Given that there are, by current estimates, around 19,000 cryptocurrencies in existence, you would be forgiven for struggling to keep on top of what is worth investing in and what isn’t.
Unfortunately, however, in the fast-moving world of crypto, where new coins can rise and fall in a matter of months and where fortune favors the early investor, there is a real need to keep on top of what is hot and what is not.
With that said, in this short article, we will flag some of the rising cryptocurrencies that look to skyrocket in the future. And while this should not be taken as investment advice, it should be read as an indication of who the shining lights of the crypto industry look set to be in the coming months and years.
These kinds of developments are particularly useful to pay attention to, particularly in circumstances where the OKX cryptocurrency prices tend to be the most reported aspect of the crypto industry.
Although Ethereum is the second most popular cryptocurrency by total market capitalization, it arguably still flies under the radar in terms of its broader public awareness.
However, Ethereum is not just a currency in the way that Bitcoin is, which makes it such an interesting investment opportunity.
Ethereum is a network that allows developers to create and deploy their own currencies and smart contracts on it. This unique tech can potentially support a wide range of uses, which is why crypto developers have been paying such close attention to it.
The future also looks very bright for Ethereum because it is close to undergoing a significant upgrade, which will shift the technology to a “proof of stake” consensus, reducing the number of coins and essentially rendering mining obsolete. It will also significantly reduce the Ethereum network’s energy consumption, which is one of the most frequent criticisms leveled against the platform.
With this in mind, there is a strong argument to be made that Ethereum is still relatively undervalued compared to other bigger coins, such as Bitcoin.
Although its network has a smaller footprint compared to some of the other larger market cap cryptocurrencies, this is actually a big selling point. It allows transactions to be completed much more quickly and at a much lower cost compared to bigger coins, such as ETH and Bitcoin (BTC).
Cardano has also undergone significant network upgrades, which have increased its functionality and, therefore, its appeal to investors.
If this sounds quite similar to Ethereum, this is likely because Cardano was actually founded by Charles Hoskinson, who was also a co-founder of ETH.
These plans to be a better, more efficient version of ETH have caught the attention of investors. And despite all of the market turbulence, the price of Cardano has remained relatively positive. As a coin with a small market cap, this also presents a great opportunity for investors to get involved while it is still at a relatively early stage of development.
Tether is unique from the other coins mentioned above, as it is what is known as a ‘stablecoin.’ This means that it is backed by traditional fiat currencies, such as the US dollar. The idea behind stablecoins is that by ‘tethering’ the value of USDT to a real currency, this will not only bring stability to its price but will also allow it to have greater utility as a means of international cryptocurrency and forex trading.
Although the long-term utility of stablecoins is certainly by no means settled, they have nevertheless garnered the interest of important institutional powers in the financial world.
Most recently, Tether has announced plans to launch a stablecoin tied to the value of the pound sterling and will work with UK authorities to develop the coin. This ties in with the UK Government’s broad plans for the UK to become a hub for cryptocurrency development.
It is these sorts of collaborations that make Tether a potentially interesting investment opportunity. And as more and more governments begin to take cryptocurrencies more seriously and begin to regulate them, the need for stablecoins such as Tether could significantly increase.