3 Cryptos to Keep an Eye on Following Their March Rise

• Cronos (CRO-USD): The altcoin was formerly known as the Crypto.com Coin.
• Polkadot (DOT-USD): Boasts a booming ecosystem of projects that range from decentralized finance to non fungible tokens.
• Terra (LUNA1-USD): The crypto recently hit a record high despite this year’s crypto sell-off.

After a volatile few months, prices for cryptos are finally showing signs of stabilization and even recovery. InvestorPlace.com readers will well remember that the global cryptocurrency market capitalization (cap) surpassed $3 trillion in November 2021. But then it plunged to $1.5 trillion by January 2022.

As of today, the market cap is around $2.1 trillion territory. Meanwhile, the surge in crypto prices in 2021 sparked a new wave of investments, including exchange-traded funds (ETFs).

For instance, in October 2021, the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) became the first U.S.-listed ETF that provides exposure to Bitcoin (BTC-USD) futures contracts. The BITO ETF has lost over 5% year-to-date (YTD).

Another fund, the Bitwise 10 Crypto Index Fund (OTCMKTS:BITW), has soared 10.7% over the past month, yet trades at 60% below its price a year ago. This fund provides diversified exposure to bitcoin and leading cryptos.

While we may see fewer cryptos reach new record highs this year, crypto bulls are always on the lookout for the best altcoins to buy. A recent Mordor Intelligence report forecasts that the global cryptocurrency market is poised to grow at a whopping compound annual growth rate (CAGR) of over 60% by 2026.

With that information, here is my selection of three cryptos that could gain significant traction in the coming months:

Cryptos to Watch: Cronos (CRO-USD)

Source: Stanslavs / Shutterstock.com

• 52-Week Range: $0.081 – $0.9698

Our first crypto is Cronos (CRO-USD), formerly known as Crypto.com Coin. Thus, the fortune of CRO-USD is tied to the blockchain network associated with the Crypto.com ecosystem.

This platform has doubled its user base since the end of 2020 to over 10 million users worldwide. CRO-USD is designed to allow users to make cryptocurrency payments to merchants globally. The token serves as an intermediary currency that allows for the conversion of cryptocurrencies to their fiat counterparts at a low cost.

The network boasts partnerships with Formula 1—owned by Liberty Media Formula One (NASDAQ:FWONA), the Philadelphia 76ers, Paris Saint-Germain, and the Ultimate Fighting Championship (UFC). Moreover, Crypto.com bought naming rights to Lakers’ Staples Center over the next 20 years in a deal worth $700 million.

CRO-USD hit an all-time high (ATH) of $0.9698 in late November. The altcoin has gained over 50% during the past year. Its market cap of $11.35 billion positions it as the 19th largest altcoin.

Polkadot (DOT-USD)

Source: shutterstock.com/nurionstd

• 52-Week Range: $10.42 – $55

Our second altcoin, Polkadot (DOT-USD), was launched by the Swiss-based Web3 Foundation. Its objective is to increase the scalability and speed necessary for blockchains to go mainstream. Polkadot essentially serves as an intermediary in apps where various blockchains can run independently in a single network.

Parachains are the diverse individual layer-1 blockchains that run in tandem within the Polkadot ecosystem. Then Polkadot connects multiple parachains into a unified network. As a result, there can be a cross-chain transfer of data or digital assets between Ethereum (ETH-USD) and other blockchains.

The network boasts a booming ecosystem of projects that range from decentralized finance (DeFi) to non fungible tokens (NFTs). Examples include the NFT cross-chain trading system Efinity (EFI-USD); decentralized trading exchange Mangata X; and Moonbeam Chain, which runs Ethereum compatible smart contracts.

DOT-USD is the native cryptocurrency used to make transactions, govern or create parachains. The altcoin hit a record high of $55 in early November. Over the past year, DOT-USD has declined roughly 50%. It ranks as the 11th largest altcoin with a $19.7 billion market cap.

Cryptos to Watch: Terra (LUNA-USD)

Source: Shutterstock

• 52-Week Range: $3.94 – $119.18

The final crypto on our list is Terra (LUNA-USD). It is a blockchain protocol that uses fiat-pegged stablecoins to power global payments systems. It is built on the Cosmos (ATOM-USD) platform, which relies on a proof-of-stake (PoS) consensus mechanism that can finalize transactions in just six seconds.

Terra is built around two cryptocurrencies. While Terra-backed stablecoins like TerraUSD (UST-USD) are connected to the value of physical currencies, LUNA-USD is designed to mint more Terra stablecoins.

When the price of a Terra-backed stablecoin increases above the fiat currency’s value, users are incentivized to burn their LUNA-USD for a profit. This step reduces the number of overall tokens left in circulation. As a result, LUNA-USD becomes more scarce and, therefore, more valuable.

Terra utilizes various DeFi products that aim to fuel demand for Terra stablecoins. The platform is among the most popular DeFi ecosystems in the blockchain industry.

LUNA-USD price hit an ATH of $119.18 on Apr. 5. As a result, it is up almost 600% over the past year. Its market cap of $35.2 billion positions Terra as the 9th largest altcoin.

On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.