Over the course of a decade, Ethereum skyrocketed in value from $3 to $3,000.

The next Ethereum will need to have the same type of explosive upside in order to mint new crypto millionaires.

Since its launch in 2023, Sui has been highly touted as a potential challenger to Ethereum.

10 stocks we like better than Sui ›

The path to becoming a crypto millionaire is fairly straightforward: Find a coin or token that’s trading for just a few bucks, invest $1,000 upfront, and then wait for the coin to deliver 1,000-fold returns. Voila! Within a decade, your $1,000 has been transformed into $1 million.

That was the path taken by Ethereum (CRYPTO: ETH), which has already proven its ability to mint new millionaires. In August 2015, Ethereum was trading for just $3. A decade later, it trades for more than $3,000.

So which cryptocurrency today has the potential to become the next Ethereum and deliver 1,000-fold returns?

Within the list of the world’s top 20 cryptocurrencies (as ranked by market cap), there are some enticing possibilities. All of them are Layer 1 smart contract blockchain networks just like Ethereum, and all have the potential to act as a building block for the next generation of new blockchain innovations.

The top prospects include Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), Sui (CRYPTO: SUI), and Avalanche (CRYPTO: AVAX). At one time or another, all have been highly touted as potential Ethereum challengers, and all of them boast market caps of more than $7 billion.

Of these, it’s easy to dismiss Solana. It’s trading near a price of $160, so it doesn’t meet the first qualification of a potential crypto millionaire-maker: It needs to be cheap. In order to see 1,000-fold returns, it’s important to spot a coin or token when it’s largely overlooked, and trading for just a few bucks.

Image source: Getty Images.

Of the other cryptocurrencies listed above, my personal pick is Sui, which currently ranks 18th among all cryptocurrencies in terms of market cap. Admittedly, Sui is down more than 50% for the year after hitting a new all-time high of $5.35 in January. But a super-low price of $2 is a positive, not a negative. It means there’s still time to pile into Sui before anyone else recognizes its full potential.

Chances are, you haven’t heard of Sui yet. That’s perfectly OK. The cryptocurrency only launched in 2023, and did so amid the backdrop of crypto winter. So, while industry insiders knew about its launch, Sui never got the type of popular acclaim that it deserved.

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