Recently, we curated an extensive list of the 12 Best Cryptocurrencies to Invest in According to Reddit. This article delves into the position of Sentinel (DVPN) among other noteworthy cryptocurrencies, providing a detailed analysis.

The past year has been a rollercoaster for cryptocurrency investors. The approval of spot Bitcoin ETFs in the first quarter set the stage for market changes, as the SEC subsequently cleared spot Ethereum ETFs by May. In just under six months of trading, spot Bitcoin ETFs amassed over $50 billion in combined assets. Market experts suggest this could be the most successful ETF category ever launched.

Beyond spot ETFs, crypto-themed ETFs also shone brightly in the first half of 2024. The First Trust SkyBridge Crypto Industry & Digital Economy ETF, for instance, posted a robust year-to-date (YTD) return of around 20%. Blockchain-centric products attracted substantial interest, with the Amplify Transformational Data Sharing ETF appreciating by about 19% YTD.

In recent months, the integration of Artificial Intelligence (AI) into the cryptocurrency sector has gained momentum. AI tokens represent cryptocurrencies tied to AI ventures, aimed at supporting AI-based projects, applications, and services. These tokens are used within decentralized AI marketplaces and AI-driven decentralized autonomous organizations (DAOs). Users can utilize tokens to pay for services or access data, while platforms can reward users with tokens to incentivize participation. CoinMarketCap reported a significant market cap increase of over 70% for AI and big data cryptocurrencies in just a few weeks, reflecting renewed investor confidence.

The cryptocurrency industry has faced notable upheavals, such as the collapse of FTX, which highlighted regulatory shortcomings. The fall of this major exchange was largely due to a lack of regulation. However, regulatory bodies are now more proactive. The Securities and Exchange Commission (SEC) has emerged as a vigilant watchdog, taking legal actions against crypto companies. Clear regulatory standards could pave the way for institutional investors like banks and asset management firms to invest in crypto assets.

A bi-annual survey by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) found that 22% more financial services organizations offered crypto-asset products and services to clients in 2023 compared to 2021. Additionally, 26% more institutional investors included crypto-related assets in their portfolios in 2023 compared to 2021.

Coinbase highlighted that updated 2Q 2024 13-F filings showed a significant uptick in institutional inflows into US spot Bitcoin ETFs. This trend is seen as a “promising indicator” for the Bitcoin market. Between Q1 and Q2 of 2024, institutional ownership of these ETFs increased from 21.4% to 24%.

According to the United States International Trade Commission, global revenues from tokenized asset exchanges totaled approximately $26.5 billion in 2022, with about 76% stemming from cryptocurrencies. Revenues surged in 2021 due to growth in non-fungible tokens (NFTs) and rising prices of major cryptocurrencies. McKinsey predicts that total tokenized market capitalization could reach around $2 trillion by 2030, driven by adoption across mutual funds, bonds, exchange-traded notes (ETNs), loans, securitization, and alternative funds.

Globally, the cryptocurrency market cap exceeded $2.5 trillion according to Forbes, with Bitcoin setting a record high of over $73,000 and reaching a market cap of $1.4 trillion by mid-March 2024. The cryptocurrency market is projected to hit around $6.6 billion in 2024. Forbes also forecasts that the number of users in the cryptocurrency market will reach 107.30 million by 2025.

The growth in the cryptocurrency market is expected to be driven by higher acceptance and adoption by institutions and individuals, increased use of decentralized finance (DeFi) platforms, advancements in blockchain technology, and greater usage for cross-border transactions.

Our methodology involved sifting through numerous communities, subreddits, and threads to compile our list of the top 12 cryptocurrencies by market capitalization as of August 29.

At Insider Monkey, we have a keen interest in the stocks favored by hedge funds. Our research indicates that imitating top hedge fund stock picks can outperform the market. Our quarterly newsletter strategy selects 14 small-cap and large-cap stocks each quarter and has returned 275% since May 2014, outpacing its benchmark by 150 percentage points.

Sentinel (DVPN) stands out as a cryptocurrency token operating on the Cosmos platform. With a current supply of 22,464,085,716 and a circulating supply of 12,382,850,067, Sentinel uses a multi-chain framework to secure data exchange across legacy systems, enterprise apps, mobile apps, and decentralized applications (dApps). Sentinel allows users to monetize their spare bandwidth through its distributed and decentralized dVPN applications built on its architecture. By minimizing intermediary servers and dependencies, Sentinel’s dVPN protocol offers high resilience and security for any consumer-grade VPN framework.

Users can stake DVPN tokens with Sentinel’s reliable validators to secure its Cosmos-based Hub and dVPN networks. Overall, Sentinel ranks 9th on our list of top cryptocurrencies to invest in now. While DVPN shows potential as an investment, we believe deeply undervalued AI stocks hold even greater promise for higher returns within a shorter timeframe. For those seeking undervalued AI stocks trading at less than five times earnings, our report on the cheapest AI stock is worth exploring.

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Disclosure: None. This article was originally published at Insider Monkey.