The recent ascent of Bitcoin (BTC-USD) to $59,000 has rekindled the broader cryptocurrency market’s interest, including the so-called ‘penny cryptos.’ These are seen as an alternative to Bitcoin and other established cryptocurrencies, offering investors the opportunity to invest in projects at a relatively low entry point.
In the light of the upcoming halving event, it could be an opportune time to consider adding some of these coins to your portfolio. While there’s no guarantee that the halving event will be accretive for crypto investors, I am of the belief that it will be, and that now is one of the best times for investors to park their cash in these promising coins.
One such penny crypto is Chiliz (CHZ-USD), which is gaining recognition for its innovative approach to enhancing fan engagement in the sports industry through blockchain technology. Its platform, Socios.com, has secured partnerships with major sports entities like FC Barcelona, Manchester City, and UFC.
“Chiliz’s prospects look promising for 2024, with predictions suggesting a price increase of up to $0.25.” This forecast aligns with the anticipated growth in demand for fan tokens as more sports clubs seek to engage their fanbases through blockchain technology. With a current market cap of around $1.28 billion and a total circulating supply of 8.89 billion CHZ coins, there’s a lot of room for it to rise in value.
Another penny crypto to consider is Harmony (ONE-USD), designed to facilitate the creation and use of decentralized applications (DApps). The platform focuses on processing speed and validation. Harmony is a top pick for investors who are bullish on the future of dApps and their disruptive potential.
“Harmony could trade between $0.022174 to $0.043107 in 2024.” This prediction indicates a potential increase of up to 91.12% from its current value. Its market cap of $318.77 million and a 24-hour trading volume of $48.52 million, coupled with a circulating supply of 13.81 billion, puts it at the lower end and thus gives it more upside.
Lastly, VeChain (VET-USD) targets the supply chain and logistics sector, offering blockchain solutions to enhance supply chain management processes. VeChain’s partnerships with global brands, such as BMW and Walmart China, highlight its practical applications.
“VeChain is forecasted to trade at a minimum of $0.0849 and could reach up to $0.1060 on average in 2025.” This shows the long-term confidence in VET’s market performance and its potential for substantial ROI. VET is one of the few penny cryptos that have proven itself through partnerships with major companies in the real world.
However, it’s important to note that while these penny cryptos offer potential high returns, they also come with risks. InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. This is because these “penny cryptos” are frequently the playground for scam artists and market manipulators.
Investors should always be aware of the risks involved and take necessary precautions to avoid falling victim to popular cryptocurrency scams. As always, the opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Let us know what you think, please share your thoughts in the comments below.
