene more than a decade ago, Bitcoin (BTC-USD) has led the pack regarding digital currencies. It’s not outrageous to call it one of the original multibagger cryptos.
BTC is not only gaining usage from everyday people, but institutional investors are embracing it too. BTC’s success as an investment vehicle showcases its potential and growth. All indications point to BTC’s secure future, only fueling its acceptance worldwide.
Unfortunately, the crypto winter that followed threw cold water on these high expectations with a drastic sell-off in BTC prices. But things aren’t all that bad, especially with the upcoming “halving” event could prove to be an incredible bullish catalyst for Bitcoin as we advance.
This event, roughly every four years, reduces the rate of new coins being generated in each block – thus reducing supply. With this limited supply on the horizon, Bitcoin is primed and ready to experience another substantial price surge.
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Ethereum (ETH-USD) is revolutionizing blockchain technology in big ways. It is the most popular crypto platform in terms of real-world utility, with a leading position in the most lucrative blockchain markets.
Ethereum recently went through a pivotal event called “The Merge,” transitioning from a proof-of-work to a proof-of-stake system. This evolution has many significant implications and will likely open even more possibilities for developers and communities looking to leverage Ethereum’s powerful capabilities.
The Ethereum network is at a pivotal point in its development, with undeniable potential on the horizon. Co-founder Vitalik Buterin noted in July last year that while Ethereum has made remarkable progress, there are still ways to go before it achieves the true potential of the Merge.
In light of all this, current indicators suggest that with its utility remaining strong and numerous catalysts helping to advance its growth further, ETH prices will almost certainly climb higher than we’ve ever seen before.
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Solana (SOL-USD) has emerged as a formidable challenger to Ethereum. This purpose-built blockchain network is built on a proof of history model, acting as a strong layer-one solution that offers a potent alternative to Ethereum.
Its unique architecture facilitates clustering and sharding, enabling faster throughputs and greater scalability for all types of decentralized applications and smart contracts. Hence, its reputation as one of the leading Ethereum killers is well-earned.
With Solana, those users can now benefit from the efficiencies of blockchain technology without worrying about high transaction costs and other bottlenecks.
Solana charges fractions of a ten-thousandth of a cent for each transaction and can confirm 3,400 transactions per second compared to Ethereum’s 15. Consequently, its trading volume soared from $0.09 billion in April 2020 to a whopping $5.87 billion in November 2022.
On the date of publication, Muslim Farooque held a LONG position in Ethereum and Solana. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.