It's impossible to predict which cryptocurrency will be the next big one, but we can identify some potential candidates that are taking advantage of current trends such as artificial intelligence (AI), decentralized applications (dApps), and digital payment solutions. At first glance, Ethereum (ETH 0.69%) may not seem like a likely contender. However, it has been the second largest cryptocurrency for years and is well-known among cryptocurrency investors. While it's unlikely to experience the same 10,000% growth as before, it still has plenty of room to grow.
Ethereum was the first blockchain to offer smart contracts, which developers can use to create dApps. This has given it a significant advantage over its competitors. Polygon (MATIC -2.93%) is a unique blockchain platform designed to work with another blockchain platform, improving Ethereum's scalability by allowing its dApps to use Polygon sidechains. It is already one of the major cryptocurrencies and while it may not generate massive profits, it is much less likely to fail than smaller cryptocurrencies and still has plenty of room to grow.
Its partnerships with large companies such as Disney, Starbucks, and others make it an attractive purchase for investors. Monero (XMR 1.48%) is the best-known privacy coin, a cryptocurrency with anonymous and untraceable transactions. It uses privacy-enhancing technology to hide the sender, recipient, and amount of each transaction. This makes it an attractive choice for those who want to keep their cryptocurrency transactions private, especially as regulations become stricter.
Aave (AAVE 6.81%) is a decentralized finance (DeFi) protocol and lending platform that allows users to lend and borrow cryptocurrency using smart contracts without any intermediaries. Users can earn interest on the digital assets they lend and there are liquidity funds in Aave for many popular cryptocurrencies such as Tether (USDT 0.02%) and DAI (DAI 0.01%). What makes Aave particularly interesting is its partnership with Centrifuge which allows companies to tokenize parts of their business and investors to buy tokens from those companies. The Basic Attention Token (BAT 1.36%) allows users to get paid for surfing the Internet by installing the company's Brave browser which replaces regular Internet ads with ads that pay you in rewards in BAT. This way, users get paid for the views of their ads instead of other companies. XRP (XRP -1.38%) is the native cryptocurrency of Ripple, a payment protocol that uses blockchain technology for fast and cheap transactions.
Ripple was designed to facilitate international transfers and has partnered with hundreds of financial institutions that use its technology. The news of its victory against the SEC caused an increase in XRP's price and could lead to further increases in its value and trading volume. RocketPool allows small bettors who don't have enough ETH to pool their resources together into a single larger betting node which can support the network and earn rewards. GMX is a decentralized exchange that specializes in spot and margin trading with low swap fees and minimal price impact when opening and closing trades. It uses a patented multi-asset fund that generates income for liquidity providers through market creation, swap fees, and leverage operations. An altcoin is any cryptocurrency other than Bitcoin, the first and largest cryptocurrency by market capitalization.
The most valuable altcoin is Ethereum which together with Bitcoin represent more than 67% of the entire global cryptocurrency market capitalization. Globally, most cryptocurrency owners are in the 18-34 age group followed closely by those aged 35-54 while the oldest age group represents only 12%. In the US, Bitcoin continues to lead as the most popular cryptocurrency with around 69% of cryptocurrency owners having Bitcoin in their wallets while Ethereum ranks second with 37%. Other popular cryptocurrencies in the US are Dogecoin (24%), Litecoin (13%), and Shiba Inu (13%).According to Binance Research, around 52% of cryptocurrency investors don't do it as a hobby; it's a primary source of income for most people venturing into the industry with around 15% considering profitability from cryptocurrencies as their main source of income.
The main reasons why investors choose cryptocurrencies are long-term investment strategy (55%), seeing cryptocurrencies as an alternative to fiat currency due to its flaws (38%), and short-term trading opportunities (31%). As cryptocurrency owners continue to increase, digital assets are becoming more likely to become the mode of daily transactions.
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