InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Cryptocurrencies have been some of the most explosive opportunities on the market in 2021.
Granted, there was a short-lived pullback after U.S. Treasury Secretary Janet Yellen warned against cryptocurrencies being used “mainly for illicit financing.”
However, the pullback didn’t last long at all. All thanks to incredible retail and institutional buying interest.
Skyridge Capital believes we could see a “tidal wave of institutional capital,” as reported by Bitcoinist. In fact, the firm says the cryptocurrency could see maturation as an asset class, and attract hedge funds, public company treasurers, insurance companies, pension funds, RIAs, banks, brokerage houses and ETFs.
While most of us are well aware of Bitcoin, here are five you may not have heard of just yet.
Bridgewater founder Ray Dalio just said his firm may soon buy Bitcoin. Even better, Elon Musk just said he bought $1.5 billion worth of Bitcoin (CCC:BTC) in January, adding that Tesla (NASDAQ:TSLA) would accept it as payment for products. In short, the catalysts for further crypto-upside are in place.
Lesser-Known Cryptocurrencies to Buy Before The Crowd: Stellar Lumen (XLM)
Source: Stanslavs / Shutterstock.com
The Stellar cryptocurrency is referred to as Lumen.
With a market cap of $8.77 billion, XLM just soared from a low of $0.08 to $0.39. If it can maintain the momentum, we could soon see a retest of resistance around $0.62.
Also, Stellar is a decentralized protocol, designed to extract lightning fast and efficient payment protocols. That makes it possible for people to create, send and trade digital forms of money –dollars, pesos, bitcoin. All designed so all the world’s financial systems can work together on a single network, according to the company’s website.
Better still, scarcity could drive upside here. At the moment, there are 30 billion lumens on market, and no more will be created. If demand picks up momentum, XLM could take off.
IOTA (MIOTA)
Source: Shutterstock
MIOTA is another high-flying cryptocurrency you may want to consider.
Over the last few weeks, the coin rocketed from a low of about $0.30 to a high of about $0.62. From here, it could test $1.81 if it can maintain its momentum. When it comes to MIOTA, this cryptocurrency doesn’t utilize blockchain technology. Instead, it relies on Internet of Things (IoT) applications and functions as a bridge between these devices.
According to Securities.io, “IOTA introduces standards and provides a reliable and affordable way for all of these devices to leverage other sensors in the network efficiently, This strategy opens the door for some pretty amazing functionalities.”
Komodo (KMD)
Source: Shutterstock
Komodo is another hot cryptocurrency to consider.
Over the last few weeks, KMD ran from a low of $0.44 to a recent high of $0.79. If it can break above resistance at $1.79, we could see a potential test of about $4.19.
KMD is a blockchain platform that uses atomic swaps, or “peer-to-peer cryptocurrency trades that exchange two different coins from one user to another, wallet to wallet,” according to Liquid.
In addition, KMD relies on Zero Knowledge Proof, which allows KMD transactions to be 100% private at all times. It also uses Delayed-Proof-of-Work, which adds a notarization mechanism.
Fusion (FSN)
Source: Shutterstock
After bottoming out around $0.20, FSN rallied to a high of about $0.76. If it can sustain its momentum, we could see a near-term test of $0.94.
Fusion is a blockchain project creating the next generation of financial innovation, according to Coin Bureau. This crypto is trying to connect all financial transactions in an ecosystem through the use of smart contracts.
Additionally, the company is trying to solve issues of scalability and inoperability in blockchain technology as well.
Binance Coin (BNB)
Source: Shutterstock
Another coin to be aware of is the Binance Coin, the in-house token of the Binance cryptocurrency exchange. Over the last year, BNB rallied from $10.50 to a recent high of $74.97. With a good deal of momentum, I wouldn’t be shocked to see it closer to $100.
Binance, one of the world’s largest crypto exchanges, launched its own currency to help cut back on transaction costs. The coin became known as Binance Coin, or BNB. In short, BNB is simply a secondary coin for transferring money between different currencies within Binance.
Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article. A contributor to InvestorPlace.com, Ian Cooper has been analyzing stocks and options for web-based advisories since 1999.
The post 5 Lesser-Known Cryptocurrencies to Buy Before the Crowd appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
