BTC

3 Cryptos That Could Be Millionaire-Makers: May Edition

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Bitcoin (BTC-USD) is up more than 10% in the past week, following a softer-than-expected CPI print, fueling hopes for rate cuts later this year. With April’s relatively cool inflation data, Mr.Market is potentially looking at two rate cuts within the next few months. Therefore, with heightened investing activity in the blockchain sphere, now is the perfect time to consider investing in the top cryptos to buy.

The crypto market has been mostly in the green this year, with BTC up more than 50% year-to-date (YTD). However, it’s imperative to understand that not all cryptos are created equal. Hence, for investors searching for cryptos to buy, factors such as network effects and robust fundamentals are crucial. That said, here are three standout cryptos to buy for the long run:

Cryptos to Buy: Bitcoin (BTC-USD)

Bitcoin cryptocurrency with pile of coins, Vector illustrator

Source: Sittipong Phokawattana / Shutterstock.com

Bitcoin is naturally a no-brainer crypto investment, establishing itself as the undisputed leader in the niche. It’s coming off its fourth halving event in April, a process effectively reducing rewards for mining new blocks by 50%. In the past, the event has catalyzed significant rallies in BTC’s market value.

Moreover, smart money is pouring into BTC, following the authorization of 11 spot Bitcoin ETFs back in January. Four months in and these ETFs have collectively amassed a whopping $53 billion, in the U.S., pointing to robust institutional interest.

Moreover, we’ve seen financial heavyweights such as BlackRock’s Robert Mitchnick and Cathie Wood from Ark Invest suggest a soaring trajectory for BTC. Wood, in particular, feels that the digital asset could surpass the $3.8 million mark by the end of the current decade. Maverick entrepreneur Jack Dorsey’s projection supports this optimism, anticipating BTC to blow past the $1 million within the same timeframe. I feel with institutional capital BTC will continue rising at a rapid pace for the foreseeable future.

Ethereum (ETH-USD)

Concept graphic of Ethereum Classic (ETC) crypto logo in green techno style

Source: shutterstock.com/BT Side

Ethereum (ETH-USD) may have played catchup to Bitcoin in the past decade, but this dynamic could shift in the future. Ethereum’s laundry list of use cases in NFTs, decentralized finance (DeFi), smart contracts, and other lucrative blockchain verticals makes it a juggernaut in the crypto realm. Moreover, it peaked above the $4,000 mark earlier this year, and with a potential spot ETF approval looming, ETH is expected to continue its ascent.

Ethereum’s fundamentals are incredible, and its insane utility in powering the blockchain industry is second to none. Its extensive use in NFTs and DeFi points to its incredible versatility and far-reaching potential. Additionally, its committed to expanding its powerful smart contracts network, potentially reaching a massive $12.55 billion by 2032.

Hence, many investing moguls like Cathie Wood remain bearish, if not more, on ETH’s long-term potential. Wood remarks that Ethereum stands out from its peers regarding utility and adoption. Hence, as it innovates and scales, expect ETH to climb to new heights.

BNB (BNB-USD)

Binance (BNB-USD) logo displayed on a pile of altcoins. BNB price predictions.

Source: Robert Paternoster / Shutterstock.com

BNB (BNB-USD) is associated with Binance, the leading crypto exchange globally, and plays a key role in its ecosystem. Perhaps the main use for BNB is to reduce trading fees for its holders, which alone is a major use case. Additionally, it plays a critical role in the Binance Smart Chain (BSC) by waiving transaction fees while facilitating participation in token sales through the Binance Launchpad. These functionalities add to BNB’s value and long-term appeal to users within the cryptocurrency sphere.

Another plus point for the BNB token is that Binance periodically burns a portion of its treasury to decrease supply, increasing its value over time. This deflationary model and its utility in the Binance ecosystem make it one of the best altcoins to bet on at this time. Moreover, with the bull market for cryptos likely to intensify in the upcoming year, the BNB token is set to reap the rewards.

On the date of publication, Muslim Farooque 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.

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.

More From InvestorPlace

The post 3 Cryptos That Could Be Millionaire-Makers: May Edition appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.