3 high-growth cryptocurrencies worth speculating on now

Recently, the crypto market downturn caused investors to exit top altcoin positions. The timing of the market’s recovery remains uncertain, but taking advantage of volatility to accumulate promising projects seems prudent ahead of a possible bullish reversal in late 2024 or early 2025, influenced by interest rate cuts and Bitcoin’s post-halving impact.

In June 2024, smart investors are prioritizing blockchain stocks with promising growth potential amid a wave of technological advances. These stocks offer a strategic approach to capitalizing on the crypto market expansion following events such as the Bitcoin halving and the approval of spot ETFs.

Here are three of the best high-growth cryptocurrencies you can purchase.

Solana (SOL-USD)

Solana (SOL USD) stood out in the crypto bull market, rising from $20 at the end of 2023 to $200 in 2024. Despite a downturn, it remained up 37.28% year-to-date, trading at $139.07 on June 27. Dollar. The Solana blockchain has seen significant activity with millions of new projects being launched.

Blockchain’s appeal includes strong NFT market share and a low-fee ecosystem that is attractive to memecoin traders. If Ethereum (ETH-USD) Transaction fees are rising, traffic could shift to Solana. The team has also significantly reduced network downtime and positioned Solana for strong future growth.

Solana recently too ZK compression adopted, which significantly improves scaling and performance. Helius CEO Mert Mumtaz predicted “10,000x scale improvements” and over 5,200x cheaper transactions. This upgrade compresses Solana’s blockchain state, reducing hardware costs and improving overall performance.

Anatoly Yakovenko praised ZK Compression as transformative. He believed that modernization would transform society. New features include photon-based compressed account indexing. Despite the changes, the APIs remain largely unchanged. Pantera Capital recently published a bullish report comparing Solana’s rise to Apple’s disruptive market entry: Solana’s monolithic architecture and optimized blockchain approach are in line with Apple’s vertically integrated strategy.

Polkadot (DOT-USD)

Gaining more traction and attention recently, Speckle (DOT USD) is a major player in the blockchain sector. It works as a decentralized, transparent ledger system, with each blockchain having its isolated data. Polkadot is also considered a bridge to various blockchains. This enables interoperability and data exchange between relay chains, parathreads and bridges. This connectivity is critical because it increases data completeness and supports the development of diverse applications.

Polkadot members discussed connecting to Cardano via a bridge. Felix from Unifires shared plans for a Cardano-Polkadot light client and NFT swap bridge, already proposed to Cardano and soon Polkadot’s OpenGov. The aim of this bridge is to improve interoperability and utility, benefiting both ecosystems founded by Ethereum’s co-founders.

This development followed SnowBridge’s activation of the Polkadot-Ethereum bridge on June 20. The bridge uses first-party signatures from validators to ensure transparency and auditability. The first release enables ERC20 asset transfers with plans for deeper integrations, increased interactions and future messaging and liquidity programs.

Ripple (XRP-USD)

ripple (XRP USD) remains a mystery in cryptocurrency, often disappointing even its most loyal proponents. Despite recent modest gains of around half a percent in recent weeks, XRP is struggling to break above critical technical thresholds.

XRP’s open interest has recently risen sharply, indicating that increasing investors are betting on the price rise. Despite caution over potential volatility, trading activity intensified with a 19% year-to-date decline to $0.49.

On June 13, Ripple proposed a penalty of “no more than $10 million,” much lower than the SEC’s proposed $876.3 million penalty, citing the SEC’s settlement with Terraform Labs. The SEC responded on June 14, arguing that such a low penalty did not meet civil penalty standards. A settlement would ease investors’ concerns about their legal battle since 2020 over alleged unregistered securities sales.

At the end of June, XRP showed signs of a possible price breakout, marked by a descending triangle formation on the daily chart. This pattern suggests a possible recovery if XRP maintains support above $0.47. Historical fractal patterns from February 2024 also suggested a possible breakout and served as a guide for technical traders in predicting future price movements.

At the time of publication, Chris MacDonald did not hold, 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.

At the time of publication, the responsible editor had neither direct nor…
indirectly) all positions in the securities mentioned in this article.