HomeSponsoredWelcome to the crypto world: here are the most popular Altcoins

Welcome to the crypto world: here are the most popular Altcoins

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The ideal word to describe 2023 for the crypto world is rollercoaster because the assets’ prices suffered major fluctuations. But it seems like the sector is heading towards a bull market again, so everyone believes that cryptocurrencies’ value will increase. The industry will provide investors with multiple opportunities to boost their profits. 

The main reason why experts believe the market will turn bullish is that Bitcoin has registered a price spike. Considering the sector’s history, chances are all the other cryptocurrencies will follow the same trend. In April this year, the pioneer of the market went through a halving event that cut block rewards in half. After this event, the supply available for miners to sell dropped by 50%. Usually, halvings are preceded and followed by periods when Bitcoin’s price goes up due to increased demand, and Ethereum price will follow suit. 

In a context when the future of Bitcoin seems bright, it’s essential also to have a look at the altcoins that drive increased returns on investment. 

Ethereum

No one familiar with the crypto sector should be surprised that Ethereum is listed first when discussing altcoins that perform well. Everyone recognizes its dominance in the DeFi system and the successful transition it completed to the eco-friendlier Proof of Stake algorithm. Even if many other cryptocurrencies have gained popularity in the sector over the years, it remains a key player, with the second largest market capitalization. 

Ethereum is more than digital money; it is a platform that hosts dApps and smart contracts, and it powers decentralized finance. Over the last few years, institutional investors have started to turn their attention towards Ethereum because it proved that it has the potential to provide them with a profit.

Solana

Solana is one of investors’ top choices when it comes to altcoins to add to their portfolios during bull markets. Solana has drawn everyone’s attention because it has brought to the market some innovative solutions like decentralization, security, and scalability. It’s ideal to add it to an investment portfolio at the end of the bear stage because the chances for its price to go up during the bull run are high due to its fast transaction processing. 

Solana has also gained a reputation as being one of the most thriving ecosystems for NFTs and DeFi because it focuses on developer experience and increased scalability. It is one of the main competitors of Ethereum because it has a high performance in the sector. According to data, NFT sales on its blockchain exceeded those of Ethereum at the end of 2023, especially due to an increased interest from online sellers. 

Avalanche

Crypto experts believe that AVAX could be one of the altcoins that might explode in the following months because the Avalanche platform has performed well since its inception. It was mainly developed to support the creation of decentralized services and applications, but it also serves other purposes. AVAX, its native token, is used to enable transactions, the creation of smart contracts and power platform validation. 

Avalanche is a popular blockchain platform because it provides users with several benefits. It enables fast transactions, has a scalable architecture and its smart contracts are compatible with Ethereum. 

Cardano

Cardano has come to life after its developers conducted meticulous research as they aimed to create a scalable and secure network that crypto enthusiasts can use to achieve their goals. It focuses on smart contracts and sustainability, so it’s the ideal contender in the race to become a successful altcoin. 

ADA, its native token, is more than a speculative asset because it has several real-world applications. It can be used for powering voting systems, verifying identities online, and enhancing the effectiveness of supply chain management. Due to its multiple use cases, Cardano is listed among the blockchains worthy to invest in

Polygon

Polygon has a native token called MATIC that takes the name from a parent network called MATIC Network. Polygon was launched in 2017 to provide crypto users with lower transaction costs in Ethereum and other compatible blockchains. MATIC is also used as gas in other Polygon sidechains to pay for transactions and commissions. Users can receive MATIC tokens for maintaining the operation of the network. 

The main reason why crypto enthusiasts use MATIC is that it enables transactions over short periods. 

Polkadot

Polkadot is often described as the Internet for blockchains because it functions like a bridge between different blockchains. Through Polkadot, blockchains can share data and collaborate, providing investors with new opportunities. Polkadot has gained popularity in the crypto sector because it embraced a multichain approach. It might not have performed great during the bear phase, but it has the potential to register a price boost in the next phase. Polkadot is one of the main network’s developers use when they want to create custom blockchains, and it’s ideal for hosting projects from any sector. 

Polkadot creators understand the importance of interoperability, so they developed a platform that enables blockchains to collaborate and connect, eliminating the existence of isolated networks. 

What factors could cause altcoins to become more popular?

No one can deny that altcoins are simply fascinating due to their unique particularities. However, not all of them perform well in the market. Here are the main factors that could enable alternative coins to rise higher in price. 

– Economic factors play a significant role in the evolution of altcoins. Their prices would spike when cryptocurrencies enter the mainstream and are used for financial transactions. 

– Media influence can also trigger a price increase because it attracts attention to the market. Well-known people can influence the evolution of altcoins because people following them usually listen to their pieces of advice. 

– Sector regulation influences the evolution of the entire crypto market. The emergence of new networks and platforms has led to the need for regulation to create a framework that investors can work within. 

– Demand for the altcoin will always drive a value increase because cryptocurrencies are highly volatile. Market dynamics and demand show that the public is interested in a particular asset; hence, its popularity is higher. 

Final words

In the following months, the crypto market could enter a new bull phase, and investors must be able to select the right assets for their portfolios. 

*This article was paid for. Cryptonomist did not write the article or test the platform.

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