Bitcoin continues consolidating around the $21k level, and selling volumes are dropping. It is an indicator that the bottom could be in, and what could follow is a steady rise over time before another blow-off top at some point in the future. However, for someone looking for mega gains in the next bull run, Bitcoin may not be the most ideal.
Most analysts expect Bitcoin to hit a peak of $100k in the next bull run. That’s close to 5x its current price. However, 5x is no big deal in crypto circles, where gains of 100x or more are usually possible in bull markets. For such gains, it is best to start looking into cheap altcoins with the potential for explosive growth. If you are unsure of which altcoins hold such potential, below are 3 of them that you should consider.
Shiba Inu (SHIB)
In 2021, Shiba Inu (SHIB) took everyone by surprise when it rallied by over 40,000,000%. However, it has since taken a hit, but there is still a lot of potential for Shiba Inu to do even bigger things in the next bull run. That’s because Shiba Inu’s recently introduced burn tool is taking vast amounts of SHIB out of circulation.
For context, more than 300 million SHIB tokens have been burned out of circulation this week alone. Over time, this accelerated burn rate will help drive up the price. That’s because the demand will continually be chasing an ever-declining number of tokens. With this burning tool in place, you can’t rule out the potential for SHIB to hit $0.1 at some point in the future.
XRP (XRP)
XRP (XRP) did not do so well in the last bull run and failed to retest the highs it last hit in 2017. That aside, XRP has proven to be one of the most resilient cryptocurrencies. Even with the SEC case against Ripple, and the current crypto bear market, XRP is still holding on to its value pretty well.
It is also noteworthy that whales seem to be accumulating on this cryptocurrency. Today, Whale Alert has posted that XRP worth $20 million has been transferred from an exchange to an unknown wallet. It could indicate that big-money investors are taking a more long-term approach to XRP. When you combine this with the fact that Ripple could win the case against the SEC, it becomes clear that XRP could be a gem in the rough at current prices.
Cardano (ADA)
Cardano (ADA) is one of the top cryptocurrencies with high potential and is cheap at the moment. One thing that makes Cardano stand out is that its popularity amongst investors is on the rise. For instance, in the latest brand intimacy rankings, Cardano ranks higher than well-known brands like BMW and IKEA.
It also ranks higher than Bitcoin, which is quite surprising because Bitcoin is the largest cryptocurrency in the market. It’s a good indicator because once bulls return to the market, Cardano could experience a surge in volumes, a factor that could positively impact its price.