Bitcoin: Crypto hunting: Experts pick six tokens for strong returns

New Delhi: The general cryptocurrency market started on a weak note, with the coin gaining 10 percent success, but it saw a strong rebound on the fourth day of the year. Major currencies are back in action with gains of up to 2 per cent.

Despite the recent correction, investors are looking for tokens that can reward them with huge returns. To help with cherry picking, cryptologists have some names on their cards:

Bitcoin (BTC)
Traditional foundations such as Fidelity and T Rowe Price are setting up funds in crypto-friendly jurisdictions. Suman Banerjee, CIO, Hedonova, a cryptocurrency hedge fund, notes massive inflows of institutional capital into Bitcoin at various levels. “Decreased transfer activity and more transfers from stablecoins to Bitcoin means that people are holding onto it and not spending,” he added.

Avalanche (Afax)
“Avalanche is a smart contract-based blockchain network that provides speed and compatibility, making it a powerful choice for developing decentralized applications (dApps). Smart contracts are the protocol that helps verify, facilitate, and enforce contract negotiation,” said Raj Kapoor, founder of India Blockchain Alliance. Between two parties, which can process more than 4,500 transactions per second.

“The main trigger is compatibility. dApp developers generally take advantage of the Ethereum Virtual Machine (EVM) to create dApps on Ethereum, while Avalanche on the other hand is working on an EVM running on the blockchain.”

Ethereum (ETH)
Art helped put NFTs (non-fungible tokens) on the map, which opened up avenues for many other things. Banerjee of Hedonova is more bullish on Ethereum, compared to Bitcoin. “We believe that NFTs are here to stay and will become the ‘Proprietary Governance Protocol’ on the blockchain. The ownership aspects of the securities as well as the physical properties will be built on the Ethereum chain,” he said.

chainlink (link)
It is an Ethereum-based oracle network designed with the goal of optimizing smart contracts by automatically inserting real-world data into online systems. As the use of smart contracts increases exponentially, so has Chainllink’s value. Chainlink is an Oracle data provider that connects and partners with projects across all blockchains.

Kapoor of India Blockchain Alliance said that in April 2021, Chainlink released version 2.0 of its white paper that outlined new capabilities of the Chainlink network, including off-chain account, cryptocurrency stabilization, and privacy features — all features that are attractive to users and developers making it a bet well this year.

Worldcoin (WDC)
This token is backed by major venture capitalists like A16Z and crypto giants like FTH and Sam Bankman. The USP of this currency is in its applications in authentication and therefore use cases in banking, insurance, and cybersecurity. Banerjee said that to get this coin, users must complete a one-time verification via a retina scan. “This unlocks applications that require authentication, which opens up many use cases,” he said.

Solana (SOL)
Solana has rocketed to become the world’s fifth largest cryptocurrency by market capitalization, thanks to a 13,800 percent rise in 2021. It is a lower-cost platform and faster processing speeds, and is considered a major competitor to Bitcoin and Ethereum,

“As Solana becomes a mainstream name, I think it will soon start accepting it as a form of payment on the same level as bitcoin and ether,” Kapoor said. He added that there will be many opportunities and crypto projects that will explode in value but they have to offer a unique solution that no one in this field is currently working on.