Solana
Bitcoin Halving Is Complete: 3 Cryptocurrencies to Buy Now
THE Bitcoin (BTC -2.16%) halving on April 19 was one of the most anticipated events of the year for crypto investors. Previous Bitcoin halvings have led to spectacular rallies in the crypto market, and this halving cycle – despite the recent Bitcoin price decline – is expected to be no different.
So, which cryptocurrencies are best positioned to gain value after the Bitcoin halved? In addition to Bitcoin, three cryptos could generate spectacular gains over the next 12 months.
1. Batteries
Battery (STX -6.26%) is a blockchain designed to build on the long-term success of Bitcoin. As a layer 2 blockchain, it sits on top of the Bitcoin blockchain and offers additional scalability and functionality. You may think this makes the Bitcoin blockchain better than it already is.
While Battery may not be a household name yet, it currently ranks among the 35 largest cryptocurrencies with a market capitalization of $3 billion. For the year, Stacks is up 40%, which matches well with Bitcoin’s 40% returns. This correlation makes sense since Stacks is linked to Bitcoin’s long-term success.
As Bitcoin becomes more mainstream thanks to new spot Bitcoin exchange-traded funds (ETFs), demand for Stacks’ offerings will increase. Some people don’t just want to accumulate their Bitcoin, they want to do things with it. And that’s where Stacks comes into play. The more features it can make available to Bitcoin holders, the more valuable it should become.
2. Recover.ai
The growing intersection of artificial intelligence (AI) and blockchain technology is fueling the demand for AI crypto tokens. Since there is no official ChatGPT Tokenthe second best option is Recover.ai (FETs -7.37%), a crypto token designed to power the future AI economy. Fetch.ai currently has a valuation of $1.7 billion and ranks among the top 50 cryptocurrencies by market capitalization.
Image source: Getty Images.
Fetch.ai describes itself as “an open, permissionless, decentralized machine learning network with a crypto economy.” That’s a mouthful, but it just means that Fetch.ai is the go-to destination if you need AI-related bots, data, or services (called “agents”). Say, for example, you want to create a new AI robot for your business or industry. You wouldn’t need to build it from scratch. Theoretically, you will be able to find everything you need through the Fetch.ai platform.
For the year, Fetch is up 200%. As long as the narrative around AI remains intact, the sky is the limit for Fetch.ai. That being said, even after posting triple-digit returns this year, Fetch.ai still trades for just $2. So, for less than a cup of coffee, you can invest in the future of AI technology.
3. Solana
Finally, there is Solana (GROUND -5.09%), which has the potential to become “the next Ethereum“For now, Ethereum is still the 800-pound gorilla in the layer 1 blockchain space, but Solana is a worthy rival. In areas such as decentralized finance, Solana is quickly gaining ground. And remember: Solana has been labeled a “potential Ethereum killer” in 2021, so it wouldn’t surprise anyone if it ends up overtaking Ethereum.
That being said, there are some issues with Solana. Namely, it keeps getting bogged down with random network outages that last much longer than they should. And much of its recent growth appears to be fueled by coin mania, which is unlikely to be sustainable in the long term.
But I still believe in Solana’s long-term growth prospects. It is the only major blockchain with a mobile crypto strategy. The big idea here is that if people have a physical hardware product to put in their hands — the Saga crypto phone — they will be much more likely to use the Solana blockchain. According to Solana, the Saga phone could be the way to onboard tens of thousands of new users.
And the winner is…
Three cryptos, three very different approaches to the crypto future. If you want to double your Bitcoin investment and stay in the Bitcoin ecosystem, then Stacks could be an interesting option. If you are willing to take the risk of investing in AI, then Fetch.ai might be the right choice for you.
But my favorite choice remains Solana. In my opinion, this is the perfect example of a large-cap crypto with truly phenomenal long-term growth prospects. Given that Solana’s market cap is $60 billion and Ethereum’s is $360 billion, there is potential for Solana’s value to increase six times over the next few years. If you buy into the idea of Solana being “the next Ethereum,” then it might be the only crypto to buy after the Bitcoin halving.
Dominique Basulto has positions in Bitcoin and Ethereum. The Motley Fool posts and recommends Bitcoin, Ethereum, Fetch, and Solana. The Mad Motley has a disclosure policy.