7 Cryptos to Buy for Life-Changing Wealth Potential

We are at a fascinating juncture in the world of cryptocurrencies, where market volatility over the past year has paved the way for potentially life-changing wealth. Investing in cryptos that can make you rich could offer incredible upside this year.

The crypto markets appear to be on the cusp of the next bull run. Also, if the market’s predictions hold true and rate cuts are imminent, riskier assets such as cryptos are poised to gain immensely.

However, a deep and prolonged recession is possible, which should compel investors to focus on long-term crypto projects with solid use cases. With numerous tokens trading at appealing levels, it might be the best time to scoop up the ones mentioned in the article. Nevertheless, the sector is not without its share of scams and pitfalls, with diligent research being the key to sidestepping the perils of get-rich-quick schemes and unlocking the sector’s true potential.

Cryptos That Can Make You Rich: Bitcoin (BTC)

Industry bellwether Bitcoin (BTC-USD) continues to march forward with aplomb, leading the resurgence in the crypto market. BTC is up more than 80% year-to-date, signaling that the worst may be over for digital assets as they look to mount a sustained comeback. Despite the turbulence from monetary tightening and inflation, BTC has effectively weathered the storm, partly thanks to the halving mechanism ingrained in its design.

Moreover, with the specter of a banking crisis looming, Bitcoin will flourish over the long term. BTC is a decentralized asset that was created to address the inherent pitfalls of centralized banking systems effectively. As we approach the next halving event in 2024, along with the Federal Reserve delaying rate cuts amidst easing inflationary pressures, we could be in for a rousing crypto market rally.

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Ethereum (ETH)

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Ethereum (ETH-USD) is a seasoned trailblazer in the crypto realm that is arguably the most popular in terms of real-world utility. It lost a ton of value last year but has witnessed an impressive rebound since the start of the year, gaining over 50%.

Ethereum’s long-awaited Shanghai Hard Fork will likely further solidify the platform’s transition to a proof-of-stake model. Shanghai promises to significantly enhance Ethereum’s scalability, security, and usability, positioning it for long-term gains ahead.

One of the key elements of the update is account abstraction, a feature set to revolutionize smart contract wallets. It aims to empower users by allowing them greater control over their data and digital assets, fortifying its position in the crypto sphere. Moreover, you also have the Shapella Upgrade, which will unlock $33 billion in value for its users. Therefore, ETH’s ripple of influence will undoubtedly be felt for years to come.

Stellar (XLM)

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Stellar (XLM-USD) is a blockchain-based payment platform designed to facilitate quick and cost-effective cross-border transactions. Like its competitor in Ripple Platforms, it boasts partnerships with traditional banks, fintech platforms, and other financial institutions.

Stellar stands out as a shining alternative to XRP (XRP-USD), which continues to be weighed down by its ongoing SEC battle. With its open-source nature and the backing of its non-profit development foundation, it is unlikely to be deemed as a security. Therefore, it carries significantly lower risk compared to XRP. Stellar emerges as a compelling choice for those seeking a secure and thriving crypto investment untarnished by regulatory woes.

With similar fundamentals and an array of collaborations to improve its remittance technology, Stellar is arguably a more promising option in the evolving financial landscape.

Polygon (MATIC)

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Polygon (MATIC-USD) is a versatile digital currency of the innovative Polygon Network. As a layer-2 blockchain, it harnesses the power of a proof-of-stake mechanism to facilitate transactions and safeguard its platform. Additionally, it has positioned itself as a trailblazer among Ethereum’s layer-2 scalability solutions, optimizing transaction processing and redefining efficiency in the sector.

MATIC is the Polygon Network’s native token, which allows for payments, governance, transaction fees, and voting right on the platform. Moreover, the robust software development kit (SDK) offered by Polygon enables the seamless creation of decentralized side chains working effortlessly to integrate with the Ethereum network.

Polygon has gained strong traction in the non-fungible-token (NFT) and decentralized app markets. According to the recently published 500 NFT Index report posted by the crypto news platform, Forkast showed a remarkable increase in NFT volumes for Polygon. According to the report, Polygon witnessed triple-digit growth in the NFT space, while its peers in Ethereum witnessed a marked slowdown.

Binance Coin (BNB)

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Binance Coin (BNB-USD) is a powerhouse of a token of the world’s most popular centralized crypto exchange in Binance.

Naturally, BNB’s bull case hinges on the success of Binance, which continues to exhibit resilience in the volatile crypto market. It has grown its revenues tenfold in the past couple of years, generating $22 billion after last year. As the crypto bear market recedes, Binance’s strong fundamentals and expansionary plans make it an enticing prospect for investors with a long-term horizon in mind.

Moreover, BNB has been deploying its cash reserves to pursue acquisitions to expand its business. Additionally, it is fortifying its global position, particularly in the East. Its acquisition of the Japanese exchange Sakura and a majority stake in a Korean exchange further solidifies its presence. Also, Binance Labs has invested in more than 100 projects committing half a billion dollars to advance its Web 3.0, blockchain, and investments., paving the way for continued success and influence in the crypto domain.

Cardano (ADA)

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Cardano (ADA-USD) is one of the most sophisticated crypto platforms that led the way last year regarding development activity. Like its peers, it has been trading in green this year and is looking ahead to some promising events.

There’s the hotly-anticipated Cardano Summit in November, announcing a whopping $100 million development fund, with investment arms EMURGO Ventures and EMURGO Africa at the helm. The fund will allow Cardano to leverage its cutting-edge smart contract platform and bring decentralized finance tools, online games, and other tools to the masses.

On top of that, its team continues to develop new features, such as its Plutus smart contract platform and Hydra scaling solution. These upgrades will take Cardano to new heights in terms of scalability, security, and efficiency, unlocking untold opportunities for growth.

Neo (NEO)

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Neo (NEO-USD) has emerged as a rising star in the crypto realm. It stems from Antshares, China’s first public blockchain, and is called the “Ethereum of the Chinese market.” It has effectively transcended geographical boundaries and technological limitations, paving the way for long-term opportunities for its investors.

What’s most encouraging is that it remains undeterred by China’s 2021 ban on crypto mining and trading. NEO is up more than 90% from the start of the year and is flourishing as Chinese developers craft innovative applications on its platform. This robust resilience positions Neo as a tantalizing prospect. Moreover, if Beijing softens its stance on digital currencies, Neo has the potential to soar exponentially in the coming months.

On the date of publication, Muslim Farooque did not have (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.