Are you looking for a medium to invest in? With the rise of cryptos, you’re thinking it’s time to get into it? Problem… The crypto market has over 5,000 different coins! How do you put your money into a crypto that hasn’t exploded yet? A very recent report highlights 15 altcoins with great potential. The report becomes even more important when you know that its author is none other than the Bank Of America!
Bank Of America’s report on cryptocurrencies
It’s been a long time coming when institutional investors would take an interest in crypto! It is now a fact! The year 2021 has been full of positive statements and positions from major banks towards crypto. More than a change, it shows that crypto is becoming more and more important!
This is the observation made recently by the Bank Of America in a report. As a reminder, this is the second largest bank in the United States behind JPMorgan. The report is 140 pages long and is entitled “Introduction to Digital Assets: Only the First Round”. It covers various topics such as Bitcoin, NFT, DeFi, CBDC, etc. In this report, the bank highlights that cryptos can no longer be “ignored”.
Cryptos to buy before 2022 for Bank Of America
But if you’re reading this article, you probably don’t need to be convinced to invest in cryptos anymore! The question that is bothering you is which crypto(s) to choose! This report will be of great interest to you! In particular, it gives the opinion of the Bank of America on the 15 altcoins with high potential! As a reminder, an altcoin is a coin other than Bitcoin.
The 15 altcoins recommended by Bank Of America
For Bank Of America, the list of interesting altcoins to consider is as follows:
Tezos (XTZ): a crypto for peer-to-peer transactions ;
The Graph (GRT): a token developed by Facebook that runs a platform to collect information from other blockchains;
IOTA (MIOTA): a crypto for micro-transactions;
Near Protocol (NEAR): a blockchain that achieves climate neutrality;
EOS (EOS): a token that enables the creation of DeFi applications;
Stellar (XLM): a crypto for peer-to-peer transactions;
Monero (XMR): a crypto known for providing completely anonymous transactions;
Ethereum Classic (ETC): a kind of Bitcoin with an Ethereum twist;
Filecoin (FIL): a platform for peer-to-peer exchange of storage space between users;
Neo (NEO): a blockchain that manages smart contracts;
Cosmos (ATOM): a crypto that enables interoperability between blockchains;
Waves (WAVES): a platform for creating applications;
Fantom (FTM): an open-source platform for decentralised applications;
Tron (TRX): a crypto that allows its users to pay for streaming services;
Internet Computer (ICP): a crypto that aims to create a decentralised internet.
Bank Of America’s selection criteria for its list of 15 high potential cryptos
But how did Bank Of America select these 15 altcoins? First of all, Bank Of America has discarded the top 15 cryptocurrencies in the world in terms of capitalisation from its selection.
Also, unsurprisingly, it did not consider stablecoins. The bank then considered the number of developers and projects present on each blockchain or network. This metric allows us to understand the dynamism of a crypto.
“The total number of projects per blockchain provides a metric for assessing network effects,” he said. “Simply put, a large or growing number of people involved in the development of a network tends to encourage future developers to join it, as they can benefit from those already in the network.”
The crypto market is so vast that it’s easy to get lost. More than a crypto, the idea for a beginner investor is to find a project they like. Given the credit given to a player like Bank Of America, these 15 altcoins are worth a close look. So which altcoin are you leaning towards? Unless you’d rather opt for multiple altcoins to diversify your portfolio? Head over to crypto.com to buy these promising cryptos!