The Best Altcoins To Buy In 2024

2024 has been amazing for cryptocurrencies so far. Bitcoin spot ETFs got approved by the SEC in January, and since then, the market has been steadily climbing up. We’re firmly in the bull run right now. But beyond Bitcoin, altcoins have emerged as fascinating choices in the vast cryptocurrency landscape.

Altcoins are catching the eye of investors more and more. Why? They have real uses in the real world, which grants them better growth potential than Bitcoin. But as the crypto market grows, picking the best altcoins to put your money into gets tougher. This article is here to guide you through the top altcoins to consider in 2024. We’ll explore what makes them unique and why they deserve a spot in your investment portfolio. Let’s get started.

Key Takeaways

• Altcoins offer real-world uses and growth potential beyond Bitcoin, making them attractive to investors.
• Ethereum, Solana, Cardano, and other leading altcoins are driving innovation in decentralized finance (DeFi), scalability, and blockchain utility.

Best Altcoins for 2024

Ethereum (ETH)

Unlike Bitcoin, which was designed to be a payment mechanism, Ethereum aims to be a general-purpose distributed computing platform. Developers can use the network to deploy and run decentralized applications (dApps) and smart contracts. Because of its utility, Ethereum is fueling the rapidly growing field of decentralized finance (DeFi).

Despite intense competition from other Layer 1 blockchain, many institutional investors rely on Ethereum owing to its security and mature ecosystem. Because of this interest from institutions, Ethereum is here to stay, making it an excellent asset for HODLing.

Many users have complained about the high gas fees on Ethereum. The upcoming EIP-4844 proposal could reduce gas fees significantly on Layer 2 blockchains piggybacking on Ethereum. This would be another win for Ethereum and could further boost its value.

Solana (SOL)

Solana is one of the direct competitors to Ethereum. Like Ethereum, it has support for dApps and smart contracts. It’s one of the fastest blockchains out there, using an innovative Proof-of-History (PoH) consensus algorithm together with Proof-of-Stake (PoS) to achieve a theoretical limit of 65,000 transactions per second.

Its native token, SOL, saw a sharp price increase late last year, and Solana even surpassed Ethereum in NFT sales in December.

The platform’s roadmap for 2024 includes the launch of Firedancer, designed to enhance network throughput and efficiency, alongside token extensions that promise more complex tokenomics. Overall, things are looking up for Solana, and it is likely to ride that wave in 2024.

Cardano (ADA)

Cardano was founded to address Ethereum’s shortcomings and issues. In 2024, it aims to continue on this journey, supported by its expanding DeFi ecosystem and technological improvements. Analysts have suggested a range of outcomes, from steady growth to potential surges post-Bitcoin halving. It reflects Cardano’s solid fundamentals and increasing adoption.

Cardano continues to develop its roadmap, focusing on scalability, sustainability, and decentralized governance. Its potential for significant price movements makes it a cryptocurrency to watch closely in 2024.

Polygon (MATIC)

Polygon (MATIC) is poised for promising growth in 2024, boosted by technological advancements and an optimistic market outlook. Predictions suggest a potential rise to or beyond $1, driven by enhancements to Ethereum’s scalability through Layer-2 solutions and zero-knowledge proofs.

Polygon 2.0 officially began its implementation phase in early Q4 2023. The 2.0 upgrade aims to “radically reimagine almost every aspect of the Polygon ecosystem.” Price forecasts indicate an average of around $1.16 in 2024. Because of Polygon’s successful track record, the upcoming 2.0 upgrade, and its goals to solve real-world problems, MATIC is an excellent coin to invest in.

Avalanche (AVAX)

Another Ethereum competitor, Avalanche is a blockchain platform that stands out for its speed and efficiency. It’s designed to let developers build and launch applications quickly, especially in DeFi. One of Avalanche’s USPs is that it allows for the development of custom blockchains (including private ones).

In 2023, its native token, AVAX, grew by a whopping 254%, despite market ups and downs. With a strong team and community, 2024 seems promising for AVAX.

Polkadot (DOT)

Polkadot is designed to connect different blockchains, allowing them to share data and transactions securely. Its unique feature is its ability to let various blockchains work together within a single network. Polkadot aims for true scalability and innovation in blockchain development by using a cutting-edge PoS mechanism that’s energy-efficient.

The platform supports a collaborative governance model where all DOT holders have a say in the network’s future direction. Polkadot’s unique use case makes DOT a great addition to HODLers’ portfolios.

XRP (XRP)

XRP is designed to be a super-fast payment system for remittances and other types of cross-border payments. Traditional banking systems make international payments slow to complete. XRP aims to solve this problem by using a unique consensus mechanism to settle transactions within 3 seconds.

Moreover, transaction fees on the XRP network are very low (about 0.00001 XRP). This low fee makes settling international transactions on the XRP network compelling. As XRP gains widespread adoption, we expect its price to grow. And that makes it a great investment in 2024.

Injective (INJ)

This Layer 1 blockchain platform is designed to support a wide range of DeFi services like decentralized exchanges (DEXs), prediction markets, and borrowing and lending services – all on-chain and with super-fast processing speeds. Like other L1 blockchains, it offers robust support for smart contracts.

The platform’s currency, INJ, allows holders to participate in decision-making for updates and to potentially benefit from the platform’s success.

The value of INJ saw a remarkable increase towards the end of 2023, climbing from roughly $8 at the beginning of October to around $40 by year’s end, marking a significant 400% growth! Owing to its real-world utility, the outlook for Injective in 2024 appears very optimistic.

Uniswap (UNI)

Uniswap (UNI) is a decentralized exchange (DEX), meaning you can trade directly from your own wallet. Unlike a centralized exchange (CEX) like Binance, you keep complete control of your funds, so there’s no risk of your assets being frozen.

As a DEX, Uniswap also doesn’t use the traditional order book model. Instead, it facilitates peer-to-peer using an automated market maker (AMM) model and liquidity pools. This means that users can trade directly with each other, cutting out the middleman and thereby reducing trading fees.

UNI is the platform’s native token, and it gives holders a say in how Uniswap grows. They can vote on proposals for change, which can have a big impact on the platform’s future.

Tron (TRX)

Tron is a decentralized platform for both content creators and consumers. It uses fewer computational resources for application development compared to other dApp-focused blockchains.

In contrast to Ethereum, which requires gas fees for every transaction, the Tron blockchain operates on an energy and bandwidth system. Each transaction consumes energy and bandwidth points specific to the user’s account. This unique approach diminishes the risk of attacks through Denial-of-Service (DoS) tactics.

Conclusion

In conclusion, the cryptocurrency market in 2024 is ripe with opportunities for those willing to explore beyond Bitcoin. By carefully evaluating the use cases, technological advancements, and market positions of these top altcoins, investors can diversify their portfolios and potentially reap significant rewards. The future of cryptocurrency is bright, and these altcoins will be at the forefront of this revolution.