In this article, we discuss the 10 cryptocurrencies Redditors are buying for the next bull run.
Fortune Business Insights has projected the cryptocurrency market to be valued at $1902.5 million in 2028. From $826.6 million in 2020, the market is expected to grow at a CAGR of 11.1%. The market for cryptocurrencies is anticipated to grow in the next years as a result of increased financial payment transparency. Blockchain technology is used to establish digital currencies, making it possible for several parties to maintain copies of previous transactions and preventing a single central authority from controlling them. For an undisclosed sum, PayPal Holdings, Inc. (NASDAQ:PYPL) bought Curv in March 2021. PayPal Holdings, Inc. (NASDAQ:PYPL) is advancing its efforts to support cryptocurrencies and digital assets with this investment. Curv is involved in the development of infrastructure to provide cryptocurrency security. Popular companies like Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) are also working on the adoption of digital currencies.
Crypto’s Next Bull Run
According to a July 19 report, Edward Moya, a senior market analyst at Oanda, said that the extended cryptocurrency bear market, commonly referred to as the “crypto winter,” may come to an end as fast as it began if Bitcoin’s price stabilizes over the course of the next two weeks. On July 20, Bitcoin price surpassed $24,000 and reached its highest level in almost a month. Over the past few days, Ethereum has increased by more than 50%, and as of July 20, it was trading above $1,600. Many crypto specialists believe that the crypto market will experience one more significant decline. Some are predicting that Bitcoin will bottom out at between $10,000 and $14,000. The managing director of Midas Touch, Florian Grummes, thinks that Bitcoin has started slowly recovering, and the next crypto bull run is likely to occur in the next six months to a year. Grummes has voiced optimism for Bitcoin in the long run, saying that institutional acceptance and entry will drive the upcoming bull run, but everything will rely on how the Federal Reserve manages inflation. The investor had earlier indicated that the optimum next historical high for Bitcoin would be $100,000 by Q1 2022.
Source: PixaBay
Our Methodology
Let’s begin our list of the 10 cryptocurrencies Redditors are buying for the next bull run. We went through numerous discussion boards on Reddit to produce this list and referred to notable subreddits like r/CryptoCurrency, r/CryptoMarkets, and r/WallStreetBetsCrypto. Through an analysis of users’ comments on the forum, we have outlined the investor rationale behind being bullish on these cryptocurrencies. We have ranked the currencies according to their market capitalization as of July 24.
Cryptocurrencies Redditors are Buying for the Next Bull Run
10. Amp USD (CCC:AMP-USD)
Amp USD (CCC:AMP-USD) is a digital collateral token that can be used to secure any transferable asset. The transactions are secured by a process known as staking, which uses smart contracts to freeze the assets until the transaction has been verified. Once verified, the funds are released to the receiver.
Amp USD (CCC:AMP-USD) is the preferred currency on Flexa, which is an open digital payment processing platform. Flexa has been adopted by 40,000 merchants across the US for the processing of digital transactions. Amp USD (CCC:AMP-USD) has the potential to collateralize all these transactions on Flexa. The cryptocurrency has a circulating supply of 42.23 billion coins, and a total of 92.55 billion coins can be mined under the current mandate.
9. Enjin Coin USD (CCC:ENJ-USD)
Enjin Coin USD (CCC:ENJ-USD) is an ERC-20 compatible token brought into the cryptocurrency universe by Enjin Corporation. The cryptocurrency can be sent and received over the Ethereum wallet. The coin has been minted to create convenience for individuals, businesses, and brands to use non-fungible tokens (NFTs).
Enjin Coin USD (CCC:ENJ-USD) can directly back the value of the NFTs minted inside the Enjin ecosystem. Enjin is an online gaming platform developed on the Ethereum network. The platform intends to provide developers and players with the tools to enhance the gaming experience by giving them tools like game plugins, software development kits (SDKs), virtual item management apps, wallets, and, to top it all, a payment gateway. The cryptocurrency is working on addressing the problem of frauds, scams, and chargebacks faced by the gaming community. The current market capitalization of Enjin Coin USD (CCC:ENJ-USD) stands at $567.13 million. Out of a maximum supply of 1 billion coins, 895.40 million Enjin Coins USD (CCC:ENJ-USD) have been minted.
8. Loopring USD (CCC:LRC-USD)
Loopring USD (CCC:LRC-USD) aims to provide its users the ability to construct non-custodial and decentralized exchanges by bringing into use zero-knowledge proofs (ZKPs), which is a popular tool to raise the security of the cryptocurrency. This proof of concept ensures that the assets always remain in the control of the users. Although the protocol is built on the widely popular Ethereum network, the transaction fees are significantly lower compared to the Ethereum network. This is because the Loopring protocol bundles multiple transactions together, lower congestion on the network, and provides high security and speed.
Experts believe that Loopring USD (CCC:LRC-USD) has the best Layer 2 technology that can play a critical role in the survival of the Ethereum network. Furthermore, Loopring USD (CCC:LRC-USD) has the first mover advantage as a Layer 2 built on Ethereum directly. Presently, 1.33 billion Loopring USD (CCC:LRC-USD) are in circulation, equivalent to 97% of the total supply.
7. Algorand USD (CCC:ALGO-USD)
Algorand USD (CCC:ALGO-USD) is a cryptocurrency and blockchain protocol that intends to be scalable and secured. The mining of the cryptocurrency brings proof-of-stake into use, and it is an open-source blockchain. This means that anyone can look at and contribute to its code.
The Algorand USD (CCC:ALGO-USD) platform is designed to process multiple transactions quickly like a major payment processor such as Mastercard or Visa. It is a direct competitor of Ethereum as it can incorporate other cryptocurrencies and blockchain-based projects on its platform.
ALGO is the native currency of the platform and is used to secure the Algorand Blockchain and to settle processing fees for transactions on the platform. Silvio Micali is the pioneer of the Algorand USD (CCC:ALGO-USD) Platform. He is a renowned Professor and a cryptographer from the Massachusetts Institute of Technology (MIT). Around 6.95 billion Algorand USD (CCC:ALGO-USD) have been minted till now. Presently, the maximum supply is capped at 10 billion ALGO.
6. NEAR Protocol USD (CCC:NEAR-USD)
NEAR Protocol USD (CCC:NEAR-USD) is a cryptocurrency and blockchain platform that is built on the proof-of-stake (POS) blockchain. The protocol acts as a platform for decentralized applications and intends to compete with Ethereum.
NEAR is the default currency of the platform. Some of the notable projects on the platform are Mintbase, which is an NFT minting project, and Flux, which allows developers the ability to create markets related to assets, commodities, and real-world events. It is another Layer-1 blockchain that is on our list.
The NEAR Protocol was developed by Alexander Skidanov and Illia Polosukhin in 2018. Overall, 74.2% of the currency’s total supply has been utilized as 742.56 million NEAR Protocol USD (CCC:NEAR-USD) are in circulation currently.
Owing to the increasing prominence of these currencies, notable payment processing companies such as Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and PayPal Holdings, Inc. (NASDAQ:PYPL) are also making investments in the cryptocurrency market.
5. Avalanche USD (CCC:AVAX-USD)
Avalanche USD (CCC:AVAX-USD) is a cryptocurrency and blockchain platform acting as a direct competitor of Ethereum. It is considered the fastest smart contracts platform in the blockchain universe, making it attractive for decentralized financial applications. AVAX is the default currency on the platform.
Avalanche USD (CCC:AVAX-USD) is used to pay transaction processing fees on the Avalanche network. The transactions on the Avalanche blockchain settle immediately. Like some of its peers on our list, it is an open-source platform and is governed by a proof-of-stake mechanism. According to industry experts, the Avalanche blockchain can process 4,500 transactions per second. Avalanche USD (CCC:AVAX-USD) is the brainchild of Emin Gün Sirer, who is a renowned cryptocurrency professor at Cornell University.
4. Solana USD (CCC:SOL-USD)
Solana USD (CCC:SOL-USD) is a popular cryptocurrency among Redditors. It is the ninth biggest cryptocurrency in the world in terms of market capitalization as of July 24.
Although Solana USD (CCC:SOL-USD) coin is down more than 75% YTD, it is a layer 1 blockchain that allows different platforms to come up with smart contracts and other products through layer 2 protocols. It is a decentralized, open-source, and scalable project that is operated by the Geneva-based Solana Foundation and was constructed by Solana Labs in San Francisco. Compared to Ethereum, it is much faster in terms of its transaction processing abilities at a lower transaction processing cost. Solana USD (CCC:SOL-USD) blockchain platform claims to be the fastest amongst its peers, with an ability to support 65,000 transactions per second.
3. Cardano USD (CCC:ADA-USD)
Cardano USD (CCC:ADA-USD) is a decentralized blockchain and cryptocurrency platform that pioneered the proof-of-stake concept, which is a more efficient alternative to the proof-of-work concept.
Ada is the native coin on the Cardano network, which is given out to users for taking part in the stake pool. The Cardano network was developed by Charles Hoskinson in 2017. Mr. Hoskinson also happens to be a co-founder of Ethereum. The platform is compatible with smart contracts and considers itself a new version of Ethereum to bank the unbanked globally.
In terms of market capitalization, Cardano USD (CCC:ADA-USD) is the eighth biggest cryptocurrency on the globe and the 11th most active cryptocurrency in the last 24 hours as of July 24. Cardano USD (CCC:ADA-USD) is constantly undergoing improvements and currently, in the Basho developmental phase, is focusing on scalability and interoperability. Experts anticipate the price of Cardano USD (CCC:ADA-USD) to reach 63 cents by the end of 2022, $2.93 by 2025, and $6.53 by 2030. Prior to the crash in the crypto universe, the experts had anticipated Cardano USD (CCC:ADA-USD) to close the year at $2.79
2. Ethereum USD (CCC:ETH-USD)
Ethereum USD (CCC:ETH-USD) is the second biggest blockchain and cryptocurrency platform in the world in terms of market capitalization as of July 24.
Ethereum has been one of the earliest proponents of decentralized finance and brought smart contracts on its platform to support this endeavor. Ethereum is a critical path for NFTs and the metaverse through Ether, which is the native currency on the platform.
The team that came up with Ethereum built up on the achievements of Bitcoin by realizing that a decentralized public ledger can be used for purposes other than just making payments. The recent transition from Ethereum to Ethereum 2.0 following the change in algorithm from proof-of-work to proof-of-stake will be integral because it will speed up the processing of transactions and would also require less energy.
1. Bitcoin USD (CCC:BTC-USD)
Bitcoin USD (CCC:BTC-USD) is the biggest and most popular cryptocurrency in the world in terms of market capitalization. Bitcoin USD (CCC:BTC-USD) is the first cryptocurrency in the world that was developed using the alias Satoshi Nakamoto. The currency continues to still be popular among Redditors.
Bitcoin USD (CCC:BTC-USD) will be the biggest beneficiary in the next bull run due to its significant presence across the markets. According to the World Economic Forum (WEF), up to 10% of the global GDP can be stored on blockchains by 2025 as it provides an opportunity to enhance production, guarantee transparency and lower wasted time and paperwork. Blockchain technology has given rise to new business models for revenue creation and can make supply chains more efficient by eliminating processes that increase costs and lower efficiency.
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Disclose. None. 10 Cryptocurrencies Redditors are Buying for the Next Bull Run is originally published on Insider Monkey.
