3 Cryptos That Could Be Multibaggers: April Edition

Investors aren’t too adventurous right now and not many are looking for cryptos to buy. But who could blame them? Given the unrest in the traditionally volatile stock and crypto markets. Crypto leader Bitcoin (BTC USD) underwent a correction last month. So did many tech giants who led the way S&P 500 Record highs this year have seen a sharp decline in value recently. With that in mind, would it be strange to buy a lot of cryptos now?

“Be greedy only when others are afraid,” the great Warren Buffett would say given the current market situation. This statement resonates with astute investors who have made fortunes by believing in the long-term potential of the crypto market. Sure, it’s lost a lot of value over the last decade, but its overall astronomical gains should silence its critics. BTC’s 10-year profit is at a staggering 13,831%outperforming the S&P 500’s 174 percent gain over the same period. However, if we look at a much shorter time frame, we don’t see such a large discrepancy between BTC’s gains and the stock market. Therefore, to achieve these incredible profits, it is time to examine the emergence of multibagger cryptos.

Cryptos to Buy: Basic Attention Token (BAT-USD)

The basic attention token (BAT USD) is one of the more promising cryptos I have come across. The BAT token is an integral part of the Brave browser ecosystem and is touted for its strong potential in the Web 3.0 space. Web 3.0 may be the next big phase of the Internet, and research suggests it is Market could grow by 46% from 2023 to 2032 and reaches $66 billion. The Brave browser fits seamlessly into Web 3.0 and supports direct interactions with decentralized applications (dApps) without additional software. Additionally, BAT acts as both a rewards system and an advertising platform in the Brave browser.

BAT is built Ethereum (ETH-USD) Proof of Work (PoW) mechanism that facilitates transactions between content creators, advertisers and users. However, it is more than just an advertising token, as Brave’s vision also extends to various Web3 services. These include micropayments for content creation, authentication rewards, and social media tips, among others. Therefore, BAT has significant utility and is up more than 32% in the last six months.

Filecoin (FIL-USD)

Filecoin (FIL-USD) efficiently connects evolving cloud storage needs to the blockchain network. The platform is straightforward; Customers pay for data storage and retrieval, while miners provide storage and data retrieval options. This essentially enables a new type of rental economy on the blockchain like we have seen with crypto platforms Decentraland (MANA USD). A 2022 article about DailyCoin has shown that rental offers are only as cheap as 14 MANA up to 3,000 MANA per day in Decentraland.

Therefore, developing a rental economy could be beneficial for FIL holders in the long term. It also highlights the huge potential to turn available device storage into an income-generating asset. Additionally, the global cloud storage market is expected to grow from $99.2 billion to a whopping $234.9 billion by 2028and is growing at a compound annual growth rate of 18.8%. Additionally, FIL is up more than 10% over the past year.

Render (RNDR-USD)

Make (RNDR USD) is another possible multibagger cryptocurrency that serves a crucial purpose. It offers a unique blockchain-based solution that efficiently connects free GPU capacity with increasing demand. Why is that important? Artificial intelligence (AI), the Metaverse and similar technology-intensive applications will likely consume GPU resources voraciously. Consequently, demand for GPU-as-a-Service is expected to skyrocket. In fact, according to KBV Research, the market could grow at an exponential 35% CAGR from 2023 to 2030 to 22.4 billion US dollars.

The Render Network allows developers to flexibly lease GPU firepower, providing proficient response to changing needs across a variety of technology industries. Furthermore, with privacy and efficiency at its core, the scalability of the platform ensures that it is able to meet growing demand. Therefore, it could become a beacon for the decentralized computing economy and offer huge upside potential to its investors.

At the time of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.