It’s no secret that Bitcoin (BTC) has dominated the cryptocurrency space for the last decade. However, in recent months, it’s been replaced by other cryptocurrencies and blockchain tokens.
The Bitcoin price has been skyrocketing. People are making money hand over fist, and it feels like everyone is talking about Bitcoin. But as the markets get more crowded, it’s becoming harder to pick out the winners.
Worried you’re missing out on the action? Don’t be! There are plenty of other cryptocurrencies to buy, but some are more promising than others. Here are some altcoins that have the potential to turn into tomorrow’s top coins:
These altcoins offer their own take on how things should be done, and they can even compete with BTC on a number of fronts.
What Do We Mean by Altcoins?
Altcoins are alternative coins to Bitcoin. They have their own blockchain and can be mined like Bitcoins, but they aren’t as popular or valuable. There are thousands of altcoins out there, but only a few have become widely used in the real world.
One of the best ways to look for good altcoins is by looking at what the larger players are investing in. The largest mining pool are a great place to start, because they’re looking for coins that will give them the most profit (and therefore return on their investments).
1. Ethereum (ETH)
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain called Ethereum Virtual Machine (EVM), which can execute code of arbitrary algorithmic complexity.
The price of Ethereum has increased from around $0.30 at the beginning of 2017 to over $1,000 in January 2018 and then dropped down below $200 in June 2018.
2. Binance Coin (BNB)
Binance Coin (BNB) is the native cryptocurrency of Binance, the world’s largest cryptocurrency exchange. It can be used to pay for trading fees on their platform and also as a base currency for trading pairs with other coins. The value of BNB rose significantly after Binance launched its own blockchain in March 2019.
BNB has been one of the best performers since its launch in 2017 and continues to be one of the most stable cryptocurrencies in 2019 despite market turbulence due to regulatory uncertainty surrounding Bitcoin ETFs approval or rejection by SEC (United States Securities and Exchange Commission).
3. XRP (XRP)
Ripple is a payment network that uses blockchain technology to facilitate fast, secure and low-cost international payments. It supports tokens representing fiat currency, cryptocurrency and commodity assets like gold.
Ripple’s XRP token was created by Ripple Labs in 2012 and serves as the company’s native currency. The digital asset can be used for payments between parties or even converted into other currencies at will by using exchanges such as Binance or Bitstamp.
As of January 2019, XRP has a market cap of $11 billion USD (about $1 per coin) making it the third most valuable cryptocurrency after Bitcoin and Ethereum respectively.
4. Cardano (ADA)
Cardano (ADA) is a smart contract platform that aims to build a future proof blockchain. Cardano uses a proof of stake consensus mechanism, which means that instead of relying on miners, it has elected delegates or “witnesses” who are responsible for validating transactions and adding blocks to the chain. This unique design makes Cardano one of the most secure blockchains in existence today, as well as one with great potential for scalability in the future.
5. Dogecoin (DOGE)
Dogecoin (DOGE) was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. In addition, he wanted to distance it from the controversial history of other coins like Coinye West.
Dogecoin uses Scrypt algorithm with a 60 second blocktime and 5 DOGE reward for each block solved which halves every 100k blocks until it reaches a minimum of 1 DOGE per block.
6. Polygon (MATIC)
Polygon (MATIC) is a blockchain platform that allows users to create and publish 3D content for use in video games.
Polygon’s main product, Polygon Creator, is an application designed to allow anyone with basic knowledge of 3D modeling software or animation programs like Blender or Maya to create their own assets for use in games. The toolset allows users who have never built a game before to create models from scratch using simple drag-and-drop functionality. Once finished, these assets can be exported as .fbx files which will work with most engines including Unity3D, Unreal Engine 4
7. Solana (SOL)
Solana (SOL) is a blockchain based platform that aims to create a trustless system for dApps. It uses Proof of History consensus mechanism and has high throughput, low latency and low transaction fees. Solana also has an on-chain governance system, where users can vote on changes in the network using their SOL tokens.
The project aims to solve some of the problems faced by Ethereum such as scalability issues while being able to handle more than 1000 transactions per second (TPS). This makes it one of the fastest blockchains in existence today.
8. Polkadot (DOT)
Polkadot is a blockchain-based platform that allows diverse blockchains to exchange information. It was created by Gavin Wood, the founder of Ethereum and Parity Technologies. Polkadot uses Parachains to connect multiple blockchains and enable cross-chain communication and interoperability.
Polkadot offers three key features:
- Substrate: A framework for building secure, scalable, decentralized applications (dApps). The core codebase is written in Rust programming language which is also open source so anyone can access it on GitHub.
- Parachains: An infrastructure layer built on top of Ethereum’s mainnet chain that allows anyone to create their own independent chains (or sidechains) with different consensus mechanisms such as Proof-of-Work or Proof-of-Stake consensus algorithms
9. Litecoin (LTC)
Litecoin (LTC) was created by Charlie Lee, a former Google employee who worked on the search engine’s advertisement platform before he started working on cryptocurrency projects.
The altcoin is a fork of Bitcoin and has many of its features. For example, both cryptocurrencies have similar transaction speeds and costs but Litecoin has a larger supply than Bitcoin (84 million coins compared to 21 million).
10. Shiba Inu (SHIB)
The Shiba Inu Network is a decentralized marketplace where you can buy and sell goods and services using SHIB tokens. The platform is powered by smart contracts, which means that all transactions are automatic, secure, and transparent.
When you purchase SHIB tokens on an exchange such as KuCoin or Binance (two of the most popular cryptocurrency exchanges), you’ll be able to use them on the Shiba Inu Network as well as any other ERC-20 token compatible platforms like Ethereum or MetaMask.
Conclusion
We hope you enjoyed our list of the best altcoins to watch out for in 2023. We believe that these cryptocurrencies have huge potential and are likely to give good returns on investment in the near future.
