The cryptocurrency market currently continues to show signs of pandemic-like potential. Bitcoin (BTC USD) is the most valuable and important asset in the cryptocurrency space. Fortunately, it is retesting all-time highs. This creates a scenario where all boats are lifted for these seven cryptos with explosive potential. Additionally, some cryptocurrencies are currently showing signs of their ability to breakout. This is clearly a sign to keep an eye on when trying to identify cryptos with 5x potential.
Back to Bitcoin. Spot ETFs are here. The largest cryptocurrency has managed to further integrate itself into the financial landscape. Additionally, the Bitcoin halving is imminent. Mining companies will soon be rewarded with half as much BTC for successfully mining a block as they did recently. Scarcity tends to lead to higher prices, which is another reason Bitcoin could rise quickly. In turn, the entire cryptocurrency market could move significantly higher again, making it a particularly exciting time for crypto investors.
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Cryptos with Explosive Potential: Ethereum (ETH-USD)
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ether (ETH-USD) is simultaneously one of the cryptocurrencies with the highest and lowest probability of recovering fivefold by 2025.
The price would have to be somewhere between $15,000 and $16,000. That would be about three times Ethereum’s all-time high, which was reached back in November 2021.
It would also push Ethereum’s market cap to over $2 trillion. Bitcoin is currently worth $1.2 trillion and the entire cryptocurrency market is worth $2.3 trillion. In short, there needs to be a massive inflow of liquidity into the crypto market for the price of Ethereum to increase fivefold by 2025. Is that impossible? NO.
On the one hand, Ethereum continues to underpin the entire cryptocurrency space through its dominance in DApps and smart contracts. It is an integral part of the entire crypto environment. Additionally, Ethereum will soon be available through spot ETFs similar to those recently approved through Bitcoin.
There is a real possibility that we are entering another phase where cryptocurrency grows by leaps and bounds. This makes Ethereum a realistic cryptocurrency with fivefold potential, despite its already high price.
XRP (XRP-USD)
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Simple price history determines it XRP (XRP USD) has the potential to increase fivefold by 2025. The leading token for facilitating cross-border payments traded for $3.50 in 2017. It is currently trading for 59 cents, less than 1/5 of its previous price.
Ironically – and fortunately for investors – XRP has gotten better since then. That means the company behind XRP, Ripple, prevailed in the fight against the SEC. It is not treated as a security, despite the SEC’s persistent battle to prove that it is an unregistered security.
Either way, the worst is behind XRP and it continues to cement its place as a preeminent cross-border transaction token. As more and more people travel, the utility of XRP has good growth prospects. If you’ve ever tried to send cash across borders, you know that it can be difficult. The fees are high and dealing with banks in other countries is inconvenient and complicated, to say the least. XRP solves many of these problems with incredibly low fees of a fraction of a cent and settlement times in the 3 to 5 second range.
These factors are likely to see XRP continue to grow in the future, perhaps on the order of 5x this year.
Cryptos with Explosive Potential: Cardano (ADA-USD)
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Cardano (ADA USD) is simultaneously one of the most idealistic and realistic cryptocurrency projects in existence. It focuses on the nebulous goal of enabling visionaries to create positive global change. That’s an idealistic goal that resonates throughout the cryptocurrency space. It’s nothing new.
However, Cardano is incredibly realistic in that it governs itself primarily through an empirical evidence development process. The project is based on the most current and modern computer science information available. In other words: The company does not allow its development to be guided by feelings and instead relies on empirical findings as a driving force.
Will this help Cardano’s price multiply by a factor of 5 in 2024? Realistically, I don’t know.
Nevertheless, Cardano has more than doubled since October. Furthermore, ADA has been trading at prices around five times higher than it is currently. The potential is there. Cardano is unlikely to fail because it is one of the projects least likely to introduce a fatal flaw in its code. Strict adherence to computer science-based evidence is the reason to believe this.
Dogecoin (DOGE-USD)
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I probably recommended investors avoid it Dogecoin (DOGE-USD) as many times as I recommended they think about it. It never had much use to begin with. Years later it remains the same.
Regardless, Dogecoin has greater potential than most cryptos to increase its price quickly. For example, in the 24 hours before I wrote this, the value was up 32%. It is up more than 50% in the last week.
Well-known and influential names in the cryptocurrency space predict that Dogecoin will mirror its behavior in 2020. Ali Martinez is a cryptocurrency strategist with a following of more than 43,000 people on X. He recently suggested to his followers that Dogecoin could be capable of doing this Increase of more than 11,000% in the near future. If that were to happen, 5x returns would seem pathetic in comparison. Be that as it may, Dogecoin remains an obvious choice for crypto investors willing to make external profits.
Cryptos with Explosive Potential: Toncoin (TON-USD)
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Toncoin (TON USD) is a little different from the cryptos discussed previously in this article. The difference is that it has particularly strong catalysts beyond the current widespread excitement surrounding cryptocurrencies.
The social media platform Telegram is launching an advertising platform that is expected to generate significant revenue. There is currently a lot of speculation that it will be Toncoin adopted within this advertising platform. This means that Toncoin could correlate with the increase in advertising revenue. This in turn holds significant potential to further increase the price of Toncoin.
Let’s face it: much of cryptocurrency’s potential continues to be based on amorphous ideas and broader speculation that decentralization is here to stay. Nevertheless, with cryptocurrencies, as with any other business, sales are always one of the main factors for success. Toncoin is now potentially linked to legitimate and measurable revenue growth. This simple and powerful factor is the main reason to believe that Toncoin’s value could multiply by a factor of 5 by next year.
Shiba Inu (SHIB-USD)
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Shiba Inu (SHIB USD) is very likely to see a large cash flow in the coming months and throughout 2024. The project has been able to build a strong position as a meme coin, and that is a strong asset. Many meme coins have since tried to repeat their success and almost all have failed. Shiba Inu is a unique power, although, like Dogecoin, it has little utility.
Investors are aware that Shiba Inu is a great mechanism to bet on the bullish sentiment across the cryptocurrency market. It is not a nightly meme coin but an established coin. All I really want to say is that it offers relative stability compared to other meme coins while being highly capable of absorbing rapid upward volatility.
This is particularly valuable at this moment. It is a silly task to understand the mechanism behind Shiba Inu. Instead, investors should simply understand that historically, when the crypto market gains momentum, it has resulted in huge profits. That is its value.
NEAR Protocol (NEAR-USD)
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NEAR protocol (NEAR USD) is the cryptocurrency of choice for investors who believe that fundamental platforms can still be developed today. It is a so-called layer-one blockchain. This means that it provides the broad environment for DApp development and smart contract creation, among other things.
Investing in the NEAR Protocol means that there is still room for the creation of fundamental platforms and the market for them in 2024. The project attempts to overcome issues that have plagued other similar projects, including scalability. It has its own unique consensus mechanism called “Doomslug” that aims to solve this problem.
The NEAR protocol remains interesting for the same reason Solana (SOL USD) has been interesting in recent years: speed. Thanks to the so-called Nightshade technology, it reaches 100,000 transactions per second. The technology breaks blocks into smaller pieces, increasing transaction speed. It will continue to be an interesting project for the speed narrative alone.
At the time of publication, Alex Sirois 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, subject to those of InvestorPlace.com Publishing Guidelines.