Navigating the world of crypto investments can be a daunting task. Almost every day there’s a new meme coin, dump and dump scheme, rug pull, as well as hundred or even thousand percent gains on these internet tokens. The issue though is that unless you are an insider, discovering the best cryptos to buy largely depends on luck. It can easily backfire and lead one being forced to hold a bag of worthless cryptocurrency.
For these reasons, the following cryptos to buy are considered to be the blue-chip options that investors can own with a feeling of relative security. These names are volatile enough, and with a sizable enough investment, one could conceivably double their investment due to market volatility.
So for those who don’t want excessive risk yet still desire a high upside, here are three cryptos to buy for April.
Bitcoin (BTC-USD)
Bitcoin (BTC-USD) maximalists will state that BTC is all an investor ever needs. There could be some truth to that statement. In nearly fourteen days, the Bitcoin halving event will occur, reducing supply and potentially acting as a strong catalyst.
Meanwhile, the launch of Bitcoin spot ETFs has already seen substantial fund inflows. And, analysts predict further growth in 2024. Notably, inflows to these ETFs haven’t slowed down. So, this suggests that we’re still at the start of an early bull run.
Price predictions for 2024 vary widely. Some experts anticipate a price range between $60,000 to $500,000. This is driven by factors like the growth of Bitcoin ETF net assets and the April halving. Favorable macroeconomic conditions like lower interest rates also play a part.
I agree with the bulls on this one. My own thesis also suggests that tech stocks in general are overvalued. This means that trading inflows could rush to alternative assets such as Bitcoin where valuation metrics apply differently. For instance, the Invesco QQQ Trust Series 1 ETF (NASDAQ:QQQ) has a P/E ratio that’s around one standard deviation above its three-year average, which is a little pricey.
Ethereum (ETH-USD)
Independently of Bitcoin, Ethereum (ETH-USD) could develop a rally of its own, with the rising market acting as a strong catalyst.
The performance of Ethereum in 2023 saw nearly a 100% appreciation, albeit trailing behind Bitcoin’s over 150% gain. Anticipation around the approval of Bitcoin ETFs contributed to bullish trends. And, this suggests a similar potential hype for Ethereum ETFs.
Also, analysts are eyeing May for potential approval, noting Ethereum’s non-classification as a security by the SEC. And the existence of regulated ETH futures contracts are seen as positive indicators. Ethereum could reach or even exceed $5,000 by the end of 2024 if these developments materialize as expected.
Finally, ETH is another one of those cryptos to buy as a good hedge against Bitcoin’s rising energy use. Bitcoin will need to continue rising in value to support its ecosystem of miners to maintain profitability. And this is relevant in the face of halving block rewards, mining difficulty and regulatory crackdowns and taxes on the mining industry.
Binance Coin (BNB-USD)
Binance Coin (BNB-USD) is perhaps one of the most successful cryptos to buy as a result of an Initial Coin Offering (ICO).
Despite its founders facing legal and regulatory scrutiny, BNB could be a great addition to one’s portfolio, given the BNB’s strength in its ecosystem. One of the few altcoins managing to carve out a very strong tokenomics model, it could increase in price in the future.
Also, it has plans in the works for greater utility for users. The objective includes enhancing performance, scalability and the development of decentralized applications (DApps) in areas like decentralized finance (DeFi), gaming, and artificial intelligence (AI). Notably, BNB Chain aims to expand its validator network from 40 to 100 and introduce “opBNB Connect” to improve scalability.
Meanwhile, price projections suggest a potential increase, with estimates for 2024 ranging between a minimum of $510 and a maximum of $645. The forecast for the subsequent years also shows an upward trend. Predictions for 2025 stand at a minimum of $692 and a maximum of $840.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
