The cryptocurrency space has exploded since March 2020 and is now considered an alternative asset class by investors. The most popular digital assets include giants such as Bitcoin, Ethereum, and Solana. However, there are over 12,000 cryptocurrencies in circulation right now, which makes it difficult for the layman investor to identify a winning long-term bet.
We’ll take a look at two cryptocurrencies that are not as popular as Bitcoin but have the potential to derive exponential gains in the future.
Decentraland In the last few months, several digital tokens have been launched targeting the gaming space. One such cryptocurrency is Decentraland, which is a virtual universe that enables players to customize avatars as well as monetize content. Users can, in fact, purchase a plot of land to enter the virtual realm as well as trade non-fungible tokens while exploring monetization prospects.
Decentraland is powered by the Ethereum blockchain and was launched back in 2017 following an ICO (initial coin offering) of $24 million. The Decentraland token is called MANA and is valued at a market cap of $5.56 billion. In the last year, the digital asset has returned 3,737% to investors and continues to grow in popularity.
Voyager Token Voyager Digital (TSX:VOYG) is a broker that operates in the cryptocurrency segment. It aims to provide retail and institutional investors with a robust platform to trade cryptocurrencies. Launched in October 2018, Voyager allows you to trade more than 55 digital tokens. The broker rewards users within its ecosystem by providing them the Voyager Token in the form of cash-back rewards, among others.
The Voyager Token is valued at a market cap of $756 million and has gained 1,835% in the last year. Last week, the broker announced the integration of the Voyager token into Coinify’s cryptocurrency payment platform. Coinify is a wholly owned subsidiary of Voyager that provides merchant payment services in more than 150 countries.
The partnership with Coinify should expand the functionality of the Voyager Token beyond the broker ecosystem. Voyager’s CEO and co-founder Steve Ehrlich explained, “Our acquisition of Coinify earlier this year added a global crypto payments infrastructure to the Voyager ecosystem, and we will continue to implement additional ways to maximize this infrastructure to grow crypto adoption internationally.”
Coinify’s payment ecosystem enables businesses to accept cryptocurrencies online as well as over the counter. It is integrated via payment service providers and has onboarded 30,000 merchants globally. Coinify accepts 15 other cryptocurrencies as a form of payment that includes Bitcoin, Ethereum, and Cardano.
Voyager Digital is valued at a market cap of $3.7 billion Voyager Digital is one of the largest cryptocurrency trading platforms in North America, and the company is valued at a market cap of $3.7 billion.
The company has increased sales from just $1.15 million in fiscal 2020 to $175 million in fiscal 2021 that ended in June. Analysts now expect revenue to more than double to $544 million in 2022 and by 79% to $974 million in fiscal 2023.
If you have a lower risk appetite but still want to gain exposure to the cryptocurrency space, investing in Voyager Digital remains a solid option.
The post 2 Cryptocurrencies Flying Under the Radar That You Can Buy Right Now! appeared first on The Motley Fool Canada.
Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.