thecryptobasic.com
The cryptocurrency market shows a lot of promise, and we have spotlighted a list of five altcoins with the potential to surge 30x in the future, according to a top market analyst.
With its global market cap currently sitting at $1.79 trillion, the broader cryptocurrency industry is still in its early stage despite the gains that some investors have amassed since Bitcoin (BTC) went mainstream.
Seasoned and new participants anticipate a more substantial growth in the market, with several analysts looking to multiple altcoins for this growth.
Recently, DustyBC, a crypto educator and prominent YouTuber, curated a list of five altcoins he believes could rally 30x in the coming years.
XRP
XRP has been an underperformer this market cycle. The asset is down 14.9% this year despite a mild uptick on the back of the latest market rally.
XRP has also collapsed 84% from its all-time high price of $3.3. While this reality triggers concern for some investors, others have found a silver lining.
Notably, some market watchers see XRP as one of the most undervalued assets in the market. As a result, the asset has massive potential for growth. Industry commentators who hold this belief cite XRP’s utility in cross-border payments, among other features.
However, XRP has been on a downward slope since collapsing from the $0.70 high on Dec. 9, 2023. The crypto asset slumped to a three-month low of $0.4855 on Jan. 31 and has since been looking to engineer a comeback. Currently trading for $0.5230, analysts believe XRP could potentially hit higher price targets, including $22.
Iota (IOTA)
Iota, the blockchain tailored for the Internet of Things (IoT), has continued to advance in the industry, and its native token, IOTA, is poised to benefit from this progress. The team behind the project recently spotlighted their upcoming Iota 2.0 smart contracts.
Say goodbye to inefficient paper-based processes and hello to immutable digital records with IOTA 2.0's smart contracts, reducing the risk of error and fraud ⬇️ pic.twitter.com/zdTtpJpju3
— IOTA (@iota) February 10, 2024
Amid the sustained progress, the project’s native token has made some noteworthy movements. The crypto asset recorded multiple losses in October 2023 as the broader crypto market exhibited a lack of strength.
However, IOTA leveraged the market resurgence that ensued in the last quarter of the previous year to recover most of these losses, soaring 146% from its low in October 2023 to an 18-month high of $0.3721 in December 2023.
Despite slumping by over 22% in January, IOTA changes hands at a 12-month high of $0.2559, underscoring its resilience.
At its current price, the crypto asset boasts a market cap of $802,478,200. A market cap below $1 billion indicates that the asset has more room for growth, and this growth could lead to massive price surges.
Chainlink (LINK)
Chainlink has caught the eye in recent times due to its unique bullish position amid market turbulence. Notably, LINK has built a reputation of surging with the market but consolidating when the market enters a bearish phase, leading to declines across the board.
When the broader market witnessed an uptrend in Q4 2023, Chainlink leveraged this uptrend to skyrocket 205% from September to a high of $17.7 in December 2023, making it one of the biggest gainers during the market resurgence.
While the crypto market faced some bearish pressure a few days into the new year, Chainlink showed resilience. Most mainstream assets shed off some of their gains by the end of January, but LINK recorded a 3% upsurge, closing the month above the $15 price mark.
The bullish momentum spilled into February, with Chainlink already up 22% this month amid massive whale accumulation. The token aims to seal its position above the $19 price. Due to its bullish moves, analysts see LINK as an asset with a potential 30x growth.
VeChain (VET)
The VeChain protocol aims to facilitate the enhancement of the supply chain using blockchain technology. The project has made significant strides in this goal, but its mission is far from complete.
Notably, the VeChain team recently announced a 300 million transaction milestone reached with Walmart. They also revealed that their achievements now include tracking 100% of leather goods from French luxury fashion giant Givenchy as well as other leading firms.
From a vision in 2015 to revolutionize luxury brand authentication and supply chains, our journey started with a challenge: bringing blockchain to non-tech leaders. Fast forward to 2024, and #VeChain tracks cover 100% of Givenchy's leather goods and other top-tier luxury brands. pic.twitter.com/6KsJ9exq8r
— vechain (@vechainofficial) February 9, 2024
As the protocol continues to demonstrate real-world use cases for blockchain, its native token, VET, has been positioned by analysts to leverage this growing adoption for outstanding price growth. VET has been one of the best-performing assets recently, up 88% from last September.
The crypto token dropped 17.74% in January but is looking to take advantage of the latest market rally to recover these losses. VET has now gained 5% this month, as it changes hands at $0.02968, with market watchers setting up targets to ambitious prices such as $3.
MultiversX (EGLD)
As a blockchain, MultiversX aims to address the limitations of traditional blockchain networks. The protocol caters to builders of next-gen applications. With significant progress made in its journey, the project has gained prominence, leading to increased publicity for its native token, EGLD.
Amid this growing publicity, analysts have set their eyes on the asset, presenting it as an altcoin with immense potential. EGLD tanked with the rest of the market in January following a stellar performance from October to December 2023.
The asset rallied 207% from $25.36 in October 2023 to a high of $78 in December 2023. Despite facing stern resistance at the $78 top, EGLD held up quite well. January came with its bearishness, wiping out 21% of its value. However, the token is now seeking to reclaim its previous highs.
EGLD is up 6.49% this month, currently changing hands at a 15-month high of $56.65. With several projects building on MultiversX, the demand for EGLD as the network’s native token is set to skyrocket. This reality has prompted the bullish projections surrounding the asset.