In simple words, altcoins are cryptocurrencies that are not Bitcoin. Bitcoin was the first crypto to emerge in blockchain technology; today, it remains the most popular cryptocurrency. However, there exist several kinds of altcoins today. The idea behind altcoins is that they are the alternate coins for crypto investors to explore.
Many of these altcoins aim to develop the lagging areas that Bitcoin cannot address. In addition, there are different altcoin types like stablecoins, governance and utility tokens, etc. It is worth noting that not all altcoins are positioned to thrive in the crypto market. Thus, this article explores some of the top altcoins for crypto enthusiasts.
Best Altcoins to explore in 2024
If you are looking for other tokens or “alternative” coins to invest in aside from Bitcoin, here is a list of five altcoins with potential for growth in 2024 that you can explore.
XRP:
The altcoin by Ripple Labs is noted as one of the top three popular cryptocurrencies to exist today. XRP has securely managed its place among crypto investors despite the influx of new cryptocurrencies. With the current bear market, XRP is trading at an all-time low since its launch. It is the most under-valued crypto now, making it a good prospect for investors.
BNB:
Binance coin is an altcoin by the crypto exchange platform Binance. It has multiple use cases, like booking travel arrangements on Binance and outside the exchange platform. BNB is also the native token for the innovative Binance Smart Chain, one of the fastest smart contract platforms. The cryptocurrency is projected to have a promising future as the Binance Smart Chain expands its network.
ADA:
Cardano (ADA) is one of the largest smart contract platforms. It is also one of the earliest platforms to adopt the proof-of-stake mechanism to help speed up crypto transactions. The altcoin is one of the best crypto investments today, competing closely with its counterparts like Ethereum and Solana. In addition, its position as one of the most secure blockchain platforms places it as one of the top altcoins to watch.
SOL:
Although criticized for its level of centralization, Solana remains one of the most relevant cryptocurrencies to exist, with a strong market presence. It was designed to be faster and more user-friendly than Ethereum. Despite the dip in the crypto market, Solana is actively growing its community as it integrates protocols into its ecosystem.
DOT:
DOT is the native token that powers Polkadot. Polkadot is a crypto ecosystem that allows users to build specific-purpose blockchain networks. DOT is considered one of the most resilient cryptocurrencies. It was able to survive the market crash of 2022 and rose to an all-time high. Additionally, the upgrades in the Polkadot ecosystem should help increase the value of its DOT tokens soon.
Bottom line
Although altcoins exist in great quantity, not all of them have the quality worthy of investments with the potential for good returns. Therefore, it remains vital to understand your preferred altcoin, the market, and its trends before making any investment. As you explore the top altcoins for 2024, ensure to consider all these factors before deciding the best one to buy.
