While cryptocurrencies were once just a digital novelty, over the years, they have become trillion-dollar technologies that have the power to transform the financial sector. Digital assets appeal to many individuals who either hold them as investments or use them to buy services or goods, including real estate, cars, luxury bags and clothing, electronic devices, and so on. With so many cryptos available, selecting a promising one that will add value to your portfolio can feel daunting.
Investors often select well-established digital assets such as Ethereum and Bitcoin, as they are known for being safe options and providing diversification in the long run. It’s easy to understand why many people prefer them, as the two cryptocurrencies are massive in size. Moreover, ethereum price has reached an all-time high of $4,891.70 in the past, which only highlights its significant potential. However, some investors have a growth-oriented market perspective, thus searching for the next big thing in the crypto space. If you’re one of these people, you’ve come to the right place. In this blog, we will explore the three best altcoins that are likely to dominate the crypto market in 2024.
Cardano
The crypto world is incredibly competitive and crowded, where only the best projects, such as Cardano, stand out. Cardano is a new-generation blockchain that provides greater security and sustainability, offering a platform for creating smart contracts and dApps. The project was introduced in 2014, and its token – ADA- was launched three years later. Like other cryptocurrencies, Cardano’s price history looks just like a roller coaster, with teetering highs and abrupt drops. Initially, people were skeptical about ADA, with many dismissing the project as just another coin with no real value.
However, during the Alonzo hard fork in 2021, ADA experienced a pivotal moment in its history, unlocking its smart contract capabilities and setting the stage for the token’s spectacular price increase. Following this event, there was a lot of anticipation and enthusiasm surrounding the digital asset’s smart contracts. ADA’s price surged by 30 times, and its market cap achieved an impressive value of $US94.9 billion. This played a massive role in establishing ADA as a great opponent in the crypto space. Besides its smart contract capabilities, Cardano stands out for being environmentally sustainable. In fact, the project describes itself as the most eco-friendly cryptocurrency due to its PoS blockchain protocol.
Given the global heat wave that threatens the whole world, it only makes sense for investors to think of ways to climate-proof their portfolios. It’s no secret that the cryptocurrency industry has been under great scrutiny due to its high energy consumption. A digital asset like Cardano, which prides itself on its commitment to sustainability, is an appealing option for eco-conscious investors who may otherwise hesitate to invest in cryptocurrency. Suppose you’re looking for the best altcoin to buy in 2024. In that case, Cardano is indeed a great alternative, having a positive reputation as an OG project receiving backing from different communities and entities. This support system surrounding ADA can potentially drive an upward movement for the token in the long run.
Solana
It’s hard to think that an altcoin could ever compete against crypto giants like Ethereum and Bitcoin, and yet, Solana is a promising star, threatening Ethereum’s dominance. Even if it had a tumultuous journey, with its price dropping from $260 to $25, the digital asset still has great potential. Solana is emerging as the “Visa for cryptocurrency”, standing out through its scalability benefits and institutional adoption. Established as an Ethereum challenger, the digital asset excels in NFTs and DeFi, making it a top cryptocurrency to watch out the next year. Solana stands out through its fast transaction times, which are essential in today’s world, as more individuals use blockchains at scale, requiring digital ledgers to process transactions as quickly as possible.
As for now, Solana processes around 65,000 transactions per second, which is considerably higher than Ethereum, which can only handle as many as 30 transactions.
Another advantage of Solana is its low gas cost, placing it in a great position in the cryptocurrency space. Some believe blockchains should offer lower costs to become more mainstream, making Solana reliable. Regular transaction fees for the cryptocurrency range from $0.0001 to $0.0003, empowering developers as it allows them to pay less when building an app.
Avalanche
Avalanche is Ethereum’s rival, as it utilizes smart contracts to support different blockchain projects. Launched in 2020, the project aims to be versatile, accessible, fast and secure. Its blockchain can process 4,500 transactions per second, which gives it a competitive advantage over Ethereum. While the latter supports more projects, Avalanche stands out through its superior ability to scale. While Avalanche is mainly used to complete network transactions, the token is also suitable for paying transaction fees. At the same time, users looking to earn rewards can also stake AVAX. The Avalanche network enables anyone to deploy their blockchains for private or public use while also allowing developers to create smart contracts and apps.
Besides its scalability, Avalanche provides other incredible benefits, such as enhanced security, decentralization, and interoperability. The cryptocurrency mechanism makes it hard for malicious actors to compromise the network, thus safeguarding users’ transactions. Avalanche addresses blockchain’s issues, including network congestion and high gas fees. The project was built with scalability in mind and is incredibly efficient and powerful.
Regarding the future of Avalanche, the AVAX price is expected to grow due to different reasons, such as improved macroeconomic conditions. As analysts suggest, inflation will reduce from 5.4% to 3% by next year, likely triggering a bull crypto market. Moreover, Avalanche’s team has recently announced the launch of AvaGPT, the AI chatbot of the project, which will support users in their journey to learn about the Avalanche ecosystem and build in it. With this in mind, keeping an eye on this promising cryptocurrency in 2024 is a good idea.
Takeaway
Cryptocurrencies have stolen the spotlight in recent years, with investors looking for the best ways to make the most of the opportunities provided by this new tech development. While many digital assets exist, not all are promising, so it’s essential to stick to projects with massive potential in the long run.
This blog explored the top three cryptocurrencies that will prevail in 2024, so investors should research these projects and consider their financial goals and how Cardano, Solana, and Avalanche could add value to their portfolios.