PriyankaWe recently compiled an in-depth list of the 12 Best Cryptocurrencies to Invest in According to Reddit. This article will delve into the standing of MM Token (MM) compared to other leading cryptocurrencies.
The past year has been nothing short of a rollercoaster for cryptocurrency investors. The approval of spot Bitcoin ETFs in Q1 set the stage for a transformative year. Markets initially took time to digest the Securities and Exchange Commission (SEC) paving the way for spot Ethereum ETFs, which were greenlit in May. This approval fueled a surge, with spot Bitcoin ETFs amassing over $50 billion in assets within just six months. Some experts consider this the most successful ETF category launch in history.
Beyond spot ETFs, crypto-themed ETFs demonstrated remarkable performance in the first half of 2024. For instance, the First Trust SkyBridge Crypto Industry & Digital Economy ETF enjoyed a robust run, achieving over a 20% Year-To-Date (YTD) increase. Blockchain-focused products also garnered significant attention from enthusiasts; the Amplify Transformational Data Sharing ETF rose by over 19% on a YTD basis.
In recent months, Artificial Intelligence (AI) has made its mark on the crypto world. AI tokens represent cryptocurrencies that are closely tied to AI ventures, supporting AI-based projects, applications, and services. These include decentralized AI marketplaces and AI-driven decentralized autonomous organizations (DAOs). Users can utilize tokens for service payments or data access on these platforms, while platforms can use tokens as rewards to incentivize participation, offering holders governance rights. CoinMarketCap reported that the market cap for AI and big data cryptocurrency projects saw a healthy increase of over 70% within weeks, indicating renewed investor confidence.
The crypto industry’s meltdowns, such as the FTX collapse, have highlighted regulatory concerns. The downfall of this leading exchange underscored the need for stronger regulations. Government entities, particularly the SEC, have become more proactive in enforcing rules. CNBC reported that the US remains one of the most active regulators, initiating legal actions against major crypto companies. Clear regulatory standards could pave the way for institutional investors like banks and asset management firms to explore crypto assets.
A bi-annual survey by KPMG in Canada and the Canadian Association of Alternative Assets and Strategies (CAASA) revealed that approximately 22% more financial services organizations offered crypto-asset products and services to clients in 2023 compared to 2021. Additionally, about 26% more institutional investors included crypto-related assets in their portfolios in 2023 compared to 2021.
Coinbase highlighted that updated Q2 2024 13-F filings showed a strong increase in institutional inflows into US spot Bitcoin ETFs, describing it as a “promising indicator” for the Bitcoin market. Recent filings revealed that institutional ownership of these ETFs increased from 21.4% to 24.0% between Q1 and Q2 of 2024.
According to the United States International Trade Commission, global revenues from tokenized asset exchanges reached approximately $26.5 billion in 2022, with around 76% derived from cryptocurrencies. Revenues from tokenized assets surged significantly in 2021 due to the growth of non-fungible tokens (NFTs) and rising cryptocurrency prices. McKinsey projects that total tokenized market capitalization could reach approximately $2 trillion by 2030, excluding leading cryptocurrencies and stablecoins. This growth is expected from mutual funds (MFs), bonds, exchange-traded notes (ETNs), loans, securitization, and alternative funds.
Globally, the crypto market capitalization exceeded $2.5 trillion, with Bitcoin setting a record high of over $73,000 and a market cap of $1.4 trillion by mid-March 2024. The cryptocurrency market is projected to reach around $6.6 billion in 2024, with user numbers expected to hit 107.30 million by 2025. This growth is driven by higher adoption rates among institutions and individuals, increased use of decentralized finance (DeFi) platforms, advancements in blockchain technology, and greater utility for cross-border transactions.
Our methodology involved sifting through numerous communities, subreddits, and threads to narrow down our list to the 12 best cryptocurrencies by selecting those trending significantly. We ranked these cryptocurrencies based on their market capitalization as of August 29.
At Insider Monkey, we closely follow stocks favored by hedge funds because our research indicates we can outperform the market by imitating their top picks. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has delivered a return of 275% since May 2014, outperforming its benchmark by 150 percentage points.
MM Token (MM) is a decentralized digital currency designed with scarcity in mind, boasting a fixed supply of one million tokens. Its value is pegged to 1 USDC but has the potential for fluctuations unlike traditional stablecoins. Often referred to as a social experiment due to its unique design and growth potential, MM operates on multiple blockchain networks like ERC-20 and BEP-20 tokens. Initially supported by its founder’s resources, MM maintains its peg through these reserves.
MM supports DeFi features, including a decentralized governance DAO for stakeholder rights. It remains deflationary as there will never be more than one million MM in circulation.
Overall, MM ranks 11th on our list of best cryptocurrencies to invest in right now. While recognizing MM’s investment potential, we believe some deeply undervalued AI stocks offer greater promise for higher returns within a shorter timeframe. For investors seeking an undervalued AI stock trading at less than five times its earnings, our report on the cheapest AI stock might be of interest.
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Disclosure: None. Originally published at Insider Monkey.
