Deepika- Though risky, the cryptocurrency market offers numerous profit opportunities for investors.
- Investors can choose their preferred, based on personal tastes and long-term vision.
The cryptocurrency market has been highly volatile, with prices soaring high and then plummeting, causing many traders to shy away from engaging in this buoyant market.
However, those who believe in the future of crypto and have the courage to invest have seen significant profits. While traditional markets like the S&P 500 showed a 100% increase from March 2020 to the end of 2021, the cryptocurrency market skyrocketed by 14 times, valuing it at 2.2 trillion dollars, up from 141 billion dollars.
Nevertheless, not all crypto projects are worthy of investment. Fraudulent projects and rug pulls have eaten up investors’ money, eroding trust in the crypto space. However, there are also legitimate and valuable projects with innovative visions.
The crypto space encompasses a wide range of sectors, including NFTs, DEXs, Gaming, Metaverse, and more. By conducting thorough research on developers, business models, products, long-term vision, and other aspects, investors can choose cryptocurrencies with promising potential for future growth.
Top Three Projects That Offer Promising Gains
IOTA (MIOTA)
To attract investors and users the platform should be unique in use cases and network development. Although people may not have heard of the Internet of Things (IoT), they use it every day in smart refrigerators, TVs, air conditioners, etc. They are machines connected to the internet and facilitate communication.
In the near time, the devices will have their machine economy, where they could handle transactions without human intervention. The IOTA platform uses the same concept of enhancing the machine economy using distributed ledger technology (DLT).
In contrast to other networks, it does not depend on blockchain technology, but rather a special form of Directed Acyclic Graphs (DAGs) called the Tangle.
Here, the users need to confirm two transactions to execute their transactions. This makes the users themselves responsible for securing the network and makes the transactions cheap and fast. IOTA has collaborated with renowned industrial names like BMW, DELL, Hyperledger, General Motors, and others.
Avalanche (AVAX)
The Avalanche network was launched to address the scalability and high gas fee challenges faced by Bitcoin and Ethereum, the dominant blockchain networks. It can handle over 4500 transactions per second (TPS) with a finality time of under two minutes, attracting users and developers who are frustrated with long wait times and high fees.
By running Ethereum Virtual Machine (EVM) software over its network, Avalanche allows developers to create dApps and smart contracts, formerly limited to Ethereum. This shift has drawn developers to the Avalanche platform.
Solana (SOL)
The Solana network is popularly called the Ethereum killer because of its high-edge competition with Ethereum. With more than 3500 TPS and a finality time of just 2.5 seconds, Solana charges an incredibly low amount as gas fees, making it extremely cost-effective.
The network is majorly used for non-fungible tokens (NFTs) minting and has become a preferred choice among artists. Notable NFT projects like DeGods and y00ts are successfully running on the network.
Conclusion
Besides these three projects, many other cryptocurrencies are garnering significant attention from investors and developers globally. The success of a project largely depends on its uniqueness and community support and the investors can choose the one for them, which aligns with their interests and vision.
