The cryptocurrency market seems ready to start the second phase of the 2024 crypto bull run, according to analysts. Thus, Finbold selected two cryptocurrencies with the potential to turn a $100 investment into $1,000, with a 900% return.
In a fast-growing and highly competitive space, picking the right cryptocurrencies can make a difference in achieving better financial results. Nevertheless, the market will not always respond as expected, usually presenting itself as an unpredictable and highly volatile speculative landscape.
For this select list of potentially good candidates for a “10x” return, we have looked into solid fundamentals, growth projection, and market asymmetry, but investors should still do their research and evaluate the ideas presented here.
Overall, we are looking at two narratives that could surge in the 2024 crypto bull run, attracting two different sectors. Using cryptocurrencies for payments is one, while the other is looking to scalability and interoperability in a broader Web3 landscape.
Monero (XMR) for payments in the 2024 crypto bull run
Privacy was a recurring subject among crypto- and internet-native people in 2024, facing a major regulatory crackdown and arrests. In this realm, Monero (XMR) surges as one of the favorite contenders, offering battle-tested privacy by default without compromise.
The Monero community has proven resiliency after Binance’s delisting and stood firmly for its ideals while fomenting real-world payment adoption. With that, XMR grew in multiple payment platforms, even surpassing popular coins like Bitcoin (BTC) and stablecoins (USDC and USDT). Finbold reported multiple of these monthly results showing a growing user preference for Monero.
Notably, Chainalysis recently sent some waves to the industry with a video that was quickly removed and reshared by the Monero community. In the video, the leading on-chain investigation company praises Monero’s privacy and explains how difficult it is to make highly probabilistic educated guesses on the origin and destiny of XMR transactions.
“Monero is super cool. It really is the frontline of the army’s race between cryptographers and investigators like us. Or privacy advocates or criminals, and investigators like us. Monero has an incredible developer team they are always looking for weaknesses in their protocol. They are really proactive in making the protocol the most secure and private that it can be.”
– Chainalysis analyst
Monero (XMR) price analysis
As of this writing, XMR is trading a $170 per coin, up 6,809% since launch and down nearly 69% from the all-time high, with a $3.1 billion market cap. At these prices, Monero has a capitalization 362 times lower than Bitcoin and five times lower than Dogecoin (DOGE).
A ten-time surge would result in a $31 billion market cap, which is exactly what XRP and USDC have today. Considering most cryptocurrencies will rise in the expected 2024 crypto bull run, achieving this mark is possible but not easy.
Monero will need to continue attracting users and investors and pushing demand to turn a $100 investment into $1,000.
Monero (XMR) price chart. Source: Finbold
MultiversX (EGLD) for scalability and interoperability in a growing Web3
As the second candidate, MultiversX (EGLD) stands out with a notable market asymmetry between its nominal value and fundamentals when compared to its competitors.
Notably, it is the first blockchain with all three types of sharding fully implemented for network, transactions, and state. EGLD has a maximum fixed supply of 31 million, achieving full dilution by 2030 or before, replaced by fees.
MultiversX characteristics have made experts like Europe’s oldest cryptocurrency fund’s founder call the chain the “technological Holy Grail of crypto.”
“MultiversX (EGLD) is the technological holy grail of crypto. Capable of exceeding 100k TPS now, as it has fully implemented sharding! After ETH & others gave up on this goal, EGLD came along & proved them all wrong!”
– Justin Bons
Additionally, further developments present the Sovereign Chains, a modular approach to customizable private blockchains that are still atomically composable with the ecosystem. Users can also achieve increased security by enabling on-chain two-factor authentication (2FA), protecting their funds from seed leaks and drains.
MultiversX (EGLD) price analysis for the 2024 crypto bull run
The momentum is also favorable for the chain, with many startups recently launching their products running on MultiversX’s infrastructure. Finbold reported three of these startups, innovating services from traditional finance, leveraging Web3 features and EGLD.
While in price discovery, the native token changed hands for as high as $545 in the 2021 crypto bull run. Now, EGLD is trading at $26.51, up 50.69% from its initial coin offering (ICO).
Interestingly, MultiversX has a $730 million market cap, significantly lower than most of its paralleled competitors from a technological perspective.
A “10x” move from $100 to $1,000 would make EGLD trade at $265, still halfway to its all-time high. Furthermore, it would position MultiversX at Shiba Inu’s (SHIB) current capitalization of around $7 billion – which is doable in an expected 2024 crypto bull run.
MultiversX (EGLD) price chart. Source: Finbold
Investors and traders looking to build solid positions should consider these two cryptocurrencies but understand the inherent risks of speculation, where no results are guaranteed.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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