Monero (XMR) and MultiversX (EGLD) Selected as Potential '10x' Cryptocurrencies to Turn $100 into $1,000 in 2024

The cryptocurrency market seems ready to start the second phase of the 2024 crypto bull run, according to analysts.

Cryptocurrency prices could be preparing for the second phase of the 2024 bull run, as analyzed by Finbold. Thus, we selected two cryptocurrencies that could turn a $100 investment into $1,000 with a 900% return.

In the fast-growing and highly competitive cryptocurrency space, picking the right tokens can make a difference in achieving better financial results. However, the market will not always respond as expected, usually presenting itself as an unpredictable and highly volatile speculative landscape.

For this select list of potentially good candidates for a “10x” return, we have looked into solid fundamentals, growth projection, and market asymmetry, but investors should still do their research and evaluate the ideas presented here.

Overall, we are looking at two narratives that could surge in the 2024 crypto bull run, attracting two different sectors. Using cryptocurrencies for payments is one, while the other is looking to scalability and interoperability in a broader Web3 landscape.

Privacy was a recurring subject among crypto- and internet-native people in 2024, facing a major regulatory crackdown and arrests. In this realm, Monero (XMR) surges as one of the favorite contenders, offering battle-tested privacy by default without compromise.

The Monero community has proven resiliency after Binance’s delisting and stood firmly for its ideals while fomenting real-world payment adoption. With that, XMR grew in multiple payment platforms, even surpassing popular coins like Bitcoin (BTC) and stablecoins (USDC and USDT). Finbold reported multiple of these monthly results showing a growing user preference for Monero.

Notably, Chainalysis recently sent some waves to the industry with a video that was quickly removed and reshared by the Monero community. In the video, the leading on-chain investigation company praises Monero’s privacy and explains how difficult it is to make highly probabilistic educated guesses on the origin and destiny of XMR transactions.

“Monero is super cool. It really is the frontline of the army’s race between cryptographers and investigators like us. Or privacy advocates or criminals and investigators like us. Monero has an incredible developer team; they are always looking for weaknesses in their protocol. They are really proactive in making the protocol as secure and private as it can be.”

Monero (XMR) price analysis

At the time of writing, XMR is trading a $170 per coin, up 6,809% since launch and down nearly 69% from the all-time high, with a $3.1 billion market cap. At these prices, Monero has a capitalization 362 times lower than Bitcoin and five times lower than Dogecoin (DOGE).

A ten-time surge would result in a $31 billion market cap, which is exactly what XRP and USDC have today. Considering most cryptocurrencies will rise in the expected 2024 crypto bull run, achieving this mark is possible but not easy.

Monero will need to continue attracting users and investors and pushing demand to turn a $100 investment into $1,000.

As the second candidate, MultiversX (EGLD) stands out with a notable market asymmetry between its nominal value and fundamentals when compared to its competitors.

Notably, it is the first blockchain with all three types of sharding fully implemented for the network, transactions, and state. EGLD has a maximum fixed supply of 31 million, achieving full dilution by 2030 or before, replaced by fees.

MultiversX characteristics have made experts like the founder of Europe’s oldest cryptocurrency fund call the chain the “technological Holy Grail of crypto.”

“MultiversX (EGLD) is the technological holy grail of crypto. Capable of exceeding 100k TPS now, as it has fully implemented sharding! After ETH & others gave up on this goal, EGLD came along & proved them all wrong!”

Moreover, further developments present the Sovereign Chains, a modular approach to customizable private blockchains that are still atomically composable with the ecosystem. Users can also achieve increased security by enabling on-chain two-factor authentication (2FA), protecting their funds from seed leaks and drains.

MultiversX (EGLD) price analysis for the 2024 crypto bull run

The momentum is also favorable for the chain, with many startups recently launching their products running on MultiversX’s infrastructure. Finbold reported three of these startups, innovating services from traditional finance, leveraging Web3 features, and EGLD.

While in price discovery, the native token changed hands for as high as $545 in the 2021 crypto bull run. Now, EGLD is trading at $26.51, up 50.69% from its initial coin offering (ICO).

Interestingly, MultiversX has a $