With the rise in people’s interest in cryptocurrencies as a lucrative investment opportunity for high and fast growth, many investors are now shifting their attention towards altcoins owing to the high demand and unapproachable price of bitcoin.
So, what are altcoins?
Altcoin is any cryptocurrency that isn’t bitcoin. The term was coined to propose alternative investment options for those who consider Bitcoin inaccessible because of its high price and demand. From Ethereum to Ripple, every alternate crypto coin is called altcoin.
Why should you invest in altcoins?
Other than the fact that altcoins are easily accessible to the masses because of their lower price and moderate demand, some altcoins might also have a technical edge over Bitcoin.
Altcoins are often created and released as a part of blockchain projects, to act as utility tokens, security tokens, payment tokens, or something else. In other words, altcoins usually have a purpose or a utility, which makes them more valuable than Bitcoin, particularly for long-term investment.
Another benefit of altcoins is that they are created generally to offer improved efficiency than Bitcoin. ETH, for instance, offers smart contract functionality.
10 Best Altcoins for Investment in 2024
Here’s all you need to know about the top 10 altcoins that you can invest in 2024 for high growth.
1. Ethereum
Ethereum (ETH), one of the most famous altcoins, has gained superiority for its innovative blockchain technology and smart contract functionality. Unlike traditional cryptocurrencies like Bitcoin, Ethereum serves as a decentralized platform with the functionality to build decentralized applications (DApps) and self-executing contracts.
Due to its immense popularity and practical applications, the value of ETH has grown significantly in the past few years. Between 2020 and 2023, the coin’s value has increased by more than 10 times or 1000%.
Ethereum’s versatility and incredible potential position it as a key player in the space of decentralized finance (DeFi) and non-fungible tokens (NFTs). Its powerful community coupled with a robust ecosystem and upcoming upgrades, such as Ethereum 2.0, make the native coin ETH one of the best altcoins for investment in 2024.
2. Solana
Solana, a powerful blockchain platform celebrated for its high efficiency with rapid transaction speed and scalability, has achieved a remarkable growth of over 700%, elevating its value from just $13 (in 2021) to $94 (in 2023). With a market cap of more than $41 billion, it enjoys being the 5th biggest cryptocurrency out there.
The ongoing development and significant use cases promise a profitable uptrend continuation. Other than its ability to process thousands of transactions every second, the Solana blockchain is particularly recognized for its decentralized finance (DeFi) applications and development infrastructure. The substantial market cap and price growth reflect trust and stability, making it one of the top choices for investment in 2024.
3. XRP
XRP, a popular altcoin backed by Ripple Labs, is known to offer the ability to perform fast and efficient cross-border payments, particularly for financial institutions and fintech. Between 2021 and 2023, the coin’s value increased by more than 100% and the total market cap reached over $27 billion.
For 2024, the trading chart shows a positive pattern for Ripple, expecting the coin to be more popular and valuable this year. The coin is expected to grow beyond the crypto niche to reach mainstream applications thanks to its compliance-first approach, which will help rebuild and boost trust in the market.
4. BNB
The famous Binance coin or BNB is the native coin of the Binance crypto exchange. The largest and most popular exchange for cryptocurrencies allows its users to pay fees and other platform charges in BNB and get discounts. However, the utilities of the coin extend beyond the platform and in many other applications.
Thanks to the ongoing development and new platform features and functionalities added regularly by the exchange, the demand and value of the Binance coin have been growing constantly ever since its launch, and the trend is expected to continue this year as well. Current price: $298
5. REXX
Rexx Coin is the newest altcoin in this list and is still under development. However, the strong architecture of the Rexx coin and its potential use cases make it a wonderful investment option for both newcomers and seasoned crypto investors in 2024.
REXX is the native utility token of the Rexx Ecosystem, a blockchain ecosystem offering decentralized solutions for various industries, including online gaming, supply chain, news, payments, and more.
Through its own cutting-edge blockchain technology, Rexx will allow the development of futuristic decentralized applications. It’s also working on a decentralized crypto launchpad platform expected to launch anytime this year. Check out the website for more or join the pre-sale for exciting offers.
6. DOGE
Dogecoin (DOGE), initially created as a meme coin, has evolved into a highly popular cryptocurrency. Between 2020 and 2023, the coin’s price has witnessed a massive growth of more than 2000%. However, the price of DOGE is too volatile and gets easily manipulated by small things like a tweet by a celebrity on social media.
2024, however, is looking promising for DOGE and its holders, with an emphasis on the coin’s significance beyond its meme origins and social media popularity. With increased use cases and global acceptance as a payment method, it might pay to hodl DOGE this year.
7. Chainlink
Chainlink was created as a decentralized visionary network to facilitate secure data feeds for smart contracts. The native coin, LINK, caught investors’ attention during the crypto surge of 2020–2021 when the coin price surged by more than 2000% in less than a year.
Even now, when the prices of most cryptocurrencies are falling, LINK’s value is growing at a steady pace, making it a brilliant investment venue for 2024 and beyond.
Chainlink’s growth this year will be fueled by the proposed introduction of the Cross-Chain Interoperability Protocol (CCIP) to enhance connectivity between different blockchain platforms.
8. Polkadot
Polkadot, particularly famous for its ability to interconnect diverse blockchains for seamless communication, is the primary force behind its native coin’s unprecedented growth over the past years.
The value of DOT has grown by almost 200% since its launch in 2021, achieving a huge market cap of nearly $9 billion and making it one of the best altcoins to buy in 2024. Due to its moderate market cap and impressive use cases, Polkadot makes a nice investment option with low risk and high potential for gains.
9. Cardano
Cardano or ADA is a famous altcoin recognized for its robust blockchain platform, which is known for features like scalability, sustainability, and a meticulous approach. ADA has surged in popularity and value over the last couple of years, experiencing significant growth thanks to a powerful community and a strong development team.
With a focus on excellence and efficiency, Cardano’s unique consensus algorithm, Ouroboros, is developed to improve the security and efficiency of crypto transactions. The future seems bright for the holders and investors of this altcoin.
10. AVAX
Avalanche, a comprehensive blockchain platform driven by scalability and efficient transaction processing, has been behind the impressive surge of its native token, AVAX, by more than 300% in the past couple of years, which allowed the project to reach a market cap of around $12 billion.
The trend suggests increased demand for the AVAX token this year, largely driven by the strengthening community and ongoing developments in the blockchain platform. High liquidity indicates the stability of the coin and less volatility, which are good signs for investors looking for low-risk altcoin investment options this year.
Hope this list of the top 10 altcoins to invest in 2024 helps you find the best investment opportunities to grow your wealth in 2024 and beyond. Remember that crypto investments are subject to market risk, and one must do their research before investing in cryptocurrencies.
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