With Bitcoin (BTC-USD) trading above $50,000, the next crypto bull run already seems underway. However, I believe that we are still at the nascent stage of the bull market. It’s still time before Bitcoin trades at new all-time highs and altcoins go ballistic. Before that happens, investors can look at some of the cheap cryptos to buy for multibagger returns.
Besides the approval of the Bitcoin spot ETF, the impending halving event is a key catalyst for cryptos trending higher. It’s also worth noting that interest rates have peaked out globally. Over the next 12 to 18 months, expansionary monetary policies will support the rally in risky asset classes.
In the last bull market, several cryptocurrencies delivered multibagger returns in a matter of days. Even if we take a conservative approach, there can be a case for 5x to 10x returns in selected altcoins before the end of 2025.
This column discusses three cheap cryptos to buy that can skyrocket.
Akash Network (AKT-USD)
Akash Network (AKT-USD) has surged by 600% in the last 12 months. In my view, the big rally is likely to sustain with the project having an optimistic growth outlook.
As an overview, Akash Network is a provider of decentralized cloud computing. Akash provides limitless storage at a price that’s 85% lower as compared to public cloud networks. It’s worth noting that the AKT tokens are utilized for ensuring the integrity and authenticity of transactions on the network. As the demand for Akash decentralized cloud network swells, AKT is likely to witness tight supply.
Among the potential game-changers, Akash is offering Graphics Processing Unit (GPU) marketplace. In August 2023, Akash announced the launch of capabilities for its Supercloud to offer GPUs. Using this marketplace, businesses can rent their idle GPUs to AI developers and researchers.
It’s worth noting that Akash has navigated an extended crypto winter and emerged stronger in terms of offerings. I am bullish on the project creating immense value in the current bull market.
Zilliqa (ZIL-USD)
Zilliqa (ZIL-USD) is another project that has survived the crypto winter and is likely to emerge stronger. It’s worth noting that ZIL has still not participated in the early stages of the bull market. I however believe that the project has potential and ZIL is likely to go ballistic.
As an overview, Zilliqa utilizes the concept of sharding where “transactions are grouped into smaller groups and divided among the miners for the parallel transactional verification.” This allows for faster transactions and the transaction cost is significantly lower as compared to Bitcoin or Ethereum (ETH-USD).
Besides being undervalued, Zilliqa has attractive staking rewards. The current APR is 10.4%. As an increasing number of tokens are staked (30.21% of circulating supply), there is a strong case for tight supply driven upside in ZIL. For now, as more dApps are launched on the blockchain, ZIL is likely to benefit.
inSure DeFi (SURE-USD)
inSure DeFi (SURE-USD) token has surged by almost 45% in the last two weeks. As the bull market gains momentum, I am positive on SURE token creating massive value.
As an overview, inSure is the world’s first crypto insurance ecosystem. The challenge related to scammers persists for the industry. One way to address this issue is to have an insurance for the tokens held in the wallet.
inSure has a simple business model. As an example, a crypto user holding 10,000 SURE tokens will have an insurance coverage of $2,000. Similarly, a user holdings 500,000 SURE tokens will have an insurance coverage of $140,000 for two years.
As crypto users swell and the insurance business gains popularity, it’s likely that a significant number of SURE tokens will be locked. The use case is therefore strong and SURE also has an attractive APR that’s currently at 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.com Publishing Guidelines.
