Analysts of the consulting firm have identified 3 cryptocurrencies that have the potential to drive the next bull market. The leading cryptocurrency Bitcoin (BTC) has fallen this year. However, it has still yielded tremendous returns since its creation. According to analysts, the decentralization and smart contracts inherent in Ethereum will make it a leader in the coming years. Polygon, on the other hand, fixes a few shortcomings of Ethereum and has the potential to be extremely valuable.
Original cryptocurrency Bitcoin (BTC) ranked first
Crypto expert Neil Patel discusses Bitcoin. If inflation really peaks and begins to decline over the next few months, the Federal Reserve will take a victory lap knowing that aggressive rate hikes are working. And with a more accommodating monetary stance, I think Bitcoin is poised to succeed.
The leading cryptocurrency is the oldest digital asset on the market with a market cap of $318 billion. Despite its 64% drop in 2022, Bitcoin has still yielded a massive 4,400% return over the past eight years. For comparison, the S&P 500 posted an overall return of 126% over the same period. For many investors, both individual and institutional, Bitcoin represents their first introduction to the crypto world. Bitcoin also has a financial infrastructure ecosystem that supports it.
If crypto prices start to rise, those on the sidelines will likely rush to enter, as FUD dominates. And in this scenario, Bitcoin would be a major beneficiary of capital flowing into the crypto space. Plus, Bitcoin is much less risky compared to other tokens, especially in light of the recent turmoil in the crypto industry.
Bitcoin is likely to lead the next crypto bull market. In addition, it is an asset worth having for the next ten years. Bitcoin is starting to become a real store of value. It has the potential to one day become a global currency used by individuals, companies, banks and governments.
Ethereum, home of smart contracts, ranks second
Crypto expert Michael Byrne evaluates Ethereum. The FTX debacle dealt a blow to the industry in the short term. However, in the long run, the coin has survived many black swan events before. So the fall of FTX is unlikely to spell the end of crypto.
Ethereum is the second largest cryptocurrency with a market cap of around $150 billion. It will play a crucial role in any renewed bull market. Unlike cryptos like FTX Token or Terra (LUNA), Ethereum is a decentralized entity that is not controlled by any entity. As with many other cryptos issued by a central body, there is no single person or group that can make a bad decision that destroys the value of Ethereum. It is possible for all users of Ethereum to stake Ethereum assets to verify transactions and secure the network. So, Ethereum’s transition to PoS has made it more decentralized than ever before. Ethereum is also the world’s largest smart contract platform.
On the contrary, the FTX debacle and the explosion of many other centralized exchanges and protocols demonstrate the importance of decentralization in crypto. Also, Ethereum is Blockchain, which underpins much of today’s decentralized finance (DeFi) ecosystem. Decentralized exchanges like Uniswap and dYdX are built on Ethereum. These projects are seeing their prices soar as more crypto investors withdraw their holdings from centralized exchanges.
Ultimately, Ethereum is a worldwide decentralized network with millions of users, powering smart contracts, decentralized exchanges, Non Fungible Tokens (NFT) and more. While the crypto world is picking itself up and dusting itself after the FTX crash, Ethereum is well positioned to play a leading role in the next crypto bull run whenever it happens.
The perfect Ethereum helper: Polygon
Crypto expert RJ Fulton is also looking at Polygon. It would be difficult to find another coin this year as successful as Polygon. Its price has dropped like most of the crypto market. However, it remained resilient compared to the others, as you follow on Kriptokoin.com. This flexibility can be attributed to a handful of technological achievements and partnerships of the Ethereum scaling solution made in 2022.
Polygon is one of the leading scaling solutions used to make Ethereum transactions faster. One of the most popular Blockchains for things like Ethereum, DeFi, NFTs and Web3. However, it is slow and costly to use. Polygon fixes this by processing Ethereum transactions on its own Blockchain and then adding them. This makes transactions exponentially faster and cheaper.
Because of this highly desirable functionality, Polygon is attracting the attention of some of the largest and most well-known companies in the world as they begin to pursue their own Blockchain ambitions. The list includes Walt Disney, Coca-Cola, Nike, Meta Platforms and even banking giant JPMorgan Chase. All of these companies have a desire to use Ethereum as their Blockchain of choice. However, he is aware that costs and speeds make him inefficient. Naturally, they look to Polygon as a solution to fix this problem.
As more companies start developing their own Blockchain products, users will increasingly seek Polygon. Current trends revolving around Web3, metaverse and DeFi will bring Polygon to the fore. It looks like the cat is out of the bag already. However, if a crypto bull market returns, it’s possible for Polygon to become a home.
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