As the crypto market continues its upward climb, some digital assets are poised to outperform mega-cap tokens by a wide margin. While Bitcoin (BTC-USD) tends to lift all boats during a bull market rally, obscure altcoins with tiny market valuations often multiply in value with simply a few catalysts. With Bitcoin’s next halving on the horizon and increasing institutional adoption expected via ETFs in this space, 2024 could prove to be an epic year for crypto. Accordingly, I believe the following three altcoins have what it takes to be monster moonshot bets this year.
But before we get to the rocket fuel, a word of caution. Crypto remains highly speculative, and many small-cap projects won’t survive ongoing volatility. So, only invest money you can afford to lose. Core holdings should be more substantial, with Bitcoin and Ethereum (ETH-USD) among the foundational investments worth making. Altcoins can reward the lucky, but they can also wreck the reckless.
With that said, here are three altcoins to explore.
ScPrime (SCP-USD)
I have featured cloud storage cryptos like Storj (STORJ-USD) and Filecoin (FIL-USD) in the past, as the data storage boom seems ripe to spill over into the crypto realm in coming years as demand for digital storage skyrockets. A smaller player, but one I believe packs potential, is ScPrime (SCP-USD), which provides decentralized cloud storage.
Like most distributed storage cryptos, ScPrime users earn tokens for leasing unused hard drive space. With cloud expenditures approaching $600 billion annually, it’s a massive potential total addressable market for these blockchain-based solutions, if they can gain adoption alongside traditional data centers. ScPrime boasts competitively-priced storage at $6.99 per month per TB.
Now, ScPrime lacks the brand recognition of a Storj or Filecoin. Reaching enterprise clients presents difficulties without big backers. But by proving itself over time, I expect gradual traction as businesses seek to diversify infrastructure. And with crypto gradually entering mainstream consciousness, adoption should accelerate.
In my view, recent price weakness offers a solid entry point for long-term exposure. As the world’s data appetite grows exponentially in the 2020s, ScPrime looks ready to capture some of this value.
Golem (GLM-USD)
I’ve spilled plenty of ink on Render Token (RNDR-USD). But Golem (GLM-USD) stands out from the crowd when it comes to decentralized processing power. Whereas private shareholders oversee Render Network, Golem runs as an open-source, autonomous organization built on Ethereum. This peer-to-peer grid connects those needing temporary computing capacity with providers who have spare availability. Users can directly harness power for rendering, machine learning, and other intensive workloads.
With Render’s impressive $1.4 billion market cap, I believe Golem looks undervalued, trading under $218 million. Past hype cycles brought rollercoaster volatility, so expect a bumpy ride. The project must still implement governance and treasury management upgrades to deliver on its potential fully. However, once this crypto project is noticed, this sleeping giant may finally awaken.
MILC Platform (MLT-USD)
MILC Platform (MLT-USD) offers a blockchain-based multimedia marketplace where professional content creators can license and trade ownership rights for video, music, games, art, and more. This tiny microcap crypto project currently sports a mere $30 million market capitalization. However, I believe huge upside exists, if its adoption gains momentum.
I rarely discuss altcoins at this early stage, and they are usually at least near $100 million in market cap, but I think MLT justifies an exception. MILC has already appreciated drastically in recent months. And if the crypto bull market returns, this altcoin could appreciate a lot more.
On Low-Capitalization and Low-Volume Cryptocurrencies:
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Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Omor Ibne Ehsan 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.
