Analyst Kyren Identifies Hedera (HBAR) and Internet Computer (ICP) as Undervalued Cryptos with Broad Utility for 2024

Prominent analyst Kyren, known on X (formerly Twitter) as noBScrypto, recently pointed out that Hedera (HBAR) and Internet Computer (ICP) are undervalued cryptocurrencies. These assets are gaining attention as we head into 2024.

Kyren believes these cryptocurrencies have great potential. They can capitalize on trends like real-world asset (RWA) tokenization, decentralized physical infrastructure (DePin), and artificial intelligence (AI).

He highlights Hedera (HBAR) and Internet Computer (ICP) as two altcoins that effectively showcase how blockchain technology connects across various narratives. According to him, these projects bridge the themes of DePin, AI, and RWA tokenization. This broad utility sets them apart from other projects like Bittensor (TAO), Ondo Finance (ONDO), and Aethir (ATH), which focus on narrower solutions.

“You definitely want to invest in at least one project in each sector, with some that cover multiple areas. Diversify into leading projects, but also focus on the most dynamic narratives,” Kyren advises.

Diversifying your portfolio across these high-velocity narratives is a smart strategy. But, projects that operate across multiple areas can offer even more advantages. They provide broader exposure and greater growth potential.

Hedera emphasizes scalability, low latency, and security. This aligns well with DePin principles by decentralizing internet infrastructure and promoting resistance to censorship. The Hedera Hashgraph technology behind HBAR offers a decentralized public network with high throughput and secure consensus. This creates a solid foundation for developing decentralized applications (dApps).

HBAR also enables efficient data transfer using a Directed Acyclic Graph (DAG) structure. While Hedera isn’t solely focused on AI, its architecture can support AI applications and machine learning algorithms. The network’s speed, low fees, and secure consensus make it suitable for complex AI tasks.

Developers can tap into Hedera’s scalability to build AI solutions on a decentralized platform. This opens up exciting possibilities at the intersection of blockchain and AI.

Moreover, Hedera supports RWA tokenization through its native cryptocurrency, HBAR, and smart contracts. Using the Hedera Consensus Service (HCS) and tokenization standards, users can create digital representations of physical assets, securities, or commodities. This facilitates seamless transfers and trading of tokenized RWAs, ensuring transparency and compliance with regulations.

Internet Computer (ICP) aims to revolutionize the internet. It offers a decentralized and open protocol that hosts web content and services directly on the blockchain. By decentralizing the traditional client-server model, ICP strives to create a tamper-proof, censorship-resistant internet infrastructure. This aligns with DePin principles and promotes a resilient ecosystem where users can engage with dApps and services without intermediaries.

Additionally, Internet Computer’s architecture supports AI models and applications. It leverages its computational power and scalability. The platform can execute smart contracts at web speed and store large amounts of on-chain data, making it an excellent fit for AI use cases like decentralized AI marketplaces and predictive analytics.

Although RWA tokenization isn’t the main focus of Internet Computer, its architecture can manage tokenized assets effectively. Through ICP, users can unlock liquidity, fractional ownership, and programmable features for assets like real estate and commodities. This added utility enhances Internet Computer’s ecosystem and shows its versatility.

By operating in diverse areas, both Hedera and Internet Computer achieve portfolio diversity and tap into multiple trends. However, projects that focus on a single vertical can also gain significant hype when their specific narratives take off. Always do your research before making any investment decisions.