When Bitcoin was first launched, many people thought it was just a fad and would quickly die out. However, it has proven to be anything but and is now one of the market’s biggest and most popular cryptocurrencies. Because many people were skeptical about how Bitcoin would fare in the future, they missed out on the initial coin offering. Later they joined the Bitcoin trend after the prices had already made their major moves.
Fortunately, Bitcoin technology opened the doors for many other cryptocurrencies to enter the market. Since the time Bitcoin pioneered the blockchain other coins have been minted and blockchains developed. These emerging currencies have given people a more comprehensive range of options for investing in crypto.
We know these new cryptocurrencies, as altcoins. There are 1000s of these altcoins today built on different blockchains and other use cases. The rise of NFTs and the metaverse has, also, contributed to the development of additional altcoins which are used as native tokens on some of the NFT platforms.
But these altcoins aren’t the same. Some have established themselves as stable, authentic, and secure investments. Conversely, we have seen several cases of scam coins used for pump-and-dump schemes. This has led many people to be wary of investing in altcoins. However, despite the risks, there are still many promising altcoins to be aware of. Here’s a list of some you should try:
Ethereum
Ethereum is the biggest altcoin and the second biggest market cap after Bitcoin. It has a market cap of $143,155,030,336 and a 24-hour trading volume of about $7,498,369,367. Ethereum is used to power the Ethereum blockchain. Subsequently, Ethereum has become the foundation blockchain of several other altcoins and dApps.
One of Ethereum’s most promising applications is its ability to power the development of smart contracts. Smart Contracts are agreements that self-execute when certain conditions are met. Smart Contracts are like little robots that perform pre-defined tasks. They allow businesses and individuals to securely transact with each other without having to rely on intermediaries.
Additionally, Ethereum is the major power behind the metaverse. Several metaverse platforms, such as Decentraland and Cryptovoxels, use the Ethereum blockchain to run their metaverse processes. With these many applications and decentralized systems built on the Ethereum ecosystem, Ethereum is the altcoin for the future. While Bitcoin is a store of value, Ethereum is a technology that will power future blockchain innovations. Therefore, I am investing in Ethereum and strongly believe it is a good investment.
DogeCoin
Another promising altcoin is DogeCoin. While it may have started as a joke coin, it has since grown into one of the best performing altcoins in circulation today. The cryptocurrency mascot is an adorable Shiba Inu dog. Billy Markus and Jackson Palmer created DogeCoin in 2013. Their goal for the coin was to be lighthearted and fun coin for dog lovers. However, its potential as a cryptocurrency has allowed it to flourish in the crypto market.
DogeCoin uses the Litecoin open-source code, which is a fork of Bitcoin. This means that it can be used for peer-to-peer transactions without any third-party interference. However, Dogecoin is faster to mine as it uses the Scrypt algorithm, while Bitcoin uses the SHA-256 algorithm. It is also cheaper to transact using DogeCoin due to its lower transaction fees.
With the Dogecoin community being one of the most active in all crypto, its use and value will likely grow in the coming years. Currently, Dogecoin has a market cap of about $12,576,880,378, and its price as of late November 2022 is $0.095. It’s important to note that Dogecoin has gotten several public boosts and shouts from top investors. Social Media heavyweights such as Elon Musk, have increased the attention Dogecoin has received from investors.
Binance Coin
Binance coin (BNB) is another promising altcoin that has distinguished itself from the rest of the pack. It is best known as the native coin of Binance, one of the biggest cryptocurrency exchanges in the world.
Binance Coin was created by Binance in 2017 to fuel its ecosystem. Its utility includes being a medium for trading fees on the platform, receiving trading fee discounts, and participating in the Binance Launchpad platform for early-stage investments. However, it also has the potential to transform into a major altcoin in its own right.
Binance Coin is unique among altcoins because of its use of theProof-of-Staked Authority (PoSA). PoSA is a hybrid consensus of Proof-of-Stake (PoS) consensus protocol rather than the more common Proof-of-Work (PoW) protocol. It also has a strong community, which gives the altcoin more credibility and attention from investors. As of November 2022, Binance Coin had a market cap of $46,780,145,749 and was trading at about $292.59 per coin.
BNB looks to have a promising future as opposed to the disaster of the FTX coin scandal.
Cardano(ADA)
Charles Hoskinson, former CEO of Ethereum, is the creator of Cardano. Cardano is built to be an innovative contract platform that allows several other projects and applications to run on top of it through side chains. While Cardano experienced a slow start after its launch, it has developed into a project with the potential to be a major player in cryptocurrency and innovative contract platforms.
The advanced security protocols of Cardano have become one of its best-known features. These security protocols allow it to maintain high standards of behavior regarding best practices in the crypto world. It also uses multiple languages, meaning it’s more accessible to developers and users all over the world.
Cardano (ADA) has emerged as an industry leader in the Proof of Stake consensus. The consensus allows it to be distributed more fairly, keeps transaction costs low and makes the system scalable. One of Cardano’s most significant selling points is that it can scale without compromising the decentralization of the coin, as other crypto projects often do. Cardano was trading at $0.31 by the end of November 2022 and had a market cap of $10,551,594,414.
However, price predictions indicate that it’s likely to go between $1.5 and $10 between 2023 and 2025.
Solana
Solana is another altcoin project that uses a unique hybrid proof-of-stake and proof-of-history to create a fast, scalable blockchain. The Solana coin has set itself apart from other altcoins by using an architecture that is heavily inspired by the Internet and web architecture.
Solana’s use of a Proof-of-History consensus protocol allows it to have low transaction costs and high throughput, making it best suited for heavy data applications. Through its use of a highly optimized hardware network that allows the system to operate at high speed, Solana stands out as one of the best altcoin projects to watch.
The Solana project has also emerged into the Metaverse. There are several Solana-backed projects such as SuperFuel, MemeKiller, Ledgity, and Helium in the Metaverse. Solana had a market cap of $4,874,443,470.
Polygon (MATIC)
Polygon, best known as MATIC, is another promising altcoin project that has already gained significant traction in the crypto world. The Polygon project uses a framework and protocol that connects Ethereum blockchain platforms.
Polygon uses a layer-2 scaling solution that allows its transactions to be processed faster and cheaper than other altcoins. It also uses a Proof-of-Stake consensus protocol which helps the altcoin remain stable while maintaining fast speeds.
MATIC has had tremendous gains since it was first launched in 2017 and is currently one of the best altcoins to watch in the cryptocurrency market. It has a market cap of $7,185,891,287. Price predictions, according to TradingBeasts, are that MATIC will start to rise in mid-2023 after experiencing a bearish run in 2022. This can be attributed to new protocols and the cross-chain migrations that already exist on the network.
XRP (XRP)
XRP is best known as the native coin of the Ripple Network, which connects banks, payment providers, digital asset exchanges, and corporations. The XRP token was created to act as a bridge currency that can be used to settle international transactions between different fiat currencies.
One of the best features of XRP is its low transaction fees and fast processing speeds. It also gets its value from the Ripple Network’s ability to partner with several institutions and its high liquidity levels.
XRP isn’t completely decentralize, as it gets the supply issued by a company of founders. Regardless it is still a popular altcoin to watch in the crypto market. Some analysts predict that XRP could reach as high as $1 by the end of 2023 and will continue to rise in value over the next few years. It has a market cap of $19,458,752,589, making it one of the most valuable altcoins.
Tron (TRX)
Tron is another promising altcoin project that has gained much traction in the crypto world. It was created by Justin Sun, who previously founded the mobile chat app company called Peiwo.
Tron’s primary goal is to create a decentralized content-sharing platform that allows creators and users to interact directly without relying on intermediaries.
With a market cap of over $4,892,247,433, Tron is best known for its high transaction speeds and low fees. It also has a robust network of users in the crypto community that is continually growing.
Price predictions indicate that TRX could reach as high as $0.5 per coin by the end of 2022 and continue to rise in value over the next few years.
The TRON network uses a delegated proof of stake consensus protocol best suited for high-speed applications. The system rotates validators every six hours, and the validators are chosen by users who staked their TRX tokens. Tron is also being developed to use high-level language in building its smart contracts, and as such, it becomes easier to integrate with other blockchain platforms.
Such features give it value and make it a desired investment among crypto enthusiasts.
It’s also affordable at the moment owing to the dip in the crypto market; hence, good for long-term holding.
Shiba Inu(SHIB)
The Shiba Inu coin was also created as a meme coin and dubbed the Doge Killer. It is a decentralized, community-developed coin on the Shiba Inu network, which was created as an altcoin to Doge. The coins are built on and powered by the Ethereum Network. This network affiliation will likely increase their use cases and add more value to the coin as the demand increases.
One of the biggest ups of the SHIB is the kind of hype that the coin has gotten on social media. For example, Tesla CEO Elon Musk tweeted that he would like to own some SHIB. Subsequently, the price of the coin dramatically increases over a short time. Additionally, when Ethereum founder Vitalik Buterin donated SHIBs to India Covid Relief Fund, it helped the coin add value. The coin has gained much traction in the crypto community and is best known for its low transaction fees.
While the coin is trading at $0.0000090 at the moment, it is expected to go as high as $0.00030921. as of 2030. This will be a percentage increase of over 2,878% in 8 years, making it one of the best altcoin investments for the long term.
Polkadot (DOT)
Polkadot is another promising altcoin that offers a lot of opportunities for investors. It is best known for its interoperability features and the ability to process transactions quickly on the blockchain network. Polkadot works similarly to a database, storing information to increase transparency, create uneditable records, and eliminate the need to purge data.
It was created by Ethereum co-founder Gavin Wood and currently boasts a market cap of over $5,890,966,280. One thing that makes this coin unique is that it offers parachutes. These are systems of parallel chains or connected blockchains. This helps to speed up transaction times and improve scalability on the network.
Polkadot is best suited for large-scale projects and businesses that need to process a lot of transactions in a short period. Investors are choosing Polkadot because of its flexibility in the blockchain space, increasing its use cases.
Prices predictions indicate that DOT could reach as high as $110.15 by 2030, making it one of the best altcoin investments. As the coin has previously hit $50, it’s likely to go over $100 in the future once more people and businesses adopt it.
Conclusion
Many promising altcoins in the crypto market offer great investment opportunities for investors. Some of the best include Tron, Shiba Inu, and Polkadot. These coins provide fast transaction speeds, low fees, and a robust network of users, making them ideal investments for long-term holding. Moreover, most of these coins are selling at a low price, making it an excellent time to enter the market. So if you’re looking for the best altcoin investments, consider checking out these good coins!
