PriyankaWe have meticulously curated a list of the 12 Best Cryptocurrencies to Invest in According to Reddit. In this detailed exploration, we will examine the position of the Atletico De Madrid Fan Token (ATM) among these cryptocurrencies.
The past year has been nothing short of a rollercoaster for cryptocurrency investors. With the approval of spot Bitcoin ETFs in Q1, the markets needed time to adjust to this significant change. The SEC’s eventual green light for spot Ethereum ETFs in May further solidified the path for these financial products. As a result, spot Bitcoin ETFs accumulated over $50 billion in combined assets within just six months, with some experts touting it as the most successful ETF category ever introduced.
Beyond the success of spot ETFs, crypto-themed ETFs have also flourished in the first half of 2024. For instance, the First Trust SkyBridge Crypto Industry & Digital Economy ETF experienced a notable YTD growth of approximately 20%. Similarly, blockchain-centric products have gained substantial interest, with the Amplify Transformational Data Sharing ETF seeing a YTD rise of around 19%.
In recent developments, Artificial Intelligence (AI) has made significant inroads into the crypto sphere. AI tokens, representing cryptocurrencies linked directly to AI ventures, are becoming increasingly popular. These tokens support AI-based projects, applications, and services, such as decentralized AI marketplaces and AI-driven decentralized autonomous organizations. Users can leverage these tokens to pay for services or access data on various platforms. Conversely, platforms utilize these tokens as rewards to incentivize users, offering governance rights to token holders. CoinMarketCap reported a remarkable increase of over 70% in the market cap for AI and big data cryptocurrency projects within weeks, indicating renewed investor confidence.
The cryptocurrency sector has also faced significant challenges, such as the collapse of FTX, which underscored the critical need for regulatory oversight. The fall of this major exchange was largely attributed to insufficient regulation at that time. However, regulatory bodies are now more proactive in enforcing rules, with the Securities and Exchange Commission (SEC) leading the charge as the most vigilant watchdog in the crypto market.
CNBC highlighted that the United States has been particularly active in regulating the crypto industry, with the SEC suing two major crypto exchanges recently. Clear and well-defined regulatory standards could pave the way for institutional investors, including banks and asset management firms, to invest confidently in crypto assets.
According to a bi-annual survey by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA), around 22% more financial services organizations offered crypto-asset products and services to their clients in 2023 compared to 2021. Additionally, approximately 26% more institutional investors included crypto-related assets in their portfolios in 2023 than in 2021.
Coinbase noted a substantial increase in institutional inflows into US spot Bitcoin ETFs based on updated Q2 2024 13-F filings. This surge in institutional ownership—from 21.4% to 24.0% between Q1 and Q2 of 2024—signals a promising trend for the Bitcoin market.
The United States International Trade Commission reported that global revenues from tokenized asset exchanges amounted to approximately $26.5 billion in 2022, with about 76% of these revenues coming from cryptocurrencies. The surge in revenues from tokenized assets in 2021 was driven by the growth of non-fungible tokens (NFTs) and rising prices of major cryptocurrencies. McKinsey projects that total tokenized market capitalization could reach around $2 trillion by 2030, excluding leading cryptocurrencies and stablecoins. This growth is expected to be fueled by adoption across mutual funds, bonds, exchange-traded notes (ETNs), loans, securitization, and alternative funds.
Globally, the cryptocurrency market capitalization exceeded $2.5 trillion according to Forbes, with the largest cryptocurrency reaching a record high of over $73,000 and its market cap hitting $1.4 trillion by mid-March 2024. The overall cryptocurrency market is projected to grow to approximately $6.6 billion by 2024, with user numbers expected to reach 107.30 million by 2025.
This growth is primarily driven by increased acceptance and adoption of cryptocurrencies by both institutions and individuals, expanded use of decentralized finance (DeFi) platforms, advancements in blockchain technology, and higher utilization for cross-border transactions.
Our methodology involved sifting through numerous communities, subreddits, and threads to identify the 12 best cryptocurrencies by selecting those trending most prominently. These were then ranked based on their market capitalization as of August 29.
At Insider Monkey, we focus intently on stocks that hedge funds heavily invest in. Our research indicates that by mimicking the top stock picks of leading hedge funds, we can outperform the market. Our quarterly newsletter’s strategy involves selecting 14 small-cap and large-cap stocks each quarter, achieving a return of 275% since May 2014—outperforming its benchmark by 150 percentage points.
The Atletico De Madrid Fan Token serves as a digital asset bridging the gap between Atletico De Madrid football club and its global fanbase. This cryptocurrency offers a unique engagement platform where fans can influence certain club decisions through a voting mechanism. It represents a novel way for fans to interact with their favorite team beyond traditional methods.
These tokens are primarily secured using Chiliz ($CHZ), an ERC20 utility token on the Ethereum blockchain, renowned for its robust security measures including cryptographic encryption ensuring secure and immutable transactions.
Once acquired, these tokens do not expire and can be used repeatedly for voting and participating in Fan Rewards.
Overall, ATM ranks 10th on our list of top cryptocurrencies to invest in right now. While we recognize its investment potential, we believe some undervalued AI stocks hold greater promise for higher returns within shorter timeframes. If you’re interested in a deeply undervalued AI stock trading at less than five times its earnings, check out our report on the cheapest AI stock.
Explore further: Discover the $30 Trillion Opportunity with our list of the 15 Best Humanoid Robot Stocks to Buy according to Morgan Stanley and insights from Jim Cramer on why NVIDIA ‘Has Become A Wasteland.’
Disclosure: None. This article was originally published at Insider Monkey.
