By now, bitcoin has grown to the point where cryptocurrency investors are not expecting very large returns from it and are now looking for altcoins that can provide the type of returns they are looking for. However, with thousands of altcoins circulating in the cryptocurrency market, it can be quite difficult to choose the coins that might end up doing well.
So here are five altcoins that are well positioned to perform well in the next bull market and could potentially 20x your cryptocurrency portfolio.
Lido DAO (LDO) is one of the top crypto contenders
Lido DAO (LDO) has quickly grown to dominate the ethereum liquid staking game, accounting for over 30% of all eth staked on LSD protocols. This has brought immense attention to its native token, LDO, which itself has also performed well over the years.
However, with a market cap of just $1.4 billion, LDO remains what can be called undervalued given its position in the decentralized finance (DeFi) sector. In a bull market, LDO’s market capitalization could easily exceed $30 billion, which would be a return on investment of more than 20 times its current price level of $1.61.
Arbitrage (ARB) Dominates ethereum Layer 2 Altcoins
Arbitrum (ARB) appears on this list due to the network’s performance over the years. Of all the ethereum Layer 2 networks currently in the game, Arbitrum leads the pack both in terms of total value locked (TVL) and daily trading volume.
This puts it ahead of companies like Optimism (OP), Avalanche (AVAX), and Polygon (MATIC), all of which have been in the game just as long. However, of the top 4 ethereum L2s, Arbitrum has the lowest market capitalization. At $1.08 billion, it has yet to see the same type of surge its competitors saw in 2021 due to the token’s bear market launch. Arbitrum’s performance even in a bear market shows that it could easily be a top 10 cryptocurrency in the bull market.
Stacks (STX): bitcoin‘s crypto Child
Currently, when cryptocurrency investors think of NFTs and DeFi on the bitcoin network, they think of Stacks (STX). This is because Stacks is a Layer 2 network that enables the use of smart contracts on bitcoin. This means that developers can create protocols and launch nft collections on the bitcoin network using Stacks (STX).
STX’s market cap is still very low, just $715 million, especially considering what it allows developers to do on the bitcoin network. This offering ensures that Stacks is always on investors’ radar, making it a billion-dollar token that could easily generate 20x returns.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Top-5-Altcoins-for-October-2023-That-Could-20x-Your" alt="Tradingview.com Altcoins Total Market Cap Chart (crypto 20x)” width=”2804″ height=”1746″ loading=”lazy”/>
Total market cap excluding bitcoin is $514 billion | Source: crypto Total Market Cap Exclude btc on Tradingview.com
Kava (KAVA) joins the fun with Layer 1 technology
Kava (KAVA) has been gaining widespread adoption despite competition from the largest networks in the industry. This Layer 1 blockchain is taking another path to interoperability by combining the best parts of the ethereum and Cosmos networks.
ethereum is known for its development power, allowing them to create virtually anything, but it is still held back by slow transactions and high fees. On the other hand, Cosmos has some of the highest speeds and interoperability and when the two are combined, it basically presents a supercharged Layer 1 blockchain equipped to handle almost anything.
Its native token KAVA is already one of the most viewed native Layer 1 tokens, and with a market cap of $500 million, it’s fair to say this altcoin is far from over.
Altcoins are not complete without Trust Wallet Token (TWT)
With so many centralized exchanges facing issues like hacks and bankruptcies, more cryptocurrency investors are choosing to self-custody their coins. The two main self-custody wallets that also allow users to take advantage of DeFi and NFTs are MetaMask and Trust Wallet. Since currently only the latter has a token, it has been able to corner that market share.
Trust Wallet’s native TWT token gained popularity when the FTX crypto exchange crashed in 2022 and hasn’t stopped. Going into the bull market, self-custody is expected to be the primary avenue for storing coins and TWT’s current market cap of $411 million could quickly become a market cap of $8 billion in the bull market. .
