In an uncertain crypto market, investors continue to debate whether this year’s recovery is for real. After all, the crypto sector has been through the ringer over the past couple years, after surging during the risk-on pandemic-era rally.
Many of the more speculative projects have effectively fallen apart recently. However, some of the largest and highest-quality cryptos continue to perform well.
Let’s examine three cryptos to buy right now, for those looking for quality over upside potential. These are three projects I still think have an investing thesis right now.
Bitcoin (BTC-USD)
Bitcoin (BTC-USD) is the king of crypto and therefore needs no introduction. Indeed, Bitcoin has performed impressively well this year, surging 58% year-to-date (YTD) with the potential for further growth. Standard Chartered predicted a $120,000 target by 2024, quadrupling from current levels due to a key halving event set for next year. Historically, Bitcoin rallies after halving events. It remains the blue chip of the crypto world, likely to gain as digital asset adoption rises.
As the 2024 halving event approaches, Bitcoin’s history of post-halving surges and its status as a crypto blue-chip suggest growing demand. Also, emerging ETF developments signal increased Bitcoin interest. Given its stability and growth potential, Bitcoin remains a top long-term crypto investment.
Ethereum (ETH-USD)
Ethereum (ETH-USD) made a significant shift from mining to Proof-of-Stake, reducing its energy consumption and cementing its crypto status.
The DeFi and NFT sectors bear the marks of its influence, offering substantial growth opportunities. Co-founder Vitalik Buterin noted a 55% completion rate post its 2.0 update, signaling a promising future for ETH. With capacity for 100,000 transactions and lower fees, ETH’s potential remains high.
While more development entails increased risk of glitches, Ethereum’s journey toward blockchain supremacy has been remarkable. ETH maintains its lead in decentralized finance. This makes it a premier choice for investors bullish on the idea that crypto can power applications and a future economy that drives value to end users. While this space continues to grow and innovate rapidly, Ethernet is generally the engine supporting this growth.
Solana (SOL-USD)
Aside from Ethereum, Solana (SOL-USD) is another key blockchain supporting the world of DeFi. This crypto has continued to perform exceptionally this year, surging more than 7% alone this past Thursday.
It now ranks as the second-best performer among the top 100 cryptocurrencies. Its recent rally, up over 45% from September lows, pushed its market cap past $10 billion. In turn, this catapulted it as the seventh-largest cryptocurrency, surpassing crypto rivals like Cardano.
In addition, Solana has pivoted back toward a bullish trend, supported by a clear shift in technical analysis, breaking the previous lower high at $19.62. Currently, SOL is trading at $24.82, marking a 5% increase over the past 24 hours. Solana faces significant resistance around $24.86, a level with multiple equal highs.
Further, maintaining flawless uptime in Q2 and venturing into the mobile crypto market with the Saga phone was a significant step, strengthening its decentralized presence and attracting a new user base. Therefore, this positions Solana as a potential long-term investment for those bullish on the potential growth of DeFi over time.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
