Top 10 Altcoin of The World: Latest Picks
Ethereum (ETH)
Ethereum (ETH) is a decentralized software platform enabling smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party. Ethereum’s goal is to establish a decentralized suite of financial products accessible to anyone in the world, regardless of nationality, ethnicity, or faith. This aspect has profound implications for those in some countries, as those without state infrastructure and state identifications can access bank accounts, loans, insurance, or a variety of other financial products.
Ethereum employs Ether, its platform-specific cryptographic token. Ether (ETH) is used to pay fees to validators who stake their tokens to work on the blockchain, as a means of off-chain payment, and as an investment by speculators.
On September 15, 2022, Ethereum completed its long-awaited transition to a Proof of Stake (PoS) validation method. PoS is less energy-intensive as it eliminates incentivized mining, making the blockchain more efficient and capable of scaling better. Launched in 2015, Ether (ETH) is now the second-largest digital currency by market cap, trailing behind Bitcoin, although by a significant margin.
As of March 6, 2024, Ethereum’s trading price is approximately $3,821 per ETH, with a market cap of about $1,311 billion, making it the leading altcoin.
Tether (USDT)
Tether (USDT) is among the earliest and most popular stablecoins—alternative cryptocurrencies pegged to a currency or other external reference points to reduce volatility. Given that most digital currencies, even major ones like Bitcoin, experience frequent and severe fluctuations, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who might be more cautious.
The price of Tether is directly tied to the US dollar, with its developers claiming to hold $1 for every circulating USDT. This system allows users to more easily move back into dollars from other cryptocurrencies, quicker than converting to standard currency.
Launched in 2014, Tether markets itself as “a blockchain-enabled platform… [that] makes it easier to use fiat currency digitally.” Essentially, this cryptocurrency allows individuals to trade in traditional currencies over blockchain networks and related technologies, while minimizing the volatility and complexity associated with digital currencies.
As of March 6, 2024, Tether is the second-largest altcoin by market cap, valued at $460.2 billion, with each token worth $1.00.
Binance Coin (BNB)
Binance Coin (BNB) is a utility cryptocurrency that serves as a payment method for the fees associated with trading on the Binance Exchange, the world’s third-largest cryptocurrency by market value. Those who use the token as a means of payment for the exchange can trade at a discount.
The Binance Coin blockchain is also the platform on which the Binance decentralized exchange operates. Founded by Changpeng Zhao, the Binance Exchange is one of the most extensively used exchanges in the world by trading volume.
Initially, Binance Coin was an ERC-20 token that operated on the Ethereum blockchain. It eventually migrated to its mainnet and adopted a PoS consensus model. As of March 6, 2024, Binance Coin’s market cap is $61.4 billion, with a BNB trading at approximately $411, ranking it as the third-largest altcoin.
Solana (SOL)
Solana was founded in 2017 as a blockchain platform designed to support decentralized applications (dApps). Dubbed the “Ethereum killer,” Solana performs many more transactions per second than Ethereum. Moreover, it charges lower transaction fees than Ethereum.
Solana and Ethereum both utilize smart contracts, which are crucial for running cutting-edge applications, including decentralized finance (DeFi) and non-fungible tokens (NFTs).
The cryptocurrency that operates on the Solana blockchain is called Solana (SOL). Since its launch, its price has risen substantially. As of March 6, 2024, the price of Solana is about $131, with a market cap of $58 billion, making it the fourth-largest altcoin.
Ripple (XRP)
XRP is the native token of the XRP Ledger, created by Ripple in 2012 as a payment system. The XRP Ledger uses a consensus mechanism known as the XRP Ledger consensus protocol, which does not employ proof of work or proof of stake for consensus. Instead, client applications sign transactions and send them to ledger servers. The servers then compare transactions and conclude whether they are candidates for entry into the ledger.
The servers then send the candidate transactions to validators, who strive to confirm that the servers processed the transactions correctly and record a version of the ledger.
As of March 6, 2024, XRP’s trading price is approximately $0.61, with a market cap of about $33.5 billion, ranking it as the fifth-largest altcoin.
USD Coin (USDC)
USD Coin (USDC) is another stablecoin that uses fiat currency reserves to peg its market value to the dollar, meaning the number of fiat currencies held equals the number of circulating USD Coins.
Launched in 2018 by the Center Consortium, consisting of Circle and Coinbase, USDC is regulated because Circle is based in the US, making USDC a regulated stablecoin.
As of March 6, 2024, each coin is priced at $0.9999, with a market cap of $28.9 billion for USD Coin, ranking it as the sixth-largest altcoin.
Cardano (ADA)
Cardano (ADA) is a “proof of stake” cryptocurrency created by engineers, mathematicians, and cryptography experts through a research-based approach. The project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. After disagreeing with the direction of Ethereum, he left and later helped to create Cardano.
The team behind Cardano created its blockchain through extensive experimental and peer-reviewed research. Researchers behind the project have written over 120 papers on blockchain technology, covering a wide range of topics. This research is the backbone of Cardano.
Due to this rigorous process, Cardano stands out among its PoS peers and other prominent cryptocurrencies. Cardano is also dubbed the “Ethereum killer” because it’s said to have a blockchain that does more. However, Cardano is still in its early stages and has a long way to go in terms of DeFi applications.
Cardano aims to become the world’s financial operating system by building out DeFi products similar to Ethereum. It hopes to provide solutions for chain interoperability, voter fraud, and legal contract tracing. As of March 6, 2024, Cardano ranks as the seventh-largest altcoin with a market cap of $26 billion, with an ADA trading at approximately $0.73.
Dogecoin (DOGE)
Dogecoin (DOGE) is viewed by some as the original “meme coin,” which made headlines in 2021 for its price surge. This coin, featuring the image of a Shiba Inu dog, has been accepted by some companies as a form of payment.
Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, in 2013. Reportedly, Markus and Palmer created the coin as a joke, commenting on the speculative frenzy in the cryptocurrency market.
As of March 6, 2024, a Dogecoin is valued at approximately $0.169, with a market cap of $24.2 billion, making it the eighth-largest cryptocurrency.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a cryptocurrency known for its association with the popular doge meme of the Shiba Inu dog. It is often considered a rival or alternative to Dogecoin (DOGE), another meme-based cryptocurrency. Shiba Inu was created in 2020 by an anonymous individual or group known as “Ryoshi,” aiming to establish a community-driven decentralized ecosystem.
Originally issued as an ERC-20 token on the Ethereum blockchain, Shiba Inu is designed to leverage smart contracts and decentralized finance (DeFi) services available in the Ethereum ecosystem. Its creation involved issuing a massive total supply of 1 quadrillion SHIB tokens.
Shiba Inu quickly gained significant attention and popularity, partly due to the active promotion by its community and the general interest in meme coins within the cryptocurrency market. Additionally, indirect endorsements by influential figures, such as Elon Musk, the CEO of Tesla and SpaceX, mentioning or alluding to meme coins on social media, also contributed to the popularity of Shiba Inu.
As of March 6, 2024, Shiba Inu has a market cap of $21.5 billion, with a SHIB token valued at approximately $0.0000364, ranking it as the ninth-largest altcoin.
Avalanche (AVAX)
Avalanche (AVAX) is an open-source blockchain platform designed to deliver high throughput, low latency, and scalability while maintaining decentralization and security. Created by Ava Labs, Avalanche focuses on enabling high-performance deployment of decentralized finance (DeFi) applications, asset issuance, and other custom blockchain networks. AVAX serves not only as the native cryptocurrency of the Avalanche network but also as a means of securing the network, paying transaction fees, and participating in network governance.
Avalanche distinguishes itself with its consensus mechanism and network structure. Unlike other blockchain platforms, Avalanche employs an innovative consensus mechanism known as “Avalanche Consensus,” allowing the network to process thousands of transactions per second while remaining decentralized. This consensus mechanism enables network nodes to agree on a state efficiently, significantly reducing transaction confirmation times and improving the overall performance of the network.
AVAX plays a vital role in the Avalanche ecosystem as the network’s native token. It is used for paying transaction fees, voting in network governance, and staking as collateral to secure the network. Holders of AVAX tokens can participate in the network’s validation process, earning rewards by staking AVAX and participating in governance decisions.
As of March 6, 2024, AVAX has a market cap of $15.4 billion, with a valued at approximately $40.9, making it the tenth-largest altcoin.