3 Cryptocurrencies to Buy Now

The Bitcoin (CRYPTO: BTC) halving on April 19 was one of the most anticipated events of the year for crypto investors. Previous Bitcoin halvings have led to spectacular rallies in the crypto market, and the expectation is that this halving cycle will be no different, despite the recent decline in Bitcoin price.

So, which cryptocurrencies are best positioned to rise in value after the Bitcoin halving? Three cryptocurrencies in addition to Bitcoin could make some spectacular gains over the next 12 months.

1. Stacks

Stacks (CRYPTO: STX) is a blockchain designed to support the long-term success of Bitcoin. As a layer-2 blockchain, it sits on top of the Bitcoin blockchain and provides extra scalability and functionality. You can think of this as making the core Bitcoin blockchain better than it already is.

Although Stacks is not yet a household name, it is currently one of the 35 largest cryptocurrencies with a market value of $ 3 billion. Over the year, Stacks is up 40%, which lines up nicely with Bitcoin’s 40% return. This correlation makes sense because Stacks is tied to the long-term success of Bitcoin.

As Bitcoin becomes increasingly mainstream as a result of new spot Bitcoin exchange-traded funds (ETFs), demand for Stacks’ offerings will also increase. Some people don’t just want to hoard their Bitcoin, they want to do something with it. This is where Stacks comes into play. The more functionality Bitcoin can offer its owners, the more valuable it will become.

2. Fetch.ai

The increasing intersection of artificial intelligence (AI) and blockchain technology is driving demand for AI crypto tokens. Since there is no official ChatGPT token, the next best option is Fetch.ai (CRYPTO:FET), a crypto token designed to power the future AI economy. Fetch.ai currently has a valuation of $1.7 billion and is among the top 50 cryptocurrencies by market cap.

Image source: Getty Images.

Fetch.ai describes itself as “an open, permissionless, decentralized machine learning network with a crypto economy.” This is ridiculous, but it means that if you need AI-related bots, data, or services (known as “agents”), Fetch.ai is the place to go. For example, let’s say you’re interested in creating a new AI bot for your company or industry. You won’t need to install it from scratch. In theory, you can find everything you need through the Fetch.ai platform.

Over the course of the year, Fetch is up a dizzying 200%. As long as the narrative around AI remains intact, the sky is the limit for Fetch.ai. However, even after posting triple-digit returns this year, Fetch.ai is still trading at just $2. So, you can invest in the future of artificial intelligence technology for less than the cost of a cup of coffee.

The story continues

3. Solana

Finally, there is Solana (CRYPTO: SOL), which has the potential to be the “next Ethereum.” For now, Ethereum remains the 800-pound gorilla in the Layer 1 blockchain space, but Solana is a worthy competitor. Solana is quickly gaining ground when it comes to areas like decentralized finance. And remember: Solana was labeled as a potential “Ethereum killer” in 2021, so it wouldn’t surprise anyone if it eventually overtook Ethereum.

However, there are a few problems with Solana. So it keeps getting bogged down by random network outages that last much longer than they should. And much of the recent growth appears to be due to the meme coin craze, which probably won’t be sustainable in the long run.

But I still believe in Solana’s long-term growth prospects. It is the only major blockchain with a mobile crypto strategy. The big idea here is; If people have a physical hardware product (the Saga crypto phone) to put in their hands, they will be much more likely to use the Solana blockchain. According to Solana, the Saga phone could be the way to reach tens of thousands of new users.

And the winner…

Three cryptos, three different approaches to the crypto future. If you want to double your Bitcoin investment and stay in the Bitcoin ecosystem, Stacks may be an interesting option. If you’re willing to take on the risk of investing in AI, Fetch.ai may be the right choice for you.

But my favorite choice remains Solana. In my view, this is an excellent example of a large-scale crypto with truly outstanding long-term growth prospects. Considering Solana’s market cap is $60 billion compared to Ethereum’s $360 billion, Solana has the potential to grow sixfold in value over the next few years. If you buy into the idea that Solana is the “next Ethereum,” it may be the only crypto available to buy after the Bitcoin halving.

Should you invest $1000 in Solana right now?

Before buying stock in Solana, consider:

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Dominic Basulto has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, Fetch, and Solana. The Motley Fool has a disclosure policy.

Bitcoin Halving Has Happened: 3 Cryptocurrencies to Buy Now Originally published by The Motley Fool