The crypto market has been moving higher once again. Indeed, if the broader economy and the stock market meet expectations and grow moving forward, we could potentially see the next leg up over the next couple of months. This would undoubtedly push up the value of key cryptocurrencies such as Bitcoin (BTC-USD). However, certain altcoins could definitely steal the show, much like Solana (SOL-USD) did in the last cycle.
There are many new projects right now that are offering flashy blockchain technology. And in my opinion, some of these could be poised for significant gains. The crypto space is known for its volatility, and as the saying goes, “the bigger the risk, the bigger the potential reward.” Buying up some of these cryptos could be a good idea before the next leg higher, as they tend to outperform during bull markets.
Dione Protocol (DIONE-USD)
Dione Protocol (DIONE-USD) has delivered significant returns since I first discussed this up-and-coming project. I believe that if the Dione team continues to perform as it has, this could definitely be one of the best-performing cryptos this cycle.
Dione Protocol is developing Odyssey, a Layer 1 blockchain solution that operates solely on renewable energy inputs. It makes sure all transactions and operations contribute positively to sustainability goals. The emissions induced by Bitcoin mining (and blockchain projects in general) is a serious problem that governments need to tackle, due to the amount of energy proof-of-work blockchains consume.
Dione Protocol is also working on Nebra, a peer-to-peer renewable energy marketplace. The token’s price action has been stellar so far, but I think there is more upside to come since the project’s market cap still sits at $146 million as of writing.
Kaspa (KAS-USD)
Kaspa (KAS-USD) has definitely been one of the top dogs this cycle. This crypto has also delivered multi-bagger gains since I first featured it in an article. This project’s market cap has since crossed into the billions, sitting at $3.1 billion at last check.
Kaspa is a blazing-fast layer-1 crypto with some promising tech. The project’s KAS token has gained 753% so far this year, due in large part to Kaspa’s status as one of the fastest layer-1 blockchains. It essentially allows multiple blocks to run in parallel, allowing for very fast confirmations. I would, however, note that this crypto project does have some drawbacks.
Kaspa is currently only a crypto aimed at transactions right now. It brings interesting tech to the table, but unless smart contracts are implemented one day, it has a good chance of dying off like Nano (XNO-USD) in the coming cycles. That said, I think the likelihood of such a scenario is low, since Kaspa has much better marketing and a more active development team behind it.
Injective (INJ-USD)
Injective (INJ-USD) is another crypto project that has had an explosive start to the year. It has cooled down a little from its peak price of $48 to its current price of $27 as of writing, but I think momentum could pick up again.
This project mainly focuses on the world of decentralized finance (DeFi). Injective is a very fast blockchain that is getting a lot of attention, which could woo developers into the ecosystem. This is mainly why I think it could “steal the show” and deliver parabolic returns if or when the altseason comes.
The DeFi space will likely see an explosion in volume and interest once the altseason arrives and money flows into different tokens on many chains. That said, Injective does have a hefty market cap of $2.5 billion right now. But if the altseason comes as advertised, I think this is a project that could see a market cap of $10 billion or more. Injective is definitely one of the top DeFi cryptos to buy right now.
On the date of publication, Omor Ibne Ehsan did not hold (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.
