Investors and traders actively seek opportunities beyond Bitcoin and Ethereum as the cryptocurrency market matures. In 2024, the landscape of altcoins (alternative cryptocurrencies) promises significant gains, with experts estimating possible returns of up to 30 times the initial investment. These cryptocurrencies stand out because of their compelling use cases, cutting-edge technology, and dependable project teams.
This article will explore the top 10 altcoins to buy in 2024 that are anticipated to have a chance for considerable growth in the coming bull run. We aim to provide in-depth explanations for why these altcoins have the potential to be lucrative investments. However, it is essential to acknowledge that cryptocurrency investing comes with inherent risks, and investors should thoroughly research and carefully assess their risk tolerance before making any investment decisions.
What is an Altcoin?
Altcoins, derived from alternative coins, refer to any cryptocurrency other than Bitcoin (BTC). Yet, some still interpret the term altcoins as encompassing all digital currencies apart from Bitcoin and Ethereum. That is true; most other coins originate from these two. They can apply different consensus protocols for transaction verification and block generation, or they may set themselves apart from Bitcoin by offering unique or better features and functions. These coins play specific roles within their respective blockchains. For instance, Ethereum uses its native coin, Ether, to handle transaction fees. Some altcoins, like Bitcoin Cash, are produced as forks of Bitcoin to challenge its dominance. Others serve as fundraising instruments for specific projects.
Usually, alternative cryptocurrencies aim to enhance the shortcomings of the cryptocurrencies and blockchains they stem from or compete against. Litecoin, the first-ever altcoin, was a fork from Bitcoin in 2011. It utilizes a different Proof-of-Work (PoW) consensus mechanism, Scrypt, which is quicker and less energy-demanding than Bitcoin's SHA-256 PoW mechanism.
There are several different types of altcoins:
- Security Tokens - Tokenized security assets
- Payment Tokens - Used as currency
- Stablecoins - Peg their value to fiat currency or other cryptocurrencies
- Utility tokens - Offer services within a network
- Meme coins - Coins that were made as a joke
Factors to Consider When Investing in Altcoins
When considering altcoin investments, there are several regards to take into account. In addition to market capitalization and past performance, the team behind the altcoin is also a key factor. So, before you go into the world of altcoin investments, remember to conduct your research and consider these issues.
Market Capitalization of Altcoins
First and foremost, you must analyze the altcoin's market capitalization. It indicates a cryptocurrency's overall value and can be used to gauge its stability and development potential. Altcoins with a larger market capitalization are often more established and less prone to excessive volatility.
Historical Performance of Altcoins
Another element to consider is the altcoin's previous performance. While prior performance does not guarantee future outcomes, it can provide significant insights into how the altcoin has performed. Examine its price charts to see whether there have been any substantial changes or continuous growth trends. Of course, it is critical to delve deeper and comprehend the reasons for these trends. Partnerships, technological developments, and community engagement can all impact an altcoin's performance.
The Team Behind the Project
A skilled and capable project team can be a game-changer. Investigate their background, experience, and previous achievements. Examine their capacity to keep their promises and overcome any possible obstacles. A devoted and experienced team can create faith in an altcoin's long-term prospects.
Top 10 Altcoins - Best long term crypto investments
Some altcoins are suitable for short-term investment, such as day trading or 'scalping,' but we'll focus on the ones you need to HODL to get the most returns on your investments. Let's look at the alternative cryptocurrency top 10 ranked by market value, excluding stablecoins from the list. The purpose of stablecoins is to maintain price stability. They aren't typically seen as speculative investments because they are usually employed for a different kind of investing plan. Therefore, we'll concentrate on the best altcoins 2024 that can cause intriguing market expansion and transformation.
1. Ethereum (ETH)
Ethereum has a market capitalization of approximately $370 billion, securing a second position just behind Bitcoin. While most people know Bitcoin as a "decentralized currency," Ethereum stands out as a distributed computing network. It provides users with a platform to run decentralized applications (dApps) and host smart contracts, effectively acting as a catalyst for innovation in blockchain technology.
Detractors of Ethereum often highlight the issue of high transaction fees. However, considering the extensive range of applications and other altcoins that rely on its blockchain, Ethereum has firmly established itself as a formidable presence within the cryptocurrency space, indicating its resilience and long-term viability.
Ethereum's robust infrastructure, growing popularity, and important updates such as "Constantinople" and "Istanbul" in 2019, "Muir Glacier" in 2020, "Berlin" and "London" in 2021 and "Ethereum 2.0" 2022 make it a promising investment option. Its ability to facilitate the development of various applications and its vibrant ecosystem make it a favorite among developers and investors.
- Initial release: July 30, 2015
- Original Authors: Vitalik Buterin (Additional founders: Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin)
- Ticker: ETH
- Current Price: $3,084.89
- Current Market Cap: $370,862,895,106
- Circulating supply: 20,205,196 ETH
- Total supply: 20,205,196 ETH
- All-time high: $4,891.7 (November 16, 2021)
- All-time low: $0.4209 (October 22, 2015)
2. Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the Binance exchange – the biggest crypto exchange. With a market capitalization of $76 billion, Binance Coin (BNB) has gained significant popularity due to its multiple use cases. Primarily, it can be utilized to pay trading fees on the Binance exchange, offering users the advantage of discounted trades. Surprisingly, BNB extends its functionality beyond the boundaries of the Binance crypto exchange and can be employed for payment processing in various contexts, such as booking travel arrangements.
Nevertheless, critics argue that BNB lacks the same level of decentralization observed in other altcoins. Additionally, concerns have arisen due to an ongoing investigation by the Securities and Exchange Commission (SEC). This investigation aims to determine whether Binance should have registered BNB as a security during its initial coin offering, potentially posing a regulatory risk to the future of the cryptocurrency.
- Initial release: July 30, 2015
- Original Authors: Changpeng Zhao
- Ticker: BNB
- Current Price: $515.28
- Current Market Cap: $76,051,048,890
- Circulating supply: 147,582,599 BNB
- Total supply: 147,582,599 BNB
- All-time high: $720.67 (June 06, 2024)
- All-time low: $0.09611 (August 01, 2017)
3. Solana (SOL)
Solana is a high-performance blockchain platform known for its fast transaction speeds and scalability. Its growing ecosystem, developer-friendly infrastructure, and increasing adoption make it an altcoin worth considering for long-term investment.
Solana emerged as a blockchain for decentralized finance, applications, and smart contracts. Its underlying infrastructure relies on a distinctive combination of hybrid proof-of-stake and proof-of-history mechanisms, facilitating swift and secure transaction processing.
Renowned for its impressive speed, Solana stands out among other blockchains in terms of efficiency. Its level of centralization has attracted criticism but has yet to stop it from reaching a market cap of $65 billion.
- Initial release: 2020
- Original Authors: Anatoly Yakovenko & Raj Gokal
- Ticker: SOL
- Current Price: $141.80
- Current Market Cap: $65,736,597,460
- Circulating supply: 463,662,601 SOL
- Total supply: 579,840,575 SOL
- All-time high: $260.06 (November 06, 2021)
- All-time low: $0.5052 (May 11, 2020)
4. Ripple (XRP)
The XRP cryptocurrency was created by Ripple Labs and was initially called OpenCoin. Ripple exists as a dynamic payment network system that aims to replace the traditional SWIFT system used by most financial institutions. Its main functionality is that Ripple enables instant money transfers worldwide with a low transaction cost. Ripple's founders, Ryan Fugger and Jed McCaleb, initially created RipplePay, which later evolved into what we now know as Ripple. With its system, which uses products like xRapid and xCurrent, Ripple provides speed and less volatility in price fluctuations through validation and rate behavior. Santander Bank is one of several players in the banking sector that have chosen to test and use Ripple technology in their operations.
- Initial release: 2012
- Original Authors: Ryan Fugger & Jed McCaleb
- Ticker: XRP
- Current Price: $0.4344
- Current Market Cap: $24,208,142,058
- Circulating supply: 55,723,063,839 XRP
- Total supply: 99,987,471,767 XRP
- All-time high: $3.84 (January 04, 2018)
- All-time low: $0.002802 (July 07, 2014)
5. Toncoin (TON)
Toncoin ($TON) is one best new altcoins on the market. It’s used across the Open Network blockchain network. It is a Layer-1 network that operates on a Proof-of-Stake (PoS) consensus model. Toncoin's main goal was to adapt to the demands of millions of users, enabling them easy transactions. TON Blockchain is designed as a 'super server' that can handle millions of transactions per second, specializing in fast and secure decentralized applications, including DeFi and DAO. TON (The Open Network) is a decentralized platform that aims to revolutionize the internet with multiple blockchains, DNS, and storage features. Toncoin is a native cryptocurrency for various applications such as payments and staking.
The TON Blockchain is designed as a 'super server' capable of handling millions of transactions per second. It specializes in fast and secure decentralized applications, including DeFi and DAO.
TON Blockchain, initially developed by Telegram founders Nikolai and Pavel Durov, faced regulatory hurdles. However, independent developers later took it up under the TON Foundation, ensuring its continuity and growth.
- Initial release: 2020
- Original Authors: Anatoliy Makosov & Kirill Emelianenko.
- Ticker: TON
- Current Price: $7.25
- Current Market Cap: $18,177,015,618
- Circulating supply: 2,506,168,164 TON
- Total supply: 5,108,755,318 TON
- All-time high:$8.24 (June 15, 2024 )
- All-time low: $0.3906 (September 20, 2021)
6. Dogecoin (DOGE)
Dogecoin has achieved cult status among the global crypto community due to its rapid rise to fame and endorsem*nts by Elon Musk. It is the first crypto coin to have emerged from an Internet meme but has since earned a reputation as a "tipping" currency. Users started tipping content creators on Twitch and YouTube instantly using Dogecoins instead of valueless upvotes, likes, and re-tweets.
- Initial release: December 06, 2013
- Original Authors: Billy Markus & Jackson Palmer
- Ticker: DOGE
- Current Price: $0.072
- Current Market Cap: $9,949,527,270
- Circulating supply: 140,239,566,384 DOGE
- Total supply: 140,239,566,384 DOGE
- All-time high: $0.7376 (May 08, 2021)
- All-time low: $0.00008547 (May 07, 2015)
7. Cardano (ADA)
With a market capitalization of $13,7 billion, Cardano has emerged as an early advocate of the proof-of-stake consensus mechanism. Unlike Bitcoin, which relies on competitive and energy-intensive problem-solving approaches, Cardano's proof-of-stake mechanism accelerates transaction processing time.
Cardano holds a prominent position in the industry, serving as a thought leader in implementing proof of stake consensus mechanisms. ADA, the native cryptocurrency of Cardano, offers a blockchain solution that boasts low fees and heightened security compared to many of its counterparts.
- Initial release: 2015
- Original Authors: Charles Hoskinson & Jeremy Wood
- Ticker: ADA
- Current Price: $0.3847
- Current Market Cap: $13,797,311,231
- Circulating supply: 35,872,097,992 ADA
- Total supply: 37,034,995,408 ADA
- All-time high: $3.1 (September 02, 2021)
- All-time low: $0.01735 (October 02, 2017)
8. Tron (TRX)
The Tron Foundation, a non-profit organization established by Justin Sun in 2017, is the creator of the Tron Network. The foundation is based in Singapore. The network was initially available in Asia and later became available worldwide. The TRON network has focused on two ideals: decentralization and empowerment. It empowers decentralized finances, community, and users by developing DeFi and social applications. In December 2021, TRON transformed into TRON DAO, an autonomous organization governed by the community, connected to an expanding and diverse blockchain ecosystem.
TRON is generating buzz in the gaming industry by facilitating the development of new, engaging play-to-earn (P2E) games across its platforms. It works with developers daily to expand and improve their games.
- Initial release: 2017
- Original Authors: Justin Sun
- Ticker: TRX or Tronix
- Current Price: $0.1301
- Current Market Cap: $11,339,272,850
- Circulating supply: 87,145,952,113 TRX
- Total supply: 87,145,998,715 TRX
- All-time high: $0.3004 (January 05, 2018)
- All-time low: $0.001091 (September 15, 2017)
9. Avalanche (AVAX)
A group led by Emin Gün Sirera and a group of Cornell University researchers first shared the basics of Avalanche at IPFS in May 2018. The protocol was developed, and two years later, its native token, AVAX, was released in September 2020.
Avalanche (AVAX) is a multi-chain smart contract platform considered one of Ethereum's competitors. The Avalanche network is designed to provide a scalable, secure, and decentralized network through a Proof of Stake (PoS) system. It is a decentralized open-source system that provides interoperability by integrating multiple DeFi ecosystems. At the same time, Avalanche is the first smart contract-enabled platform to finalize a transaction in less than a second. The platform supports all the tools used in the Ethereum network and has a record number of nodes producing blocks in its testnet. The Avalanche network has the potential to process more than 4,500 transactions per second, making it one of the fastest blockchains on the market. The platform is also equipped with tools that allow for the creation of financial assets and the exchange and expansion of enterprise-scale financial solutions.
The Avalanche network's native token, AVAX, can be used for transactions, system reward distribution, and management decisions on the Avalanche network. AVAX also allows holders to engage actively in governance decisions, thereby influencing the trajectory of the Avalanche blockchain. Some consider it the best altcoin in 2024 for its usability and similarity to Ethereum.
- Initial release: 2018
- Original Authors: Emin Gün Sirera
- Ticker: AVAX
- Current Price: $26.95
- Current Market Cap: 394,392,872 AVAX
- Circulating supply: 443,739,242 AVAX
- Total supply: 715,748,719 AVAX
- All-time high: $146.22 (November 21, 2021)
- All-time low: $2.79 (December 31, 2020)
10. Shiba Inu (SHIB)
Shiba Inu was created in 2020 by an unknown person who introduced himself under the pseudonym Ryosh. It originated as a meme coin intended as a joke concerning Dogecoin. However, it has now taken on a life of its own and offers investors and blockchain users much more than it did in its early days.
The SHIB coin is an ERC-20 token powered by Ethereum. Because it runs on the Ethereum network, Shiba Inu can use smart contracts to create decentralized financial products. The so-called Dogecoin Killer plans to enter the DeFi space, which has gained momentum following the rise in price and protocol adoption through its decentralized exchange and artist incubator. The incubator will enable artists to use the Ethereum network to auction non-transferable tokens through smart contracts, creating an NFT marketplace that eliminates the need for third-party participation.
- Initial release: 2020
- Original Authors: Ryosh
- Ticker: SHIB
- Current Price: $0.00001669
- Current Market Cap: $9,841,512,192
- Circulating supply: 589,270,822,026,574 SHIB
- Total supply: 589,519,289,946,662 SHIB
- All-time high: $0.00008845 (October 28, 2021)
- All-time low: $0.0...08165 (September 01, 2020)
Conclusion
Investing in altcoins can be lucrative but requires careful consideration and research. The top 10 altcoins to buy mentioned in this list, including Ethereum, Binance Coin, Solana, Ripple, Toncoin, Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu have been selected based on their potential for long-term growth and unique features. To buy, exchange, or store one or several of those altcoins, feel free to download:
- Ethereum (ETH) wallet
- Binance Coin (BNB) wallet
- Solana (SOL) wallet
- Ripple (XRP) wallet
- Toncoin (TON) wallet
- Dogecoin (DOGE) wallet
- Cardano (ADA) wallet
- Tron (TRX) wallet
- Avalanche (AVAX) wallet
- Shiba Inu (SHIB) wallet
Investing in altcoins carries inherent risks, and thorough research is necessary to make informed investment decisions. However, investors must conduct due diligence, assess the risks, and stay updated with the dynamic cryptocurrency market. By considering the factors discussed and remaining informed about the latest developments in the altcoin market, investors can make better long-term investments in altcoins.
