The pandemic has been crucial for the crypto market. During this period, the cryptocurrency market was flooded by individual investors. However, with multiple headwinds on its back, Bitcoin and other promising projects have reached historic highs. Now even though Bitcoin and the market overall have fallen, analysts see potential in these altcoin projects.
From the analysts’ list, 7 altcoins that can be purchased instead of Bitcoin
- Cardano: Hydra plans to double its scalability and speed with the update.
- Polkadot: Built from the ground up to support Web3.
- Avalanche: The deflation system is encouraging the bulls for the price of AVAX.
- Ethereum: Merge will take ETH to a whole new level.
- Solana: Integrates with all industries with over 65,000 transactions per second.
- Dogecoin: The inspiring community keeps the meme coin on the attack.
- Decentraland: Real world partnerships and a growing user base could push MANA up the crypto rankings.
Cardano (ADA)
There are many cryptocurrencies, but according to analysts, Cardano is perhaps the best cryptocurrency to invest in. (ISLAND). Cardano is poised for a rise that could potentially handle a million transactions per second pretty soon. It reached a major milestone last year when it implemented its smart contract functionality. The Alanzo upgrade enables developers to build decentralized applications (dApps) directly on the Blockchain. There are currently over 2,000 smart contract scripts on Cardano.
With the implementation of the Hydra system, Cardano can process 1,000 transactions per second per pool. ADA is already working on the highly efficient PoS concept and new updates like Hydra will help increase its speed and scalability.
Polkadot (DOT)
Polkadot (DOT) is a Blockchain protocol designed to create multiple interoperable Blockchains to communicate effectively with each other. Its developers plan to eventually build a fully decentralized network. Web3 is at the center of the Polkadot growth story.
The upcoming phenomenon will allow creators to create more interactive experiences and have more control over their content. When the Web3 revolution takes full flight, analysts expect Polkadot to make a big splash.
Avalanche (AVAX)
Avalanche (AVAX) is a leading decentralized application platform that is significantly cheaper and faster than its competitors. AVAX stands out with its deflationary design and allows the price of AVAX to increase over time. The processing speed is quite high at 4,500 per second.
Smart contracts can be adapted to Avalanche, which is likely to increase development efficiency through higher user demand. Avalanche’s platform burns transaction fees and effectively removes cryptocurrencies from circulation. It increases scarcity relative to the market and effectively raises its price.
Ethereum (ETH)
Ethereum (ETH) is arguably the largest project in the crypto market and can offer products that touch the real world. It is the most widely used network for DeFi projects and NFT markets. It currently represents over 50% of the DeFi market share.
The primary issue in ETH’s bull state is its low speed compared to other Blockchains. Its developers are trying to figure this out, and the network is moving to a PoS model that will significantly increase speeds and reduce transaction costs. The ‘merge’ could happen by the end of this year or early 2023. Hence, ETH could enter a bull run around that time.
Solana (SOL)
While Bitcoin reached historic highs in 2021, Solana (SOL) was a booming smart contract platform. Despite the current decline, SOL has gained over 1,000% since the start of 2021. Its success has a lot to do with peak transaction speeds of 65,000 per second.
Also, his latest project is called Solana Pay, a decentralized payment system. The energy-efficient system ensures that transactions take place instantly with a fraction of a penny. With Solana Pay, SOL has become an even stronger payment currency. Diversity allows the coin to succeed in a variety of areas and potentially compete with giants like Visa (NYSE:V). Solana has a war chest of equity funds startup, a truckload of apps, incredible scalability, and a passionate community that aims to take cryptocurrency to new heights.
Dogecoin (DOGE)
The influx of retail investors into cryptocurrencies in early 2021 has taken several coins to new heights and spurred DOGE into action. Its price skyrocketed by May last year, gaining over 10,000% in value. Since then, the meme coin craze has quickly faded and has taken a toll on DOGE. However, the token has a community and public image that effectively makes up for its key shortcomings.
Some of the biggest names in finance stand behind Dogecoin, including Mark Cuban and Elon Musk. Also, many businesses include Dogecoin and other cryptocurrencies as payment options. The current macro-economic climate has ruined more speculative offerings, but analysts think Dogecoin could bounce back once these conditions pass.
Decentraland (MANA)
Decentraland (MANA) is a 3D virtual reality world where users can purchase digital real estate using crypto. It focuses on building real-world partnerships and allowing its users the ability to interact in an integrated virtual environment. Built on Ethereum, it has a growing virtual economy based on developing and monetizing gaming experiences on the network. Also, Decentraland, unlike other metaverse projects, is a decentralized autonomous organization (DAO). It allows users to use their MANA to vote on various issues in the development of the network.
Decentraland attracts many real-world partnerships with companies including Samsung, as we report on cryptokoin.com. It also hosted the metaverse fashion week for the first time on the platform, where more than one brand participated in the historic event. Therefore, MANA has huge potentials in the crypto scene.
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