Cryptocurrency: Crypto Gems: Top Cryptos to Watch and Buy in July 2024

It was a bearish start to July with the first crypto crash of 2024. Its suddenness spooked the markets with the fear and greed index falling below 30 (out of fear). The cryptocurrency market cap is now below $2 trillion for the first time since February. Bitcoin is struggling to stay above $54,000 as altcoins have bled significantly in the past week (15%). Indicators point to oversold territory for key assets: will the market find its local bottom soon? Traders point to a BTC bounce of $52,000 in the coming week. If so, now is a good time to take a look at some cryptocurrencies for the coming year.

To maximize your cryptocurrency portfolio returns this year, along with Bitcoin, EtherealAND SolanaIt is prudent to allocate an appropriate portion of the portfolio to emerging and future stories that generate value in the ecosystem.

Today, we are covering the growth of DePin, memecoin on Base and Web3 browser. While we do our crystal clear analysis, we encourage investors to understand the risks and growth potential associated with each asset and do their own independent analysis.

DePIN – HNT, IOTX and PHA (medium risk, good returns)

DePIN, short for decentralized physical infrastructure networks, are blockchain protocols that build, maintain, and operate physical hardware infrastructure in an open and decentralized manner. They enable blockchains to operate on the backend, allowing them to thrive and scale. Key tokens to watch in this space are Helium (HNT), IoTeX (IOTX), and Phala Network (PHA).

Helium (HIL) plays in the people-powered networking space: users can create their own hotspots and connect a decentralized wireless network. Helium already has nearly 1 million connected hotspots and these have useful applications in IoT and other networking functions. HNT, with a market cap of $470 million, can make 6-8 times in the next year. IoTeX (IOTX) aims to create the Internet of Trusted Things, an open network where all physical and virtual things can cooperate with full trust and privacy. The platform consists of its own blockchain and IoT middleware that was developed with innovative hardware, architecture, and security features. It is backed by Hashkey Capital and the Ethereum Foundation. IOTX, with a market cap of $300 million, can possibly make 7-9 times in the next 12 months. Phala Network (PHA) is dedicated to being the Web3 privacy protection infrastructure, providing confidential processing service for all blockchains in the Polkadot ecosystem. It is backed by IOSG Ventures among others and has raised over $10 million in capital to support its growth. PHA is a significantly higher risk-reward play with $80 million in market cap and the potential for 8-10x returns.

Memecoin on Base – BRETT (higher risk, good returns)

Speculations about Coinbase’s Base chain launching its own token have been rife in recent months, while the team itself has denied such a move. In this context, memecoins on the Base chain have become a proxy for the growth and potential of the network. One of these, and the biggest, is Brett.

Brett (BRETT) is a memecoin that runs on the Base blockchain. It is the first Base-based meme to surpass $1 billion in market cap, with the next best approaching $100 million. BRETT has great potential to grow 6-8x in the next 12 months. However, the risks are high, especially if Base actually launches its own token.

Web3 Browser – The CSIX (moderate risk, good returns)

Web3 and blockchain enthusiasts are optimistic about privacy and decentralized data collection. To meet their need for browser-based data collection, many projects have emerged. They also offer rewards (in terms of crypto tokens) for browsing. Today, we tracked the Carbon browser.

Carbon (CSIX) is a fast, private, and secure web browser. It is developed by Carbon X Labs and is based on a fork of the Chromium browser and its Blink engine. Carbon is designed with privacy in mind and blocks online ads and website trackers by default. CSIX is their token and reward mechanism. There is also the option to stake CSIX in-app and earn up to 12% annual returns. With less than $100 million in market cap, it has a 10x potential in 12 months if adoption becomes large.

The OGs – BTC, ETH AND SOL (lower risk, decent returns)

It is prudent to move the majority of your cryptocurrency portfolio into the safest assets: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). They have been shown to enable adoption by new investors in the space (both institutional and retail). Their returns will be less significant (3-6x), but they are leading the trend and volume in cryptocurrencies.

(Author Vikram Subburaj is CEO of Giottus Crypto Platform. The views expressed are personal.)

(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times.)

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(Disclaimer: The opinions expressed in this column are those of the author. The facts and opinions expressed here do not reflect the opinions of www.economictimes.com)

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