3 Cryptocurrencies to Consider Instead

While Bitcoin remains arguably one of the best cryptocurrencies to buy and hold over the long term, it’s hard to ignore the fact that the oldest name in crypto hasn’t been doing much of anything lately. Bitcoin has been trading largely sideways for the past two months and shows little sign of going into full beast mode anytime soon.

With this in mind, it may be time to forget about Bitcoin for a while and find other cryptocurrencies that have strong catalysts right now. The three cryptocurrencies currently on my radar are Ethereum (CRYPTO: ETH), Fetch.ai (CRYPTO: FET), and Chainlink (CRYPTO: LINK).

Ethereum

The obvious choice right now other than Bitcoin is Ethereum, and this has everything to do with the SEC’s recent preliminary approval of new spot Ethereum ETFs. When these ETFs begin trading, perhaps as early as this summer, they could lead to a massive influx of new investor money into Ethereum, causing its price to rise for the foreseeable future. JPMorgan Chase’s current thinking is that these ETFs could see $3 billion in flows in 2024.

We saw the same pattern with Bitcoin as soon as new spot Bitcoin ETFs began trading. Large new inflows led Bitcoin to reach an all-time high of $73,750 in March before settling into its current trading range. So could we see the same thing for Ethereum, which is just 22% below its all-time high of $4,891? Ethereum super bulls are already predicting that the ETF investment narrative could be enough to push this crypto above $5,000.

Fetch.ai

If we are truly going to forget about Bitcoin, then we need to find a crypto alternative that has a truly phenomenal rise. This alternative is Fetch.ai, which is currently one of the most popular AI crypto tokens in the world. For the year, Fetch.ai is up a stunning 195%, and the upward trend could continue as long as investors are interested in all things AI.

Image source: Getty Images.

What makes Fetch.ai particularly interesting right now is that it has become part of a new “AI super alliance” that includes two other popular AI crypto tokens: SingularityNET (CRYPTO: AGIX) and Ocean Protocol (CRYPTO: OCEAN). Starting June 11, Fetch.ai will be rebranded as an Artificial Super Intelligence (ASI) token and FET tokens will be converted into new ASI tokens on a 1:1 basis.

From my point of view, the creation of a new “super token” makes the task of investing in AI crypto tokens much more attractive because you are essentially getting three tokens for the price of one. Fetch.ai will become an integrated AI crypto token that combines the resources and intellectual property of three different AI projects. If you combine the market caps of these three tokens right now, that would give you a value of around $3.5 billion, which is good enough to be among the top 30 cryptocurrencies in terms of market cap.

The story continues

chain link

Finally, there is Chainlink. Long-time crypto investors probably remember this so-called oracle coin from the previous crypto bull market cycle when its value absolutely exploded. At the time, his investment thesis was all about decentralized finance (DeFi) and how Chainlink was becoming an integral part of this exciting new blockchain niche.

Fast forward to 2024, Chainlink’s new investment thesis is all about real-world asset tokenization. Often referred to simply as RWA tokenization, it describes the process of turning real-world assets (like stocks and bonds) into digital assets that can be traded on a blockchain.

RWA tokenization is one of the hottest topics on Wall Street right now and a pet project of BlackRock, the world’s largest asset manager. In BlackRock CEO Larry Fink’s view, real-world asset tokenization could be the next big step after the launch of spot Bitcoin ETFs.

So it’s definitely worth trying to understand how this powerful new trend could revolutionize Wall Street. According to a growing number of experts, Chainlink can play a very important role in the development of this trend. For example, the new CCIP (Cross-Chain Interoperability Protocol) platform was specifically designed with the transfer of tokenized assets across blockchains in mind. A test case involving ANZ Bank in Australia in September 2023 showed how this could be done using stablecoins.

Is it really possible to forget Bitcoin?

So there you have it: three big trends and three cryptocurrencies that may be well positioned to benefit from them. While it’s nearly impossible to forget Bitcoin (it should be part of your crypto portfolio if it isn’t already), it’s conceivable that these three cryptos will have much stronger headwinds heading into the second half of 2024. overall portfolio can be key to strengthening your returns throughout the year.

Should you invest $1,000 in Ethereum right now?

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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum, and Fetch. The Motley Fool has positions in and recommends Bitcoin, Chainlink, Ethereum, Fetch, and JPMorgan Chase. The Motley Fool has a disclosure policy.

Forget Bitcoin: 3 Cryptocurrencies to Consider Instead appeared first on The Motley Fool.