11 Best Altcoins. Table of Contents
- 11 Best Altcoins with Potential
- What is an altcoin?
- Altcoin Growth and Prospects
- Largest altcoins by market cap
- Best altcoins you can trade right now
- How to choose which altcoins to trade in 2021?
- How to trade altcoins?
- Where do you store your altcoins?
- Are there any other altcoins worth looking into?
11 Best Altcoins with Potential
So far, the financial markets in 2020 have been like a roller coaster. The cryptocurrency market is no exception. While Bitcoin is getting attention as it is nearing all-time highs, the prospects for attractive altcoin prices are also getting a lot of attention. Not surprisingly, many retailers, financial traders, and investors are flocking to the cryptocurrency market. However, with Bitcoin, Ethereum, and other altcoins hitting all-time highs, many will want to know which altcoins are the best and what to expect in the future.
According to experts and cryptocurrency analysts, the best altcoins are Chainlink, Ethereum, Cosmos, and Wyan Finance. However, there are other coins to keep an eye on. After all, altcoins are suitable for diversifying returns and traders’ portfolios.
Before we start, we have prepared what we need. We will focus on altcoin price forecasts and how to successfully buy, store, and trade altcoins.
What is an altcoin?
Altcoin It is an alternative coin created based on the basic framework of Bitcoin. In general, all cryptocurrencies such as stablecoins, utility tokens, and security tokens other than Bitcoin are altcoins. Altcoins recognized the limitations of Bitcoin and eventually emerged to prevent the monopolization of Bitcoin.
While Bitcoin, which makes up about 62% of the market capitalization, continues to gain popularity, altcoins are also growing. Of these, 12% are thriving on Ethereum and 5.20% on Ripple.
In contrast, some of the thousands of altcoins are better known than many others with great potential. One of the key value drivers behind these altcoins is the project, platform, or blockchain associated with the altcoin. Because it gives relevance and usefulness to the real world.
Many altcoins or tokens are built on top of other protocols than the Bitcoin blockchain. Let’s take a look at some of the most successful and productive altcoins.
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Altcoin Growth and Prospects
The altcoin rally began in 2017 when the Initial Coin Offering (ICO) model became popular, and many startups issued ERC-20 tokens based on different standard blockchains.
There are over 5,000 altcoins, which account for about 30% of the cryptocurrency market cap. After the exponential growth of the cryptocurrency market in recent years, some have achieved the best results with a return on investment of over 20,000%.
In June 2020, altcoins had a huge rise in the broad investor pool. Now, the vast majority of established banks and investment institutions have begun acquiring broad stakes in the billions of altcoins. Most recently, Grayscale Investments, one of the world’s largest digital currency management companies, has nearly $10 billion in crypto assets, of which $2 billion is in altcoins.
As a result of analyzing past performance, current growth trajectory, and future outlook, it was found that the altcoin market is on a full-fledged upward trend.
Largest altcoins by market cap
According to CoinMarketCap, the market capitalization of altcoins, excluding Bitcoin, hit a two-year high. The previous high was $142 billion on June 26, 2019, and most recently hit a higher $169 billion. Many analysts see it as a strong indicator that an altcoin season is coming.
Taking a closer look at the outlook for altcoins, some altcoins outperform others. Therefore, the altcoins are ranked according to their market cap (the value of coins in circulation as a currency rather than a virtual currency like the dollar).
The top 11 altcoins by market cap are:
- Cardano (ADA)
- Chainlink (LINK)
- Cosmos (ATOM)
- EOS (EOS)
- Ethereum (ETH)
- Litecoin (LTC)
- Neo (NEO)
- Ripple (XRP)
- Tether (USDT)
- Tron (TRX)
- Yion Finance (YFI)
These market-leading altcoins are all considered good contenders to Bitcoin as they have strong technical backing on separate blockchains or platforms. This means that these altcoins could potentially be turned into highly lucrative investments.
Best altcoins you can trade right now
While Bitcoin maintains a dominant position in the cryptocurrency market, several altcoins are showing phenomenal growth and generating significant returns.
1. Cardano (ADA)
Launched in September 2017 by Charles Hoskinson, Cardano provides a platform for DApps and smart contracts, and many more technological improvements over Ethereum and other blockchains.
Cardano is another dApp building program that uses ADA Coin, its native currency. It focuses on solving the three most pressing challenges facing first- and second-generation blockchain projects: scalability, interoperability, and sustainability.
Cardano Coin is a relatively new coin that has rapidly increased its market cap to $5.2 billion. Cardano is a popular coin among investors and developers due to its very robust blockchain with many advantages over Ethereum.
Cardano Coin has grown from around $0.020 at launch in 2017 to $1.20 in January 2018. This is a 500% return in 3 months. Currently, the ADA coin is trading stably at $0.14.
Cardano is one of those blockchains that can successfully use a Proof of Capacity (PoC) consensus mechanism. In 2020, Cardano upgraded to Shelley, aiming for a blockchain that is 50 to 100 times more decentralized than other large blockchains. At the time, Hoskins predicted that the upgrade would pave the way for hundreds of assets to run on their networks. There are currently no major projects Cardano is working on, but it looks like there will be a project announcement soon.
The price of Cardano coin has seen significant gains after breaking above $0.1250 against the US dollar. ADA/USD rose more than 25% and broke the $0.1500 resistance barrier.
2. Chainlink (LINK)
Chainlink Cryptocurrency is a decentralized oracle network for smart contracts closely tied to the (growing popularity) Ethereum smart contract.
The value of LINK comes from the fact that it is unique compared to other blockchains. The business model is focused on creating smart contracts for the outside world. Thus, it can bridge the gap that exists between blockchain and real-world applications.
One of the best performing altcoins in 2020 is Chainlink. In less than nine months, the price of LINK has skyrocketed from a low of $1.76 to a high of $20. While Bitcoin’s rise has also contributed to the price spike, the growing demand for decentralized finance (DeFi) in smart contracts may also be the reason for Chainlink’s growth. In one year, chainlink prices surged about 498.5% and last month about 27%. On average, Links trade for around $13 billion, with a market cap hovering around $3.2 billion. Although there are fluctuations, LINK is positive in a day-to-day perspective.
Chainlink partners with all types of projects, but attention is focused on the oracle network. As a result, the cryptocurrency Chainlink project is responding appropriately to the ongoing surge in demand for DeFi (Decentralized Finance).
Additionally, most recently Chainlink has also become an oracle provider for emerging blue chips such as Synthetix and Aave.
Chainlink prices increased more than 4x on average in October, and soared as high as 10x in August.
Chainlink price outlook is highly dependent on the entire cryptocurrency market. Overall, Chainlink is one of the best altcoins to invest in or trade in. If these market sentiments continue, the bullishness of Chainlink cryptocurrency will continue. By the end of 2024, LINK tokens are expected to sell for $30. However, $30 is a relatively conservative figure as the majority of market forecasts point to higher numbers.
3. Cosmos (ATOM)
Cosmos Coin was launched in 2017 by Tendermint Inc, and the project was developed in 2014. The main goal of this project is to create a “blockchain internet”, a blockchain network that can communicate with each other in a decentralized format.
Cosmos coin ATOM is on an uptrend, hitting the $5.54 level last week at 4.93%. A further 10% increase in ATOM today may pave the way for 2020 high above $7 before falling.
In 2019, the project started supporting the creation and voting of governance proposals that modify on-chain parameters without disrupting or FORKing the network. The Cosmos Coin team will continue to develop their project. The team is working on the release of Tendermint Core 0.34 Update, Cosmos SDK 0.40 and IBC 1.0.
As of September 2020, the Cosmos Coin cryptocurrency price will reach a maximum of $4.41421 (+5.60%), with an average price of $3.53857 (-15.41%) per coin. TradingBeasts forecasts that by the end of 2020, the average ATOM price will be $3.52784 (-15.60%).
4. EOS
EOS is the ‘top’ altcoin that owns the ICO held in June 2017. EOS was created by the founders of cryptocurrency exchange BitShares and blockchain-based blog site Steemit. EOS, like Ethereum, has a platform for developers to build decentralized applications.
EOS raised $700 million through its ICO, making it one of the most successful ICOs of all time. Although the EOS platform is still under development, it has already gained momentum, making it the fifth most valuable cryptocurrency in the world.
The value of EOS peaked at $20.69 in November 2020 from $9.80 in 2011. Currently, EOS has entered the 11th with a market capitalization of $2.9 billion.
Recently, the largest EOS block explorer Blocks.io was acquired by Metal Pay, a blockchain-based payment platform. Along with BLocks.io, there are also many EOS block explorers such as EOSx.io, Eosflare.io, EOSpark.com, etc.
Unlike Bitcoin, EOS is a digital currency and a blockchain platform for DApps and smart contracts. EOS is more extensible than Ethereum and uses compatible programming languages including C++. EOS price looks set to continue a strong rally. However, if the price of Bitcoin plummets, there is a chance that the price of EOS will also plummet.
5. Ethereum (ETH)
Ethereum is the second best-known altcoin after Bitcoin in terms of application, recognition, and value growth. As the most valuable cryptocurrency outside of Bitcoin, Ethereum currently has a market cap of close to $64.35 billion.
While Chainlink is slowly gaining momentum, the first cryptocurrency to introduce smart contracts is Ethereum. With Ethereum 2.0 due to launch, only the future will know how quickly the Ethereum price will skyrocket. Here, the widely known Ethereum standard for the utility token ERC-20 is the most used by startups looking to launch an Initial Coin Offering (ICO).
Ethereum price reached an all-time high, rising from $9 in January 2017 to $1,389 in January 2018. The growth rate, analyzed as a percentage, achieved a return of over 17,000%. Ethereum’s value nearly doubled in November 2020. Ethereum 2.0 upgrade from Proof of Work mechanism to Proof of Stake will strengthen Ethereum’s position in the long run. Currently, Ethereum is trading at around $580.
The current Ethereum blockchain is expected to move from a proof-of-work mechanism to a more scalable proof-of-stake in the long term with the Ethereum 2.0 upgrade. On December 1st, with the launch of Ethereum 2.0 Phase 0, the Ethereum price may drop briefly but may rise further in the coming months. In addition, Ethereum has a positive outlook in the cryptocurrency market, and the foundation for even further growth has been laid.
The flexibility, robustness, and utility of the Ethereum blockchain and altcoins make Ethereum an attractive cryptocurrency for developers and investors alike. Ahead of the upcoming proof-of-stake upgrade, the Ethereum price has been gaining momentum since early 2020. Many investors and analysts believe that Ethereum is currently stronger than Bitcoin, which could even surpass 50%, well above Bitcoin’s number one market capitalization position.
6. Litecoin (LTC)
As one of the oldest altcoins, Litecoin is still one of the ‘top’ altcoins. Litecoin was created in 2011 by Charlie Lee, a former Google employee. Like Bitcoin, Litecoin is another peer-to-peer (P2P) digital asset. Despite the fact that there are similarities like the core code, Litecoin is distinguished by its global micro-to-near-zero payments and fully decentralized network characteristics. Ultimately, Litecoin aims to overcome the drawbacks of Bitcoin, which has a slow transaction speed.
It has been 7 years since Litecoin has been on the market. At the time, Litecoin was in the position of one of the best altcoins, slightly behind Ethereum with a market cap of $8.2 billion.
During the crypto boom in 2017, Litecoin was one of the cryptocurrencies that received tremendous support from traders. That same year, the price of Litecoin rose from $4 in January 2017 to $350 in December of the same year. That’s a staggering 8,000% return in one year.
Litecoin is currently trading at around $80, down slightly from $121 in 2018.
After several development updates to Litecoin, namely the SegWit (Segregated Witness) protocol upgrade and the Lightning Network, crypto enthusiasts have shown a lot of interest in Litecoin. However, in 2018, the company’s founder, Charlie Lee, said to Franklin Richards, director of the Litecoin Foundation, “no one is interested in working on the development of the Litecoin protocol.”
Litecoin has made significant advances in Bitcoin technology in terms of speeding up transactions. Due to Bitcoin’s scalability issues, Litecoin reached an all-time high in 2017, attracting more users. On the other hand, as the newly popular Bitcoin wallets and cryptocurrency exchanges such as Coinbase add Litecoin, Litecoin price is expected to continue to rise.
7. Neo (NEO)
Originally called AntShares, NEO was created in 2014 by Da Hongfei of China. Like Ethereum, it is a platform designed to run decentralized applications (DApps), smart contracts, and ICOs. NEO is very similar to Ethereum, so NEO is often referred to as “Chinese Ethereum”.
With prices soaring to $180 in 2017, Neo is one of the top-performing altcoins of 2017. Looking at the growth of Neo, the value of Neo grew from $0.14 in January 2017 to an average of $162 in one or two months from January 2018. This is a return on investment of 111,400%.
But momentum is dropping, hovering between $10 and $12. Neo, with the support of the Chinese government, is a solid technology driving Neo’s growth, and is currently trading at $18.
Last year, Neo released a roadmap for network upgrades that will continue through 2020 to alleviate long-standing network problems and improve network efficiency. As Neo transitioned to Neo 3.0, the on-chin metrics that had declined in the last two years increased. The Neo project plans to eventually implement a decentralized consensus node, and thanks to the well-funded Neo Foundation, Neo appears to be sustainable.
After a bullish period, Bear appears to have regained control in the near term. The neo may fall below the $19.86 support and head towards the $19.30 target. However, if the planned upgrades do more to hit the market, we expect the Bull to come back on fire and regain control. It will most likely break the $20 mark in the next few months.
8. Ripple (XRP)
Ripple is one of the most popular altcoins among investors due to its low transfer fees and solid remittance technology. Ripple was created to address Bitcoin’s lack of anonymity, and as a result, it enjoys a lot of popularity in the cryptocurrency community. As the third-largest cryptocurrency with a market cap of $3.35 billion, it outperformed Bitcoin and Ethereum in the market last month.
In its infancy in 2014, Ripple rose from its lowest price of $0.29, and is currently trading at an average of around $0.63. Comparing the present value of Ripple, the current price is more than 100 times higher than the all-time low of $0.00268 at the time of initial issuance.
Although there has been some price movement during the market volatility, Ripple is still bullish. After breaking out of recent resistance levels, XRP is generally bullish.
It is a well-known fact that Ripple’s recent developments play an important role in determining the native coin value. In particular, Ripple’s primary goal is to create a payment system used by banks to facilitate the transfer of funds in domestic and foreign markets.
In August 2020, India’s largest bank, HDFC Bank (HDB) joined Ripple. After years of speculation and rumors, in November 2020, Bank of America (BAC) also became a customer of RippleNet, confirming cooperation with the second-largest bank in the United States.
Ripple value is closely related to Bitcoin. This means that if Bitcoin’s bullish momentum continues at the end of the year, we could see Ripple rise above $1 in value. This is a 63% increase over the current value of Ripple (XRP).
9. Tether (USDT)
Tether is a cryptocurrency designed to be expressed in the form of US dollars as the underlying asset of each token. Tether was launched on the Omni, Ethereum, Tron, EOS, Liquid, and Algorand blockchains.
Since the beginning of May 2020, the cap of the most popular stablecoin, Tether (USDT), has increased by 45%. Over the past 180 days, the coin has a peak value of $1.012 and a minimum value of $0.9972. On May 27, 2017, USDT hit an all-time high of $1.21.
On March 14, 2019, the company revealed that the tokens are backed by loans issued by Tether-related companies as well as US dollars. On July 17, 2019, Tether announced the launch of its stablecoin USDT on the Algorand 2.0 blockchain. This was implemented on February 10, 2020. Algorand protocol can speed up processing and lower fees.
All future cryptocurrency plans are not yet known, but Dether has plans to add more fiat currencies.
Wallet Investors ( Wallet Investor according to), USDT that will stay around $ 1.0. However, it could be $1.01 in five years.
In general, Tether (USDT) is considered a lucrative investment and is a good cryptocurrency to diversify your investment portfolio. This indicates that USDT will remain stable and sustainable over the long term, within three to five years. Therefore, we consider it to be one of the best altcoins to invest in without worrying about the volatility characteristic of cryptocurrencies.
10. Tron (TRX)
Tron is an altcoin that aims to ensure that blockchain-based operating technologies are suitable for day-to-day use. Comparing Bitcoin to TRON, it can process up to 6 Ethereum per second and up to 25 Ethereum. Tron says the network capacity is 2,000 TPS. 24/7. In addition, DApps can also share media.
The price of Tron reached a high of $0.21 on January 18th, then fell to $0.030 over the course of 18 days. As a result, the price remains between $0.027 and $0.025 between September 2019 and the end of 2020. Also, Tron has been rejected several times from its 50-day Simple Moving Average (SMA).
Overall, Tron has divided its goals into six levels. Goals include providing simple decentralized file sharing, driving content creation through financial rewards, allowing content creators to launch private tokens, and decentralizing the gaming industry.
Tron price is nearing $0.0250 with major support. And Tron is definitely preparing for the next move. Above $0.0250, the price is most likely starting to rise.
11. Yearn Finance (YFI)
The relatively new project has been a success beyond any investor’s dream, and has even significantly outperformed the value of Bitcoin at all-time highs. Yearn Finance (YFI) is an interest aggregator that rebalances to yield optimal returns over the trading period.
As an Ethereum-based altcoin, Yearn Finance is an open source DeFi lending protocol. YFI automatically moves funds between various DeFi lending protocols, maximizing user returns. Currently, it is one of the most popular and most decentralized DeFi projects in the cryptocurrency industry.
In July 2020, YFI prices started at around $790. After a month and a half, in the first week of September, it had already traded at around $35,000, then surpassed its value of $43,000 in 12 days. That’s an increase of nearly 6000% in just two months.
The YFI token even surpassed the value of $40,000 in just a few months after launch. What was the final result? Currently, YFI has established itself as the most expensive token in the blockchain ecosystem.
Most recently, Yearn Finance voters approved a governance token buyback. Approved proposals complete progress on Yearn Finance governance and rewards. The current move gives projects the right to grant YFI beyond liquidity contributors and potentially broaden contributor interactions.
The platform also aims to work effectively with other DeFi lending platforms to provide users with high yields. We can expect a high rise in the user-based platform, as people flock to benefit from the unique characteristics of the project. In general, the YFI looks likely to maintain bull momentum.
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How to choose which altcoins to trade in 2024?
Due to the high interest in Bitcoin, the father of all cryptocurrencies, few can match the growth of Bitcoin in value and stability. However, buying altcoins is an easy way for you to get into the cryptocurrency industry, like buying stocks in up-and-coming companies to easily enter the stock market.
In general, good altcoins are associated with rising prices of leading cryptocurrencies, Bitcoin and Ethereum. However, the good news of altcoins is also affected by the success of the development of their own blockchains, services and products.
How to trade altcoins?
Altcoins are traded on specialized cryptocurrency altcoin exchanges. Not all cryptocurrency altcoin exchanges support all altcoins, and most cryptocurrency altcoin exchanges only support lists of altcoins with large market caps. For a more specialized altcoin, you need to find a cryptocurrency altcoin exchange that supports that altcoin.
Another important factor in trading altcoins is opening or registering a digital wallet. This wallet allows you to store and exchange cryptocurrencies. Depending on your preference, you can choose a mobile, hardware, or software wallet.
3 Best Crypto currency pairs to trade (BTC, ETH and XRP)
Where do you store your altcoins?
Storing altcoins is a security issue. Many traders prefer to store their altcoins on altcoin exchanges to react quickly to price volatility. However, due to the altcoin acceptance process, initially storing altcoins on cryptocurrency altcoin exchanges is not an easy task. Also, some cryptocurrency altcoin exchanges and web-based wallets are vulnerable to malicious attacks, and traders may risk having your altcoins stolen.
An alternative method is to take the altcoins offline and store them in a ‘cold’ wallet or hardware wallet. It is a USB device with an encryption key that allows you to securely access, store and transfer cryptocurrencies.
Should you invest in Bitcoin or Altcoins?
Are there any other altcoins worth looking into?
Many additional altcoins are showing healthy gains in value. Tezos, Stellar, Nano, Basic Attention Token, etc. are providing good opportunities for investors. In general, altcoins are essential to diversify a trader’s portfolio and help balance the profit and loss.
With many altcoins maintaining bullish momentum in 2020, we predicted that 2024 could be the year for many altcoins to the peak. As investors understand altcoins through real-world use cases, you can be confident that altcoin implementations will rise depending on the altcoin’s currency and token price.
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Comment by Hans
April 24, 2024
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