Bitcoin Hits a New All-Time High, 3 Cryptocurrencies Worth Buying

Bitcoin (BTC-USD) is soaring again. The world’s largest cryptocurrency has surged in the past few weeks, breaking the $69,000 mark in 2021 recently. Now, as the new Bitcoin bull market is established, investors are increasingly looking at other projects that could soar to new highs during this rebound.

Importantly, Bitcoin’s rise often precedes a broader rebound in the crypto market, known as the “alt season”. Once Bitcoin peaks, investors tend to shift to other cryptocurrencies that have more room to run. This is why now might be a good time to take a lead and identify some altcoins that have the potential to break out. Here are three projects that are worth researching right now.

Beldex (BDX-USD) is building a privacy-protecting application ecosystem, including cryptocurrency messaging, VPN, and web browsing. This project, which focuses on anonymity, targets the growing number of cryptocurrency users who are concerned about surveillance and censorship regimes. Beldex uses a modified version of the verified Cryptonote protocol of Monero (XMR-USD), which has over 2,000 validators to enable confidential transactions. Despite privacy being a timely topic amid regulatory tightening, Beldex’s market cap is still small, at only $250 million. This marks significant room for growth as demand for anonymous solutions increases.

A recent financing deal confirms this bullish argument. Beldex received a $25 million investment from Web 3.0 supporters DWF Labs in early 2023, to expand its privacy R&D and marketing. The team also raised $3 million each from Block Alpha and Alpha Token Capital, to advance features such as EVM integration and private dApps.

In addition, Beldex is enhancing its ecosystem by introducing BNS (Beldex Name Service), a decentralized domain name system built on the Beldex chain. BNS ensures that domain name registration is censorship-resistant and privacy-focused, seamlessly aligning with Beldex’s commitment to anonymity. This new feature enables the network to offer a comprehensive suite of privacy-protecting applications.

As demand for decentralized domain name systems grows, Beldex’s inclusion of BNS adds another layer of appeal to its ecosystem, which could help it achieve an expected breakout in the upcoming alt season. Influential investors backing Beldex could also reap huge rewards. I believe Beldex is ready for a breakout once the alt season kicks in.

As decentralized finance continues to evolve, scalability and efficiency have not received much attention. Many existing chains, such as Ethereum (ETH-USD), face congestion issues, which result in high fees and prevent some applications from running smoothly. This is where Alephium (ALPH-USD) comes in.

Alephium is a sharded L1 blockchain, designed for DeFi and dApps, offering scalability, security, and energy efficiency. It uses a unique stateful UTXO model, which matches the programmability of Ethereum’s account model, while enhancing security. However, what sets Alephium apart is its novel Proof-of-Less-Work (PoLW) consensus, which dynamically calibrates the mining difficulty of the network, to reduce energy consumption compared to Bitcoin.

After a sharp rise in the past few months, Alephium is taking a breather. The token has risen from just 36 cents in mid-November last year to nearly $4 at its peak last month. However, I believe new peaks may be possible in the future, as this cryptocurrency has some of the most interesting use cases and utility. It is also highly correlated with Kaspa (KAS-USD), which has been on a parabolic trend lately.

If the bull market continues its current trajectory, I believe Alephium’s market cap could reach $1 billion, but it is important to remember that small-cap cryptocurrency projects are not fail-safe bets. You should only put money you can afford to lose into these projects, and the same consideration should apply to Alephium and others.

iExec RLC (RLC-USD) is a distributed cloud infrastructure cryptocurrency project, built for high-performance computing. The project aggregates underutilized computing resources on the internet. iExec allows users to leverage idle computing power to process complex parallel processing jobs.

By paying resource providers with RLC tokens, the project creates a decentralized market around cloud computing, aiming to disrupt the centralized existing markets of AWS and Azure. As cloud spending surpasses $500 billion and grows rapidly, iExec’s concept could spur huge growth even if it captures a small fraction of this market.

Since I started reporting, the RLC token has doubled, and I believe it has room for further gains in the coming months. As the AI craze spreads to the crypto world, cryptocurrencies involved in data, AI, and computing could see significant growth in the next few months.

Sentiment: Positive