3 Best Cryptos to Buy Now That Bitcoin Has Topped $60,000 (2024)

As I talk about some of the best cryptos to buy, I must mention at the onset that Bitcoin (BTC-USD) has lived up to its reputation of surprising investors. The cryptocurrency was trading at $16,600 towards the end of 2022. Like dozens of times before, I read stories about the demise of Bitcoin and cryptocurrencies. However, the digital asset has disappointed the perma-bears. Bitcoin is almost 4x from the lows of 2022.

While Bitcoin has skyrocketed, the rally is far from over. In my view, this is just the beginning and as the crypto enters uncharted territory, the rally can be stronger. At the same time, there are altcoins that are likely to go ballistic.

If investors recall the trend in the previous crypto bull market, altcoins delivered 5x to 10x returns in a matter of weeks. In some cases, these returns were a matter of few days. Therefore, it’s not too late to consider some exposure to crypto assets. This column discusses three of the best cryptos to buy (other than Bitcoin) for multibagger returns.

Ethereum (ETH)

The rally for Ethereum (ETH-USD) was long impending. The transition from proof-of-work protocol to a proof-of-stake system was a significant step during the cryptocurrency bear market. Ethereum finally seems to be discounting the positives with a surge of 61% in the last one month.

While the U.S. Securities and Exchange Commission (SEC) has further delayed the decision on Ethereum ETF, it’s very likely during the year. It’s a major catalyst for a bigger rally in Ethereum. I further believe that significant developments related to the project are impending.

It’s worth noting that Vitalik Buterin had indicated that Ethereum development is only 55% complete after the merge. Factors such as lowering of transaction cost and increasing the transaction speed are likely to be addressed in the coming years. Therefore, I would not hesitate in considering fresh exposure to Ethereum even after the recent rally. Multibagger returns from current levels are likely with an investment horizon of five years.

BNB (BNB)

In a crypto bull market, trading and speculative activity surge. This is likely to benefit the top cryptocurrency exchanges. Notably, Coinbase (NASDAQ:COIN) has soared by almost 200% in the last six months.

In comparison, BNB (BNB-USD) coin has trended higher by 44.1% in the last 12 months. BNB coin was designed to pay discounted fee on the Binance trading platform. In terms of trading volumes, Binance is the largest centralized exchange in the world. Clearly, with a bull market for cryptocurrencies, Binance is likely to benefit. I expect BNB coin to skyrocket.

Besides getting a trading fee discount on holding BNB coin, there are other use cases. As an example, BNB coin can \ be used to pay fees on the Binance China. With a strong use case coupled with positive market conditions, I expect BNB coin to climb in the coming months.

Zilliqa (ZIL)

Zilliqa (ZIL-USD) is another cryptocurrency that seems poised for multibagger returns. I have been bullish on Zilliqa for the last few quarters. However, the rally has just commenced with ZIL coin surging by 65% in the last one month. In my view, if Bitcoin remains in an uptrend, ZIL can potentially deliver 10x returns within the next 24 months.

As an overview, Zilliqa is the world’s first sharding based blockchain. In this process, transactions are divided into smaller groups among miners for parallel transaction verification. This translated into higher speed, and Zilliqa has an attractive transaction cost.

Besides being significantly undervalued, ZIL offers an attractive APR. Currently, the APR is 10.26% and 29.61% of the circulating supply is staked. With a tight supply, there is a strong case for ZIL surging higher.

Therefore, as the crypto bull market rages, expect an increasing number of decentralized apps on the Zilliqa blockchain. This will benefit ZIL coin, which is a native token for the blockchain.

On the date of publication, Faisal Humayun did not hold (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.comPublishing Guidelines.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.