Bitcoin
3 cryptocurrencies to consider
While Bitcoin Without a doubt remains one of the best cryptocurrencies to buy and hold for the long term, it’s hard to ignore the fact that the oldest name in crypto hasn’t done much recently. Bitcoin has been trading sideways for the past two months and isn’t showing many signs of going into beast mode anytime soon.
With that in mind, it may be time to forget about Bitcoin for a while and find other cryptocurrencies that have strong catalysts in place right now. The three cryptocurrencies that are on my radar right now are Ethereum (CRYPTO: ETH), Search.ai (CRYPTO: FET), and Chain link (CRYPTO: LINK).
Ethereum
The obvious non-Bitcoin choice right now is Ethereum, and this has everything to do with the recent pre-approval of new Spot Ethereum ETFs. Once these ETFs begin trading, perhaps as early as this summer, they could lead to a massive influx of money from new investors into Ethereum, which could increase its price in the near future. The current thinking of JPMorgan Chase is that these ETFs could receive an inflow of US$3 billion in 2024.
We saw the same pattern with Bitcoin as soon as the new spot Bitcoin ETFs started negotiating. Massive new inflows saw Bitcoin reach a new all-time high of $73,750 in March before settling into its current trading range. So could we see the same thing with Ethereum, which is just 22% below its all-time high of $4,891? Ethereum super-bulls are already projecting that the ETF investment narrative could be enough to push this crypto past $5,000.
Search.ai
If we really want to forget about Bitcoin, then we need to find a cryptographic alternative with truly stratospheric advantages. That alternative is Fetch.ai, which is currently one of the most popular AI crypto tokens in the world. Year to date, Fetch.ai is up an impressive 195%, and the upward trajectory could continue as long as investors are interested in all things AI.
Image source: Getty Images.
What makes Fetch.ai particularly interesting now is that it is becoming part of a new “AI super alliance” with two other popular AI crypto tokens: SingularityNET (CRYPTO: AGIX) and Ocean Protocol (CRYPTO: OCEAN). From June 11th, Fetch.ai will be rebranded as an Artificial Super Intelligence (ASI) token, and FET tokens will be converted into new ASI tokens at a 1:1 ratio.
From my perspective, the creation of a new “supertoken” makes the task of investing in AI crypto tokens much more attractive because you are essentially getting three tokens for the price of one. Fetch.ai will become an integrated AI cryptographic token that combines the resources and intellectual property of three distinct AI projects. If you combine the market caps of these three tokens now, that would give you a value of almost $3.5 billion, good enough to rank in the top 30 cryptocurrencies in terms of market cap.
The story continues
Chain link
Finally, there is Chainlink. Longtime crypto investors probably remember this so-called oracle coin from the previous crypto bull market cycle when its value totally exploded. At that time, the investment thesis was about decentralized finance (DeFi) and how Chainlink was becoming an integral part of this new and exciting blockchain niche.
Fast forward to 2024, Chainlink’s new investment thesis is all about tokenizing real-world assets. Often referred to simply as RWA tokenization, it describes the process of transforming real-world assets (like stocks and bonds) into digital assets that can be traded on a blockchain.
RWA tokenization is one of the hottest topics on Wall Street right now and one of the favorite projects of Black stone, the largest asset manager in the world. In the opinion of BlackRock CEO Larry Fink, the tokenization of real-world assets could be the next big step after the introduction of spot Bitcoin ETFs.
Therefore, it is definitely worth trying to understand how this powerful new trend could revolutionize Wall Street. According to a growing number of experts, Chainlink could play a very important role in the development of this trend. For example, its new CCIP (Cross-Chain Interoperability Protocol) platform was specifically designed with the transfer of tokenized assets between blockchains in mind. In September 2023, a test case involving ANZ Bank in Australia showed how this could be done using stablecoins.
Is it really possible to forget Bitcoin?
So there you have it: three big trends and three cryptocurrencies that could be well positioned to benefit from these trends. While it’s nearly impossible to forget about Bitcoin (which should be part of your crypto portfolio if it isn’t already), these three cryptocurrencies will likely have much stronger tailwinds in the second half of 2024. Adding a slight pinch of these Cryptocurrencies to your overall portfolio could be the key to boosting your returns for the year.
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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum and Fetch. The Motley Fool has positions and recommends Bitcoin, Chainlink, Ethereum, Fetch, and JPMorgan Chase. The motley fool has a disclosure policy.
Forget Bitcoin: Three Cryptocurrencies to Consider was originally published by The Motley Fool