These cryptos to buy have strong momentum and catalysts that drive their prices higher
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Cryptocurrencies, led by Bitcoin (BTC USD), have plummeted recently. After reaching an all-time high of just under $74,000 in March this year, the Bitcoin price has been trending downward. Some analysts predict that the price could fall to $60,000 in the coming weeks. Analysts say Bitcoin has also decoupled from developments Nasdaq Index that has previously been positively correlated with the index.
Bitcoin’s price has deteriorated since the cryptocurrency experienced a halving in April this year, which halved the rewards for mining the digital token. Bitcoin has also declined since the Federal Reserve on June 12 reduced its interest rate cut forecast for this year from three to just one. Other cryptos have also declined due to the interest rate news Solana (SOL USD) fall by more than 10%.
Given cryptocurrency’s recovery history, investors could view the price drop as a buying opportunity. Here are three cryptocurrencies to buy that could make early investors rich.
Cardano (ADA-USD)
The Cardano (ADA USD) Cryptocurrency network is expected to undergo the most anticipated development “Voltaire” upgrade later in June. According to recent social media posts from ADA founder Charles Hoskinson, the upgrade will make Cardano a fully decentralized blockchain ecosystem. Notably, Cardano’s underlying blockchain network will complete a hard fork that will make it more decentralized in the future.
Once the upgrade is complete, development company IOHK will no longer actively manage Cardano’s blockchain; but instead, Community members. In the future, holders of the ADA token will be able to vote on issues and features that benefit Cardano in a more democratic process, Hoskinson said. “We will be guided by the wisdom of our entire community,” Hoskinson wrote on X, formerly Twitter.
The price of ADA has increased by 54% in the last 12 months and is trading at $0.41 per token.
Tether (USDT-USD)
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Stablecoin developers Connection (USDT-USD) plans to invest more than $1 billion Cryptocurrency transactions over the next year, says CEO Paolo Ardoino. In a recent interview with Bloomberg, Ardoino said Tether’s investments would likely focus on financial infrastructure and artificial intelligence (AI) and biotechnology companies. The company has invested $2 billion in these areas over the past two years, a trend that Ardoino says is continuing.
Tether currently operates this the world’s largest stablecoin, USDT. A stablecoin is a cryptocurrency pegged to the value of an underlying asset, usually the US dollar or gold bullion. Tether created the cryptocurrency USDT to act as the internet’s digital dollar, with each token worth $1 and backed by American foreign reserves. Tether invests most of its reserves in U.S. Treasury bills and other securities to provide its investors with billions of dollars in profits.
Binance Coin (BNB)
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Binance coin (BNB-USD), the digital token issued by the world’s largest cryptocurrency exchange, is trading near an all-time high. The cryptocurrency rose as high as $716, surpassing its record high of $686 that it previously held for three years. The price of Binance Coin has almost doubled this year. Its market capitalization now exceeds $100 billion, making it the fourth largest cryptocurrency.
The new all-time high comes as Binance founder and former CEO Changpeng Zhao serves a four-month prison sentence in California for violating the US Bank Secrecy Act. As Changpeng Zhao knows, CZ pleaded guilty in April to money laundering and operating an illegal exchange in the United States. CZ did this due to Binance Coin’s recent surge doubled his net worth while behind bars.
At the time of publication, Joel Baglole 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.