Cryptocurrencies are becoming increasingly popular as an asset class, as indicated by the emergence of new digital currencies. The current number of cryptocurrencies in the market has surpassed 17,000 in total
The downturn in January by numerous cryptocurrencies did not affect the gains earned thus far. So much so that there has been an aggregate growth of more than 1,200 percent in almost two years.
This wild recovery surge should not dissuade those looking to invest in cryptocurrencies right now. Since there are still those that may provide great satisfaction.
Here are three cryptocurrencies projected to grow by 200% by 2024
Avalanche is the first virtual currency that has the potential to quadruple one’s investment by 2024. AVAX is the Avalanche’s token.
With over tens of thousands of cryptocurrencies on the market, Avalanche stands out. What makes it special is its operating efficiency, scalability, and interoperability (dApp).
Avalanche has a double edge over Bitcoin and Ethereum, the two top cryptocurrencies by market cap of all time. It can execute many more transactions per second, to be exact 4,500. Additionally, Each transaction occurs in less than two seconds, compared to ten minutes for Bitcoin and five minutes for Ethereum.
Avalanche also wins in terms of transaction charges. After all, both Bitcoin and Ethereum have substantially higher transaction costs than other typical cryptocurrencies.
Ethereum Virtual Machine (EVM)’s inclusion is Avalanche’s extra advantage. Developers employ EVM to launch dApps on the Ethereum blockchain
A non-blockchain virtual currency, IOTA can earn 200 percent in less than three years. IOTA’s token is MIOTA.
IOTA makes use of Tangle. Tangle is a software system centered on direct acyclic graphs requiring each operation to confirm two prior ones.
IOTA holders’ ability to stake their tokens to acquire Shimmer and Assembly tokens fuels this year’s excitement. The implementation of staking was in December 2021, with users gaining access to two additional ecosystem tokens: Shimmer and Assembly.
The Assembly mainnet is particularly interesting because, when it opens later this year, it will allow commission-free smart contract-based trades.
The third crypto to watch for is Algorand, which, like Avalanche and Iota, has enormous potential.
Algorand is notable for its speed, processing over 1100 transactions per second in under 4 seconds.
Another added advantage is the low transaction fees. Furthermore, even for more complex smart contracts, fees are low, under a tenth of a cent.
Algorand’s security mechanisms are also key features, as its randomly chosen holders suggest blocs and vote on proposals. Thus, this virtually eliminates the possibility of the owner having a detrimental influence on the Algorand ecosystem.