Finding the next cryptocurrency to buy for 10x returns can be difficult, given that the crypto market is currently on a downtrend.
The market has dipped 0.28% in the past day and recorded $2.58 trillion in total value locked (TVL), more than 10% below its previous high of $2.92 trillion in early November. However, crypto investors are aware that this is only a lull before the big break.
Bitcoin currently leads the market, and its high price of $60K means its growth leeway is a bit short. This gives ample room for other crypto assets, suitably called altcoins, to post long-term returns.
We will highlight the best cryptocurrency to buy for 10x returns as the world embraces the new blockchain-based economy.
1. Ethereum (ETH)
Ethereum is the second most valuable crypto asset and has over $493 billion in market cap. However, the protocol’s appeal lies in its smart contract capability.
These self-executing lines of codes are used in building decentralised applications (dApps) that fledge out decentralised finance (DeFi) products, services and foster non-fungible token (NFT) ecosystems.
At press time, more than 97% of the rapidly-expanding blockchain ecosystem is built in Ethereum, making it the singular largest holder of the new financial landscape. Ethereum is the next crypto to buy for 10x returns with such a large stake in the market.
The performance shows that Ethereum is trading at $4,182.52, down 3.03% in the past day and 11.38% in the past week, but this has not impacted its return on investment (ROI) so far. The leading altcoin has averaged over 468% year-to-date (YTD) and 775.16% in the last 12 months.
With such strong performance, Ethereum is one crypto to watch out for. Fundamentally, Ethereum has been conservative with its layer-two protocol Polygon stealing all the spotlights. However, this has lent more credence to the Ethereum project making it the defining factor in the new financial age.
2. Axie Infinity (AXS)
Axie Infinity is a new-generation blockchain-based gaming platform that seeks to revolutionise the gaming industry. The Pokemon-inspired play-to-earn game empowers users and gamers to become part-owners of the protocol, thus incentivising massive user engagement.
Axie Infinity has been a revelation this past year, with the Ethereum-based protocol averaging over 26,636.93% increase in the last 12 months. The crypto has also shown phenomenal growth at 25,557.71% YTD displaying a strong interest in the protocol by investors.
Pegged at $137.95, Axie Infinity’s governance token AXS is down 2.77% with the broader crypto market. The asset currently has only $8.1 billion in market cap, presenting a viable opportunity for more phenomenal growth in the future.
With a daily user base of over 1.5 million, AXS is one of the next cryptocurrency to buy for 10x returns, as indicated by its strong real-world use cases and fundamentals.
A recent press release disclosed that the NFT-online video gaming protocol is partnering with a blockchain-powered platform for esports and digital content Verasity to launch the FTX GalAxie Cup 2021. This move will see Verasity own the exclusive broadcasting rights for the online tournament.
3. The Sandbox (SAND)
The Sandbox is another next crypto to buy for 10x returns, and the NFT-facing protocol has been doing remarkably well in the past 24 hours.
At press time, The Sandbox crypto is up a whopping 28.04% on the daily trading chart and trades at $3.3418. Soaring above the 20-day moving average (MA) support price of $2.53.
SAND has surged by 33.44% in the past week and 9,248.74% YTD. The relative strength index (RSI) is also off the charts, trading in the overbought region at 75.33.
The Sandbox is essentially an Ethereum-based Metaverse protocol that enables users to create, share, and monetise in-world assets and gaming experiences.
The meteoric rise of the asset despite the broader crypto market facing a stiff bearish season has been due to the protocol’s forthcoming play-to-earn (P2E) Alpha event public launch.
The Alpha event, which has been under development since 2017, will enable a handful of players to monetise the time spent in the metaverse.
The program, which will start on November 29 and run through December 20, will allow the selected players to purchase virtual lands, create NFTs and earn SAND tokens for completing quests on the platform.
4. Polkadot (DOT)
Polkadot has remained one of the next cryptocurrency to buy for 10x returns. DOT has been on an uptrend hitting an all-time high (ATH) of $55 in the early days of this month.
The impressive form of the asset is helped in part by the verdict of the protocol’s governance council to launch the parachain auctions (or slot bids for spots on the protocol).
The sharded technology protocol has continued to deliver on its promises to create a heterogeneous network that will allow the seamless transfer of all asset types besides digital tokens.
Forthwith, a slew of dApp protocols has recently launched crowdloans with DeFi protocol Moonbeam currently leading the list at $1.284 billion in staked value in DOT.
Currently trading below the 20-day MA price of $47.91, DOT is down 5.27% in the past day and trades at $40.31, reflecting the general crypto market. However, what the crypto has lost in the past day has not grossly affected its 12-month performance. The popular Ethereum rival has surged 760.74% in the last year and has increased 334.90% YTD.
5. Cardano (ADA)
Cardano occupies the sixth spot on the global crypto ranking with over $61 billion in market cap. Also interfacing with the DeFi and NFT ecosystems, Cardano is also one of the next cryptocurrency to buy for 10x returns.
The asset is currently trading below $2 at $1.852, down 6.12% in the past day, keeping in line with the broader crypto tone. However, ADA has seen a phenomenal run of form in the last months, surging to $3.10 on September 2, following the launch of its smart contract capability. This has seen ADA surge 918.53% YTD showing strong investor interest in the protocol.
Cardano is still under development, which means its growth trajectory is still largely uncharted. But investor confidence in the project has kept it in the top 10 most valuable crypto rank giving the Ethereum killer a strong market position in the list of booming crypto protocols.
In the aspect of fundamentals, the Cardano network is slowly racking up dApp protocols and gaining traction. One such is ADEED, a Cardano-based escrow protocol that recently concluded the sale of about 1,5 million (about 3%) ADE tokens in just 8 hours.