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Cryptocurrency News Articles
3 Cryptocurrencies That Could Make You a Millionaire in the Long Run
Jun 06, 2024 at 05:29 am
Many crypto millionaires have been minted in recent years. And as a number of key catalysts continue to unfold in this space, investors continue to look for hidden opportunities to benefit from the next potential bull market cycle.
Many crypto millionaires have been minted in recent years. And as a number of key catalysts continue to unfold in this space, investors continue to look for hidden opportunities to benefit from the next potential bull market cycle.
I believe we are already at the beginning of another bull rally. Many large, high-end cryptocurrencies are booming, with smaller meme coins and other more speculative projects seeing even bigger gains.
But for those looking to build a diversified and relatively low-risk portfolio of digital assets, sticking with some of the most well-known tokens is the best way to go. For those aspiring to crypto millionaire status, buying three tokens is worth it in the long run.
Solana (SOL-USD)
Source: Skorzewiak / Shutterstock
One token that has seen strong bullish momentum recently is Solana (SOL USD). In fact, Solana has become a lucrative investment for optimistic crypto fans. Although there was a 9% decline in the past week, it still remains a good buy in the long term.
Technically, Solana could form a round bottom. Compared to its peers in the smart contracts/decentralized finance world, the recovery continues to grow. Important integrations such as: B. Solana Pay with Shopify And Visas (NYSE:v) stablecoin program, increase its potential.
Solana validators approve SIMD-0096, Allocation of 100% of priority transaction fees to validators instead of the current 50%. This change, supported by 77%, is expected to increase inflation by 4.6%. The proposal aims to improve the incentive structure but has divided the validator community.
In other news: MEW, a cat-themed Solana token, Partnership with LOCUS animation studio to produce a 3D animated series. LOCUS, known for Korean 3D animation, raised $17.5 million pre-IPO and is planning an international IPO next year. MEW aims to become the world’s most popular memecoin by leveraging LOCUS’ animations to reach film and television audiences.
Ethereum (ETH-USD)
Source: Shutterstock.com/BT Side
After a long journey of his US Securities and Exchange Commission (SEC) Permit, ether (ETH-USD) Spot ETFs are finally approved. This is the second crypto-based ETF in the country, increasing institutional access to Ethereum. The SEC briefly published the filing but later withdrew it, indicating a shift in cryptocurrency sentiment.
Ethereum’s bullish momentum, fueled by improving on-chain metrics, is reinforced by the potential debut of these spot ETFs. Bloomberg’s Eric Balchunas sees a chance of a market launch at the end of June BlackRock’s S-1 update for its iShares Ethereum Trust. Although SEC comments are expected to be fine-tuned, Balchunas believes a late June launch is plausible, with higher odds for July 4th.
ETH is up 23% in the last 10 days, overtaking Bitcoin and other Layer 1 tokens. Bitcoin rose just 2% last month, and other major tokens also posted minor gains. I think Ethereum could be the mega-cap token that investors want to keep an eye on most closely right now.
Bitcoin (BTC USD)
After US Memorial Day Bitcoin (BTC USD) traded in a tight range around $68,000 but fell near the weekly low on Friday. At 11:45 a.m. ET, the price was at $67,300, down 1% in 24 hours and more than 2% compared to two hours earlier, when it briefly hit $69,000. Despite strong strength in May, Bitcoin has lagged, rising 11% since the start of the month from around $60,000. I think this momentum could continue and Bitcoin could have the potential to become a top performing token again.
This week, Bitcoin showed stability and moved towards the $69,000 level. With economic data suggesting that stagflation could be possible, all eyes are currently on stores of value.
As June begins, analysts expect more major U.S. economic reports in the following weeks. A weakening economic condition could see Bitcoin rally to its all-time high, while strong data could lead to a retest of May lows.
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.
Chris MacDonald’s love of investing led him to pursue an MBA in finance and to take on a number of leadership roles in corporate finance and venture capital over the past 15 years. His past experience as a financial analyst, coupled with his eagerness to find undervalued growth opportunities, contribute to his conservative, long-term investment perspective.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- Ripple Expands RLUSD Stablecoin Testing
- Sep 29, 2024 at 03:30 pm
- Ripple's RLUSD stablecoin is within the personal beta section and is operational on the XRP Ledger and Ethereum mainnet. This section which was initiated earlier
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- Lunex Community’s (LNEX) Viral Cross-Chain Decentralized Exchange Dominates DeFi Market
- Sep 29, 2024 at 03:30 pm
- Cardano was on a bullish pattern final week however it's rapidly reaching a consolidation part now. In the meantime, Uniswap is being overthrown by Lunex Community's (LNEX) viral decentralized alternate that allows crypto buying and selling throughout blockchain networks.
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- XRP (XRP) was trading at $0.588 at press time, close to the mid-range level at $0.585. This range formation has been in play since August 2023 and there are no signs of a bullish breakout yet.
- Sep 29, 2024 at 03:30 pm
- XRP (XRP) has gained by 14.3% compared to XRP’s 3.25% – A worrisome development for swing traders seeking relative token strength.
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- Bitcoin ETFs See Record Inflows as BTC Price Surges Past $65,000
- Sep 29, 2024 at 03:25 pm
- Bitcoin's recent price surge past $65,000 has major interest from investors, particularly in Bitcoin ETFs. On Thursday, US-based Bitcoin exchange-traded funds (ETFs) attracted $365 million in new investments, pushing the week's total to over $600 million.
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- Despite Solana Staking Developments, SOL Is Unaffected
- Sep 29, 2024 at 02:50 pm
- Major exchanges teased new Solana Staking features, initially boosting SOL's price. However, the excitement faded as SOL slipped.
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- Hackers Drain $32M in spWETH From Wallet Ending in "e57" After Sophisticated Phishing Attack
- Sep 29, 2024 at 02:50 pm
- A wallet ending in "e57" fell prey to a sophisticated phishing attack on Sept. 27 that left the wallet drained of 12,083 Spark Wrapped Ethereum
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- TON Cryptocurrency Social Volume Hamster Kombat Market Trends
- Sep 29, 2024 at 02:50 pm
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- Cryptoquant Founder Expects CZ’s Return to Spark Market Surge
- Sep 29, 2024 at 02:45 pm
- Ki Young Ju, CEO of blockchain analytics firm Cryptoquant shared his prediction of the crypto market in a post on social media platform X on Friday.
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- Billionaire Christian Angermayer Leaves the UK for Bitcoin Hub Lugano, Citing Planned Tax Hikes
- Sep 29, 2024 at 02:45 pm
- Billionaire investor Christian Angermayer has reportedly left the United Kingdom for Switzerland's Bitcoin hub, Lugano, citing the UK's plans to raise taxes on offshore wealth.