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Bitcoin (BTC USD) rose to new records this year, allowing investors to assess which cryptos they should buy. The uptrend was supported by institutional inflows into exchange-traded funds (ETFs) and expectations that Fed rate cuts will weigh on U.S. yields later in the year. Although the path was not directly higher, recent setbacks resulted from profit-taking. This has left the door open to thinking about buying some cryptos when the off-season begins.
The well-known momentum of altcoins following Bitcoin’s example has been maintained. During Tuesday’s correction, the analyst who predicted this stated that this was the case ready for an eruption. Based on the lead-lag analogy, this may also be the case with other cryptocurrencies pulled to record highs when Bitcoin accelerates higher.
The latest ISM Purchasing Managers’ Index for the manufacturing sector also recorded another expansion. This suggests that the Federal Open Market Committee (FOMC) may have more flexibility before cutting interest rates. However, even the Fed recognizes that interest rates are too high and will need to be lowered at some point. With lower interest rates and the expected halving driving the cryptocurrency market higher, an impending surge is a matter of time.
Let’s look at three buyable cryptocurrencies that are well-positioned to benefit from this predicted uptrend in Bitcoin.
Litecoin (LTC-USD)
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Litecoin (LTC USD) is the third largest cryptocurrency by market capitalization. The aim is to improve Bitcoin through its offering faster transaction Speeds and a higher supply cap than BTC. Experts say it could be a reasonably solid cryptocurrency for experienced cryptocurrency investors to buy.
More recently, LTC has increased according to the Commodity Futures Trading Commission (CFTC) ‘S Classification as goods. It rose 32% last month in response to news that gave it its second-strongest performance so far this year. Following the rise, analysts have adopted a more optimistic outlook and are forecasting a potential upside to $400.
Additionally, Coinbase (NASDAQ:COIN) is planning to start Litecoin futures contracts In April. This could attract institutional capital and drive up the price of LTC. Recently, Litecoin’s hash rate reached a record high of 1.244 peta hashes per second, indicating higher mining activity and confidence ahead of the Bitcoin halving.
Uniswap (UNI-USD)
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Uniswap (UNI USD) is one of those cryptocurrencies that you can buy alone.
It is a decentralized cryptocurrency exchange built on top of this ether (ETH-USD), which allows users Exchange tokens directly from a non-custodial wallet. It uses an automated liquidity protocol and pools to facilitate such trades while eliminating the need for order books. With smart contracts that automate trading and reduce fees, Uniswap V3 aims to provide concentrated liquidity across smaller price ranges to improve liquidity utilization.
University continues lead the decentralized exchange (DEX) place in trading volume and remains one of the top cryptos to buy in this bull market. It recently adjusted its fee structure to reflect rising Ethereum network costs ahead of an upgrade, potentially providing scalability.
In the wake of the alleged collapse of FTX fraudulent activities According to Sam Bankman-Fried, Uniswap’s transparent model and lack of central control have sparked new interest. Given its network effects and real-world trading activity on Ethereum, Uniswap remains an integral part of evolving decentralized finance (DeFi) ecosystem.
Internet Computer (ICP-USD)
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The Internet computer (ICP USD) is the final choice of cryptos to buy. It is a decentralized network that aims to provide a alternative infrastructure for the Internet and challenges Internet giants such as Facebook, Google and Amazon Web Services. Most websites and applications hosted on the servers of large technology companies give them control over the data and content. ICP promises no control over the data.
In particular, ICP enables unlimited smart contracts as a replacement for cloud services. Its technology uses subnets to share smart contracts and Improve scalability, which behave like processes that handle HTTP requests and have timers. They are more efficient, scalable, secure and cheaper than Ethereum, with near-instant transactions at a fraction of a cent.
Last week ICP saw a Increase of 62% after users pledged $80 million for decentralized applications (DApps) in his network. The increase followed a recent announcement of a planned integration with Bitcoin. Analysts expect additional profits as ICP is aiming for change the internet If it can effectively scale the underlying technology and achieve widespread implementation, it will thrive in the industry over the next decade.
At the time of publication, Stavros Tousios held (neither directly nor indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.