Faisal Humayun
·4 min read
In general, we witness a rush of investments in an asset class when a significant part of the rally is done. The fear of missing out soon translates into losses on the back of correction from higher levels. The point I want to make is that the best time to create a cryptocurrency portfolio is now. Bitcoin (BTC-USD) has skyrocketed by 80% year-to-date, but the cryptocurrency remains well below its all-time highs. There are other attractive cryptos to buy that have remained laggards. However, if the rally for Bitcoin sustains, a big move in altcoin is impending.
This column talks about three cryptos to buy that can deliver 10x returns. In the last bull market, investors have seen 10x returns in a matter of weeks. I would prefer to be ultra-conservative. The high-return cryptocurrencies discussed can deliver 10x returns within five years. Even this conservative estimate is a big portfolio catalyst.
Let’s discuss the reasons to be bullish on these three cryptos to buy and hold.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Bitcoin (BTC)
Source: shutterstock.com/Maestro-0111
I believe that 10x returns seem extremely likely in Bitcoin (BTC-USD) for investors with a time horizon of five years. Standard Chartered predicts Bitcoin at $100,000 by the end of 2024. That would already imply more than 3x returns from current levels. With Bitcoin halving due next year, a big rally is on the cards.
Another estimate that points to Bitcoin trending higher is the possibility of more than one billion crypto holders by 2025. Bitcoin is a blue-chip cryptocurrency that’s likely to be a part of the portfolio for all crypto holders. With limited supply, the cryptocurrency is likely to surge higher as crypto adoption increases.
I believe that interest rates are likely to peak in 2023. Potential rate cuts in 2024 and beyond will be another catalyst for Bitcoin trending higher. A weak dollar translates into a strong rally for risky asset classes.
Huobi (HT)
Source: a-image/Shutterstock
Huobi (HT-USD) is among the top three centralized exchanges globally in terms of monthly visits. HT token trades lower by 93% from all-time highs. I believe that HT is likely to skyrocket in a sustained Bitcoin rally scenario.
To elaborate, the centralized exchange largely depends on user growth and trading volume upside. Once altcoins join the rally, trading volumes will surge. This will benefit the top centralized exchanges. It’s worth noting that Coinbase (NASDAQ:COIN) is the largest centralized exchange. COIN stock has surged by 134% year-to-date. This is an indication of the good times expected for major exchanges.
Currently, Huobi has 45 million users. With the exchange offering spot trading, derivative trading, staking, and NFTs, the outlook is positive. Additionally, the platform has more than 700 listed assets. This provides users with a wide choice of investment in the altcoin universe.
inSure (SURE)
Source: Shutterstock
inSure (SURE-USD) is another attractive name among cryptos to buy that can deliver 10x or 20x returns. The reason for liking inSure is the fact that it’s the world’s first DeFi, NFT, and metaverse insurance ecosystem.
Over the years, the number of scamming incidents has increased related to cryptocurrencies. inSure aims to protect investors with insurance cover for the token or coin holding. As an example, if an investor is holding 80,000 SURE tokens, the insurance coverage is for 1.5 years for a maximum amount of $18,000. The highest coverage is for $140,000 and investors need to hold 500,000 SURE tokens.
The key point to note is as follows – As the idea gains traction, the number of locked SURE tokens will increase. Tight supply will ensure that the price trends higher. At the same time, SURE token staking is attractive with a current APR of 24%.
On the date of publication, Faisal Humayun 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.comPublishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
More From InvestorPlace
The post 3 Cryptos to Buy for 10X Returns Potential appeared first on InvestorPlace.
