The altcoin market has been sideways for a long time, lacking the power of the bulls. Bitcoin’s gradual drop to $18,600 trapped every buying opportunity. Analysts are now interpreting the current levels as the bottom, based on the December 2017 peak. If this view is correct, the following 10 coins would be the best ones to buy, according to analyst Tony Philip.
10 altcoin projects you should follow closely
Bitcoin (BTC)
Bitcoin is the forerunner of its alternatives, altcoins. It has a market cap of just over $350 billion in recent months. Bitcoin embraces the concept of scarcity. Its ability as a store of value continues to attract investors. The maximum Bitcoin supply is 21 million; apart from that, about 19.15 million of them are already in circulation. Moreover, Bitcoin uses PoW mechanism for the security of its funds. Specifically, Bitcoin is not supported by any government authority. Nor does it have a central bank to facilitate its use.
Also, many companies like Visa and MasterCard allow the use of Bitcoin to facilitate payments. This increases the chances of adoption as more people shop using crypto. As a result of its growth, leading crypto is also gaining more institutional acceptance. Nasdaq (NDAQ), the second largest exchange operator in the US, announced that it will launch a crypto custody service in September 2022. Nasdaq’s goal is to capitalize on the growing demand for cryptocurrencies among institutional investors. BlackRock, the world’s largest asset management firm, also announced in August that it will provide cryptocurrency services, including Bitcoin, to its institutional clients.
Investment giant Fidelity has also added Bitcoin to its exchange-traded funds (ETFs). At the same time, Bitcoin ETFs continue to rise.
Ethereum (ETH)
Ethereum is the largest cryptocurrency after Bitcoin. It is a contract platform founded in July 2015 under the leadership of Vitalik Buterin. It attracts multiple developers due to its ability to support multiple use cases like NFTs. Since its launch, Ethereum has witnessed a tremendous growth of 14,155% as of the beginning of September 2022. According to experts, it is far beyond most crypto projects and has only Bitcoin to beat in the crypto space.
Ethereum’s unique Blockchain technology puts it among the best cryptocurrencies to buy now. For example, it allows developers to create their own cryptocurrencies and set up smart contracts using Blockchain. More importantly, analysts expect it to gain more traction as it successfully completed its “merge” upgrade on September 15, 2022, which saw the move from Proof-of-Work to Proof-of-Stake (PoS) consensus mechanism. This upgrade aims to lower the energy consumption and gas fees of the network, while also making it more easily scalable.
With these changes, Ethereum will attract investors looking for low gas fees. As a precaution though, transactions take longer to process on the Ethereum network due to overload. Those who want to buy Ethereum should be aware that its security has also been a bit of an issue on the platform before. But the upgrade aims to make it more secure.
Cardano (ADA)
Cardano is a Blockchain that uses the Proof-of-Stake consensus algorithm and features increased scalability. These features enable Cardano to power decentralized finance (DeFi) projects and NFTs. Blockchain can also be implemented in a variety of different areas, including the construction of dapps, gaming, voting, and access management.
Going live in September 2021, Alonzo included smart contract capabilities, a major update for Cardano. With Alanzo, ADA is now capable of scaling and operating at a faster rate than in the past. In addition to this capability, it enabled ADA to provide the developer community with a DeFi application development platform and advanced programmability.
The upgrade also included the ability to run smart contracts on Cardano Blockchain. In particular, Plutus smart contracts facilitate reliable, fast and secure development of dApps. In addition, a second hard fork known as Vasil was released on September 22, 2022. This fork is expected to further increase the scalability of the network.
Finally, Cardano plans to set up a launchpad to help solve everyday challenges in Africa. If this plan achieves its goals, your goals for the next ten years will go a long way.
Binance Coin (BNB)
Binance Coin (BNB) is the cryptocurrency that underpins the Binance ecosystem. It is a Binance Smart Chain (BSC) based cryptocurrency that complies with BEP-20 standards. It is also the native token of the Binance crypto exchange, where it is traded like many other exchanges and platforms. BNB provides users with additional benefits such as cheaper costs and investment.
In 2017, when it was first released, BNB was worth just $0.10. It broke the record with an all-time high of $690.93 on May 10, 2021. Altcoin has proven to be a very useful cryptocurrency for the Binance ecosystem over the years. It’s not just the native cryptocurrency that exists in this thriving ecosystem. At the same time, their use has increased significantly, for example, BNB users can:
- Earn rewards by staking on BSC.
- Paying for goods and services with the Binance Card feature;
- accepting and making payments on the Binance Pay service;
- Claiming discounts on transaction fees for spot, margin and futures market transactions.
Binance periodically burns tokens for BNB. In December 2021, the company started a three-month automatic burning process that allows for automatic calculations. However, one thing to know is that BNB is also vulnerable to regulatory issues. For example, in June 2022, BNB was dropped following an investigation launched by the SEC into whether Binance followed procedures during its first ICO in 2017.
Ripple (XRP)
A project of the Ripple company, the primary use case of XRP is to build a Blockchain that facilitates cheaper and more convenient cross-border transactions. The altcoin uses neither the PoW nor the PoS consensus mechanism. Instead, it uses validation servers that validate the requested changes in the final ledger. XRP uses a central authority to determine who can set up a node or approve transactions. This helps it instantly process transactions between multiple currencies and attract more investors who are moving away from the legacy SWIFT network, which can cause delays.
XRP has fast transaction settlement as ledgers are generated every three to five seconds. Ripple says that the XRP ledger can typically process 1,500 transactions per second (TPS). It also estimates that it can scale up to 65,000 TPS. In contrast, the settlement rates of Bitcoin and Ethereum are 5 TPS and 15 TPS, respectively.
More importantly, while Ripple is still in a two-year lawsuit with the SEC, the company is confident it will win. On the development side, it also collaborates with universities around the world to accelerate its network. For example, XRP Ledger is managed by more than 150 independent organizations, including universities and crypto exchanges. All in all, these developments are preparing a significant price increase for XRP.
Polygon (MATIC)
Polygon is a cryptocurrency developed from the Ethereum network that aims to improve Ethereum scalability and infrastructure. It adopts the concept of “layer two” that extends Ethereum into a multi-chain network to improve transactions and confirmation speeds. Additionally, Polygon is highly secure, highly scalable, and interoperable. It provides robust user and developer experience with flexible and customizable frameworks. Every dApp at Polygon runs on a fully customizable technology stack with dedicated resources and independent governance.
With the support of Binance and Coinbase crypto exchanges, MATIC is used on platforms such as payment currency, fees and payment services. Due to its presence on the main crypto exchanges, it is able to reach many users. In July 2022, the altcoin released the zkEVM scalability solution to reduce transaction costs while increasing transaction.
However, some major companies are already getting involved with the Polygon platform, including Meta and Stripe. Additionally, the altcoin project supports the Polygon Tether (USDT) stablecoin. Both are investing in carbon neutrality that will boost their future growth.
Decentraland (MANA)
Decentraland is an Ethereum-based virtual reality platform. It is the pioneer of the metaverse market with a market value of over 1 billion dollars. MANA uses DAO technology as one of its most important features. DAO technology provides true decentralized governance where users have full control.
Over the past year, Decentraland has made millions of dollars from virtual land sales. These sales must be paid in the platform’s native currency, MANA. With over 20,000 earnings since its official launch in February 2020, Decentraland is geared towards further success. This makes it one of the best cryptocurrencies to buy now.
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Solana, one of the advantages of the platform is a highly effective Blockchain with lower transaction fees that attracts more investors to the platform. SOL can perform 50,000 transactions per second, thanks to the Proof-of-Stake mechanism that increases the verification speed. In September 2022, Solana-based transactions hit the 100 billion milestone. It also uses Proof of History, the optimized time tracking extension of the consensus algorithm.
While it has stiff competition with Ethereum, Solana’s fast network and low fees have propelled it to be among the top 10 cryptocurrencies by market size. More importantly, the altcoin is quite different from Ethereum in how it stores and manipulates data. For example, it separates state data and executable code and puts them in separate addresses.
Launched in 2020, the price of SOL had an impressive 4,000% gain by November 2021. They are native assets used for value transfer, particularly in Solana-based NFT markets including SOL, Solanart, Solsea, and Margin Eden. SOL is used in the manufacture, sale and purchase of these NFTs. Finally, as a PoS network, Solana allows organizations to stake SOL tokens and run them to validator node operators or delegate stakeholder rights to validators for a reward.
Polkadot (DOT)
Polkadot is another relatively new crypto asset that is currently among the best cryptos to buy, based on its interoperability and long-term prospects that can ensure a solid future. DOT also offers impressive technology that attracts more investors and users to the platform. For example, it runs on the Nominated Proof-of-Stake (NPoS) system that allows all native tokens. Polkadot is a solid recommendation for investors looking for a Blockchain platform that solves the interoperability problem, increases scalability, and offers a multi-chain network.
Avalanche (AVAX)
Avalanche is a layer one Blockchain designed to enhance the underlying protocol and increase the scalability of the system. It consists of thousands of subnets that make up a diversified, interoperable network of several Blockchains. Avalanche is highly scalable and can handle up to 4,500 transactions per second per subnet.
Initially launched as an Ethereum competitor, Avalanche adopts three separate Blockchains that work independently to verify every transaction on the network. The platform is decentralized and allows tens of thousands of validators. It also has strict latency that allows it to get approvals within three seconds, with most approvals under one second. All transactions are completely irreversible and irreversible.
Compared to the leading altcoin, Avalanche is more scalable and better suited for handling batches. This has increased its popularity among Ethereum projects. Launched in 2020, the price of AVAX rose from $4.5 at launch to an all-time high of $146.22 in November 2021.
While Avalanche is a young project with not much history for comparison, it is gaining traction as the world’s fastest platform for smart contracts. Even in the bear market that took up most of 2022, AVAX has still nearly quadrupled since its launch.
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