Previously, bitcoins were all the rage in cryptocurrencies. People were entering the arena of cryptos because of the popularity and traction bitcoins seemed to be getting. Not just this, but also the massive amount of returns people seemed to be receiving after investing in BTCs, even if it was just a minimal amount, seemed to be gaining the attention of a lot of people all over the world. Slowly, the community began to grow and more and more people began associating themselves with bitcoins. However, now the time has come to steer away from bitcoins and diversify the crypto/investment portfolio.
Altcoins are what people are talking about now. There are more than 18,000 altcoins listed on the different crypto exchange platforms that people are getting to know about. This gives people plenty of choices to select from after conducting thorough research and identifying their goals. Not all altcoins reach the top, some fizzle out soon after they are born. Some break all the stereotypes and gain a price no one expected them to.
Here is a list of a few potentially rising altcoins that you must consider investing in:
- Dogecoin: The Dogecoin price INR could be one of the leading reasons for its immense popularity in India. The others, of course, would be the statistics that show how well the coin is doing. Supported by big names in the industry, DOGE has gained more popularity than ever with the help of Elon Musk. The influence his tweets have had over the rises and falls of the price of DOGE has been well capitalized on by smart investors. Being a memecoin, Doge has still made its way to the top.
- Litecoin: This coin, LTC, was launched in 2011, and was one of the first altcoins that were created to follow the footsteps of bitcoin. Many people are wanting to buy Litecoin in India because of its growing popularity all across the world. It is based on an open-source payment network and has a market cap of more than 7.4 billion dollars. It has a much faster blockchain generation rate as compared to bitcoin and a speedier transaction rate too.
- Cardano: ADA uses a proof-of-stake mechanism and was created by one of the initial founding members of Ethereum. The team behind Cardano went through rigorous experimentation and research to create the network and the crypto. This is the backbone of this crypto as it helps ADA to stand out among its peers. It has also been able to beat Ethereum on its models and mechanisms. The overall aim of Cardano is to become the world’s leading financial operating system using DeFi products.
- Polkadot: Polkadot is unique as it provides the users with interoperability among the blockchains. The aim is to be able to connect the systems of different cryptos to be able to operate within one roof. This network is not limited to simply creating dApps but also enables the users to create their blockchains using the security features that Polkadot has to offer. This concept is known as shared security. The overall market cap for DOT was approximately 17.4 billion dollars at the beginning of the year and is only expected to rise.
- Tether: Being one of the first stablecoins, Tether has gained a renowned status for good reason. The value of these types of currencies is ‘tethered’ to the value of a fiat currency which makes them less susceptible to the rapid and dramatic fluctuations of the other cryptocurrencies. Being less volatile is one of the features that attract investors who prefer to place their money in a low-risk venture. In March 2022, Tether gained the status of being the third-largest cryptocurrency considering its overall market cap. The value was around $80.1 billion.
While these are some of the most popular altcoins, others like Ripple, Solana, Shiba Inu, Binance Coin, etc should not be missed. Altcoins help mitigate the risk of investment as they provide a more diverse portfolio and help gain more profits in a shorter period. Learn about more such Altcoins and invest in the ones that resonate with your goals.