Beyond Bitcoin: Top 5 Cryptocurrencies to Watch in 2024
Cryptocurrency has caught almost everyone’s fancy in recent times owing to its volatile nature. It is also a favoured mode of investment for many young professionals as it allows them to express their personalities and characters as few other methods do.
The Rise of Altcoins: Why Look Beyond Bitcoin?
The changing nature of cryptocurrency is also something that worries investors. As mentioned earlier, while its volatility can be lucrative for investors in rising markets, it poses significant risks in declining ones.
This comes as no surprise as the value of crypto plummeted by $500 billion during the crypto crash in August. The situation caused fear and doubt among investors and led to some turning to stocks, or other forms of investments instead.
What few investors understand is that there is a realm of possibility beyond Bitcoin in the cryptocurrency sector. Ethereum too is one kind of cryptocurrency that has become mainstream. What we offer here are some alternatives to Bitcoin in 2024 that investors can consider.
What New Alternatives to Bitcoin Are There?
Now that we have established the fact that alternatives to Bitcoin and Ethereum may seem preferable in a diversified portfolio, we need to see what they are. Here we have created a list of the top five alternatives to Bitcoin in 2024:
Polygon (MATIC): Making Ethereum Faster and Better.
Polygon (MATIC) is one of the greatest investment choices when it comes to seeking the best alternative crypto to Bitcoin. What will interest the investor is that it was specifically created to solve a few technical concerns in the Ethereum network. As a result, transactions in Polygon (MATIC) have become much faster, speedier and cheaper. What gives it an added advantage is that several enthusiasts of the industry deeply believe that it will improve a lot in the future.
What is even more captivating is that big international brands such as Nike, Disney and Opensea have also decided to support Polygon’s project; making it all the more credible. However, what investors must be aware of is that although Polygon has creative ideas, getting them implemented on the ground remains a challenge.
Mana (MANA): Metaverse’s Top Cryptocurrency Choice
MANA is often considered a good alternative to Bitcoin, purely dedicated to Metaverse. It is a digital token with immensely high liquidity based on the Ethereum blockchain (ERC-20 token) and is mainly used in Decentraland. The latter – for those who are not aware – is a platform where users can interact virtually, including buying, selling real estate, and even playing video games.
What is even more interesting is that MANA is an important payment option for the additional services proposed by Decentraland. With MANA, an investor can purchase LAND, which is an NFT that verifies your land ownership within the platform. Construction of real estate can also be done based on one’s architectural choices; it can then be sold to make money.
MANA is recognized by the gaming community as one of the bestMetaversecryptocoins, and rightly so. Its advantage is that it was the first project to support and promote this new concept. This is why everyone is on the same page, saying that it may be a good investment option.
Cardano (ADA): Scientific Innovation in the World of Crypto
Cardano (ADA), founded in 2017, at the IOHK Institute by one of Ethereum’s developers, is another best Bitcoin alternative. From the beginning, Cardano adopted a unique approach, becoming the best alternative crypto to Bitcoin in the scientific field consisting of research, development and innovation.
It gets more exciting, yes. Cardano focuses almost single-mindedly on scalability and interoperability, and this is what makes it such a unique product. Cardano’s early focus on building a robust platform has led to a growing ecosystem with over a thousand decentralized applications. Cardano later introduced the Web3 multi-chain Lace wallet – a new step toward improvement.
Despite the continual changes in the crypto market landscape, ADA, which is Cardano’s native cryptocurrency, has a promising future with an impressive whitepaper. Thus, now is the right time to invest in such projects.
Binance Coin (BNB): More Opportunities with Price Fluctuations
Binance coin, also known as BNB, is the official token for the exchange platform. BNB is considered one of the best alternative coins to Bitcoin and has a lot of potential. According to CoinGecko, BNB is well-known for its fluctuating price, which has experienced a historical range from $0.039 to $717. The ups and downs in the market demonstrate how this crypto asset can offer opportunities for both day-to-day traders and long-term investors.
The value of BNB has been experiencing significant swings, which means that several investors may consider purchasing BNB after doing some research. The team behind the BNB Chain blockchain has been enforcing modifications, but it’s worth noting that Binance.com has encountered some challenges from U.S. regulators. In fact, there have been quite a few instances of court filings related to these concerns, which means that questions may be raised about what lies in store for Binance in the future.
Solana (SOL): The Rising Star with Sustainable Energy
Solana, built in 2020, is considered to be one of the biggest projects to facilitate the transfer of transactions through its Proof of History protocol. This protocol can encrypt the timestamp of all messages passing through the Solana network to obtain consensus on transactions and validate their authenticity. All investors, therefore, can comfortably transact through their Solana blockchain quickly and safely, without having to worry too much.
Additionally, Solana has increased exponentially since the beginning of the year. In fact, this is Solana’s best performance this year, which keeps it on the list of cryptocurrencies with the highest market capitalization. While investors may have to think twice before going for it as its price is quite high, Solana’s continued growth will make it the ideal alternative cryptocurrency to Bitcoin. What makes Solana attractive to investors is the fact that it operates in a healthy and sustainable energy ecosystem.
Conclusion
It can be quite challenging to make decisions in a rapidly evolving world like the one surrounding cryptocurrencies at the moment. With new projects constantly emerging, determining the ones which are truly worth your attention becomes essential. That is why the list we have curated can become a good benchmark since it focuses solely on popular digital coins.
In this article, we have presented a compilation of the best cryptocurrency alternatives to Bitcoin and Ethereum. However, there are quite a few other projects such as Ripple (XRP) and Polkadot (DOT) that you can think of adding to your cryptocurrency wallet.
FAQ
How do I choose the right Bitcoin alternative for my investment?
What are the advantages of these Bitcoin alternatives?
