2020 was marked by severe impacts across all corners of the world, while the pandemic brought a new norm in our daily lives. The global economy took a major hit, including small businesses. However, the cryptocurrency industry witnessed an exceptional moment over the previous months.
Many cryptocurrencies such as Bitcoin, Ethereum, and other Altcoins recorded a price surge amidst the pandemic cloud. Although Bitcoin has gained prestige among the global populace, several crypto enthusiasts are looking for alternatives and affordable digital coins with great potential to diversify their income streams.
To better understand the puzzles in the sector, this article intends to offer useful info that will help you maneuver the crypto market, including identifying the best Altcoins.
What is Altcoin?
Altcoin is known as an alternative to Bitcoin. There are many Altcoins in the industry, with affordable prices for any crypto trader to invest in. However, each Altcoin comes with distinct features, which makes them a reliable investment tool. Still, new Altcoins emerge in the sector every year, while the well-known coins include: Litecoin, Ripple, Ethereum, Binance Coin, and Cardano.
Also, if you want to trade these Altcoins, you can use reliable trading platforms such as Crypto-engine.
Best Altcoins to buy
There are many Altcoins within the sector, while new ones hit the market each year. The following are the best Altcoins that indicate a significant potential as investment tools.
1: Ethereum (ETH)
Although some analysts consider Litecoin as the “silver to Bitcoin gold,” there is no doubt that Ethereum comes second to Bitcoin in terms of market cap.
Ethereum is renowned among the masses because of its smart contracts. Recently, the Ethereum price breached the $2,000 mark, while each Ether is trading at $2,364.98 as of this writing.
With the current plan of initiating Ethereum 2.0, the ether token seems to have a rare moment in days ahead. When fully implemented, it will rank as the biggest update on the Ethereum network, which will enable it to initiate the proof-of-stake from the underlying proof-of-work. Also, it comes with many advantages for the Ethereum network, for instance, scalability, and enables speedy transactions.
However, Ethereum is yet to achieve its full economic potential and that’s why it’s among the Altcoins to watch over the coming years. Especially with NFT”s taking all the hype in 2021 it will make Eth price around 10,000$ to 20,000 for 2021.
2: Cardano (ADA)
The other coin that ranks in the list is Cardano. The digital coin has appeared unrealized for some time now, trading as one of the top Altcoins based on market cap. Well, that’s what appears for the novice traders. However, crypto enthusiasts well-informed about the Cardano project are aware that its underlying team of developers has been working round the clock to come up with great updates to transform its Blockchain into a cutting-edge tech.
Cardano project is considered for taking a gradual pace when launching new initiatives, instead of unveiling half-baked outputs and later take several years to address the problems. Cardano has remained still on its ongoing projects, and just lately, it began to disclose new updates that propelled the ADA price to higher levels.
Although the Cardano project has a long way ahead in terms of the ongoing developments, several investors expect to reap significant yields by joining the ADA community.
3: Binance coin (BNB)
To a large extent, Binance coin earns a position among the best Altcoins due to many factors. One, in particular, is that in 2021, the coin increased by a considerable percentage in terms of market cap excelling better than other digital coins, for instance, Ripple and Tether.
In essence, Binance is the initial coin of the Binance exchange that functions as a catalyst for its whole network as well as supplemental exchanges from all parts of the world.
During the previous months, Binance coin has recorded a price uptrend, while each coin is trading at $510.86 as of April 18, 2021.
4: Uniswap (UNI)
When it comes to Defi tokens, Uniswap is the first coin to trade as one of the best Altcoins based on market cap. According to the latest data, the market cap of Uniswap stands at $16.76 billion, while each UNI is trading at $30.98 as of April 18, 2021.
Uniswap is considered the biggest decentralized exchange in the globe, with UNI as its initial token. In addition, Uniswap is among the more successful Defi protocols that provide a better approach for buying and selling digital coins, including margin trading.
To sum it all, Uniswap’s distinct features render it a thriving investment tool, while its economic potential appears to hit the target over the coming years.
5: Dogecoin (DOGE)
Last on our list is Dogecoin. Dogecoin is renowned within the industry, especially because of the term “Shiba Inu Dog meme,” which started as a joke way back in 2013.
For the most part, the underlying team of developers initiated the Dogecoin project to ease up the sector that appeared incredibly serious in those days. More to say that it was prone to cyber threats back in the day, which undermined its right course. Although Dogecoin started as a joke to ease up the sector, many people as well as the founder never anticipated the coin to thrive even for a week, let alone a year.
Nonetheless, the digital coin proved skeptics wrong since it thrived over the years, and in January of 2021, it picked a remarkable price momentum. Many factors lead to its uptrend, including Elon Musk, who briefly was the richest man and also doubles as the owner of SpaceX, and Tesla played a big role in its success.
Although the Tesla owner is yet to make a substantial investment in Dogecoin, he has a flair for the cryptocurrency industry, while recently Tesla invested around $1.5 billion into the dominant crypto (Bitcoin.) This is a tremendous step for the crypto industry, especially on the widespread acceptance of cryptocurrencies as an alternative way for making international payments.
Final thought
Altcoins serve as a better alternative, especially to investors who can’t afford to purchase Bitcoin that is trading at a considerably higher market price. Moreover, it’s a wise move to research before committing actual funds since the industry has its own sets of risks.