The crypto market has experienced rapid growth and generated substantial returns for early investors. Unlike traditional markets, it presents unique opportunities for those willing to take calculated risks. As some have said, fortune has favored the brave, at least during the incredible bull market we saw through 2021.
Of course, there are plenty of risks which should be considered with such a highly-volatile asset class. These risks were on display last year, with the entire sector losing approximately two-thirds of its value. From Bitcoin (BTC-USD) on down, it was a very poor showing. And while 2023 is shaping up to be a better year, investors in this sector may be looking for higher growth than what’s been seen in the past from the likes of Bitcoin.
For such investors, I have a list of three cryptos that may outperform from a growth standpoint over the next decade. These are projects which have outperformed Bitcoin over the past 12 months, and I think could continue to do so, as long as their fundamental growth metrics remain intact.
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Solana (SOL-USD) has become one of the most popular and sought-after cryptocurrencies in recent times, thanks to its high transaction speed, low fees, and growing ecosystem of dApps. With the ability to process 50,000 transactions per second, Solana has surpassed Ethereum (ETH-USD) and other competitors. As more developers and users adopt Solana, its popularity and appeal continue to increase.
Solana has been a standout crypto success story in 2023, rebounding strongly after a disastrous 2022. With triple-digit returns for investors, Solana’s value has more than doubled since the end of 2022, currently trading at $22.35. Its 127% increase this year is better than any other cryptocurrency in the top 25 by market capitalization, outperforming Ethereum and Bitcoin.
By buying the Solana token, which has a maximum supply of 508 million, you can pay transaction fees for using smart contracts and performing other transactions. You can also earn rewards by staking your SOL tokens.
Solana had the second-highest wallet activity among all blockchains in April, ranking higher than Ethereum and Polygon, and trailing only BNB Chain, according to Nansen. Even though FTX, which is run by a vocal supporter of Solana, suffered a fall, it did not hurt the Solana ecosystem much, as per Solana Labs founder Anatoly Yakovenko.
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The Render network offers blockchain-based solutions for motion graphics, animations, and visual effects using graphics processing units in a decentralized platform. Those with excess computing power can rent out their capacity (such as overnight, when they’re not using their computer) and earn RNDR tokens for their efforts. Accordingly, those who need GPU rendering capabilities can go to Render, and attain this computing power for a much cheaper price than is typical of the industry.
Of course, various risks lie with such a model. Top cloud providers aren’t likely to lie flat and let projects like Render take market share. But given the size of this fast-growing market, and Render’s unique model, it’s certainly possible that this crypto could carve out a nice piece of the pie. Valued at roughly $630 million, I think there’s plenty of upside, if this crypto becomes much more mainstream among visual effects and animations developers.
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Aptos (APT-USD) has seen a nice run this year, though it has also struggled to rise above the $10 resistance level after it was flipped from support by bears on May 1, indicating some bearish momentum could be taking hold with this project.
That said, I think there are reasons to keep Aptos on the radar right now.
This Web3-focused project is a layer-1 proof-of-stake platform aimed at improving how decentralized applications solve real-world problems. Essentially, Aptos does this via its unique smart contract programming language, Rust. Rust is generally easier to use, and is very developer-friendly. Thus, for those bullish on the rise of DeFi and Web3, Aptos is one crypto that’s gaining attention as a way to play developer interest in this space.
Notably, Aptos’ blockchain is also very fast, with a theoretical throughput of 150,000 transactions per second. Of course, we haven’t seen anything like this sort of speed materialize, yet. But the idea that it’s possible is intriguing.
For long-term investors seeking the “next Solana,” Aptos could be an interesting option to look at right now. There are plenty of high-profile backers of this project, suggesting that big money is betting on this project.
On the date of publication, Chris MacDonald had a position in SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
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