Consulting Giant: These 2 Altcoins Are Shining! Don’t overlook

Dominic Basulto, an analyst at consulting giant The Motley Fool, announced the altcoin projects on his radar. Here are Basulto’s preferences…

The first altcoin on the analyst’s list: SOL

In the first six months of the year, Bitcoin (BTC) became the most prominent player in the crypto market. Bitcoin is up more than 80 percent this year. It currently accounts for 50 percent of the capitalization of the entire crypto market. But there is more to crypto than Bitcoin. Currently, the analyst has two cryptocurrencies on his radar for the month of July. These are Solana (SOL) and Render Token (RNDR). Due to the superior growth prospects, both have the potential to go much higher than Bitcoin in the second half of 2023.

Solana is the top Layer-1 Blockchain, once known as a potential “Ethereum killer”. The problem is, Solana is still trying to survive the meltdown of crypto exchange FTX last year. Due to his extensive ties to the exchange’s former chief executive, Sam Bankman-Fried, Solana was the crypto most affected by the collapse of FTX. On top of that, in early June, the US Securities and Exchange Commission (SEC) named Solana an “unregistered security” in lawsuits against cryptocurrency exchanges Coinbase and Binance.

SOL surpasses leading altcoin ETH

However, Solana has performed much better than expected this year. Despite the many regulatory issues swirling around it, Solana has nearly doubled in size this year. Also, under $20, it’s still well below where it was traded when the FTX crash occurred. The analyst expects Solana to regain its November 2022 price level as key metrics like NFTs return to pre-FTX levels.

In a sign that better things are to come, Solana recently surpassed Ethereum in 24-hour NFT sales volume for the first time in its history. But this is just the beginning of Solana’s comeback. In mid-April, Solana unveiled the $1,000 Saga “crypto phone.” This mobile launch is the next major step in the company’s over a year-long mobile crypto strategy. The launch of a new hardware product this year is potentially a major growth catalyst for Solana, according to the analyst. This is one of the biggest reasons why the company is on the rise in terms of long-term future prospects. According to Solana, the new mobile crypto strategy could result in the participation of many new Blockchain users worldwide.

What are the prospects for Render Token?

Render is the crypto token of Render Network, a distributed graphics processing unit (GPU) rendering network built using Blockchain technology. Simply put, Render Network is where you go when you need more computing power to “render” (i.e. create) hyper-realistic digital worlds. This is important for video games, metaverse worlds, and just about any high-end entertainment content. That’s why Render has the backing of some of the top names in Hollywood, including famous film director JJ Abrams. The analyst uses the following statements:

From my point of view, Render is a “pick and play” game. Instead of trying to determine which metaverse world or video game will be the next big hit, you’re investing in a network that powers the creation of all forms of digital entertainment. In short, Render provides digital creators with picks and shovels. If you’ve ever created a short video on your computer and then waited an endless amount of time for it to render, you might appreciate the problem Render is trying to solve.

So can they outperform Bitcoin?

Render Token has increased by almost 400 percent to date. Since the need for raw computing power will not disappear anytime soon, there may be much more growth in the future, according to the analyst. In the first six months of 2023, only a few of the top cryptocurrencies with a market cap of over $500 million outperformed Bitcoin. Both Solana and Render were in this group. The real question, of course, is whether they can continue to outperform Bitcoin in the second half of 2023. For example, there is still quite a bit of editing risk around Solana. The analyst uses the following statements:

So, if you’re risk-averse or skeptical that the crypto market could go higher this year, you might be better off sticking with Bitcoin. But if you have a great risk appetite and are looking for great potential growth opportunities in the crypto market, both Solana and Render may be worth a closer look.

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