While Bitcoin (BTC) dominates the news regarding cryptocurrencies, there are thousands of other altcoins available. Altcoins are alternatives to Bitcoin. However, there are several interesting cryptos available for purchase. At least, according to financial analyst Chris MacDonald. Bitcoin was the first cryptocurrency to be released. However, other cryptos have also gained popularity and have significant market cap. As a result, the analyst has unveiled three of the biggest cryptos he thinks are worth considering in the current market. Here are the details…
The first altcoin on the list: Ethereum (ETH)
Ethereum (ETH) is a well-known cryptocurrency and the second largest cryptocurrency globally. It is considered one of the most stable cryptos. Ethereum provides multiple infrastructures for decentralized finance projects. Ethereum brought smart contracts to the Blockchain. Thus, it has made possible a new world of Blockchain-based applications with so many benefits. According to the analyst, Ethereum’s Blockchain is seen as a secure and decentralized structure. Therefore, it is a reliable place for storing funds, especially during times of financial instability. When two central regional banks collapsed last month, many turned to Ethereum as a haven.
As a result, ETH is considered one of the best cryptocurrencies to invest in if the banking industry experiences more instability. According to the data, the price of Ethereum increased by 8 percent after the implementation of the Shapella hard fork. In addition, the difference between futures and spot market prices doubled its quarterly premium. Thus, it increased to over 4 percent. The increase in open interest also indicates that investors are in a bullish trend against crypto.
Analyst drew attention to Solana (SOL)
Solana (SOL) operates on the Solana Blockchain, as we have also reported as Kriptokoin.com. Its market value is around 9 billion dollars. Unlike some other cryptocurrencies, Solana has no maximum limit on the number of tokens that can be created. In addition, Solana uses a unique consensus model that allows transactions on its Blockchain to be processed quickly and reliably. According to market analysis, Solana has a positive outlook in 2023, with a potential return on investment of 61.9%.
According to the analyst, the projected minimum and average transaction prices for Solana are $24.74 and $25.51, respectively, with a possible high of $29.84. According to the latest news, Solana users can now access the network through an open-source plugin enabled in ChatGPT, OpenAI’s artificial intelligence chatbot. This plugin allows users to check their wallet balances, transfer Solana-specific tokens, and purchase NFTs. Solana Labs announced this development in a tweet on April 25. The company also plans to invest $1 million in projects to develop artificial intelligence tools on the Solana Blockchain.
Avalanche (AVAX) is also on the list
Avalanche (AVAX) is a blockchain platform with a market cap of approximately $6 billion. It works on a consensus mechanism similar to proof-of-stake. This makes it more secure than Bitcoin and Ethereum against potential network attacks. Avalanche has sub-nets in its network that enable the creation of public or private Blockchain for various purposes. While Solana highlights its mobile phones and NFT collections, Avalanche is committed to Blockchain developments that matter to corporate companies and Wall Street.
Avalanche is making progress in the background by embracing the asset tokenization trend. Tokenization is one area that Citigroup describes as a potential game changer for crypto. Compared to Ethereum’s speed of around 14 transactions per second, Avalanche can process an unlimited number of transactions per second. Each transaction is completed in less than two seconds. This results in cheaper transactions and less congestion on the network. Avalanche currently hosts over 300 projects on its platform. But there is more growth potential. According to the analyst, despite a sharp 89 percent drop last year, any positive development could lead to a significant increase in Avalanche’s value.
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