Altcoins
11 Best Altcoins of May 2024 – Forbes Consultant INDIA
The definition of an altcoin has evolved since its inception cryptocurrency when only a handful of crypto assets existed. Then anything else Bitcoin (BTC) was considered an altcoin.
Today the world of cryptocurrencies is much broader. There are a wide variety of coins and tokens with use cases that go well beyond a medium of exchange, meaning they are not necessarily competitors to Bitcoin.
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However, for lack of a better definition, the basic definition of an altcoin is any crypto asset other than Bitcoin.
Here’s a look at the top 10 altcoins by market cap, excluding stablecoins. We have excluded stablecoins as they are designed to maintain a stable price and are not generally considered a speculative investment.
1. Ethereum (ETH)
Market capitalization: $389.2 billion
Of the nearly $2.5 trillion in total market capitalization of the more than 26,000 crypto assets available today, more than $389 billion is held in Ethereum (ETH), the largest altcoin on the market.
Unlike Bitcoin, which is characterized as a “decentralized currency,” Ethereum is a distributed computing network on which users can use blockchain to run decentralized applications (dApps) and host smart contracts.
Critics of Ethereum point to the high fees for conducting transactions. But with thousands of apps and other altcoins powered by its blockchain, Ethereum is here to stay.
2. Binance Coin (BNB)
Market capitalization: $82.5 billion
Binance Coin is a utility token that can be used to pay trading fees and get discounted trades on Binance exchange. You can also use BNB outside of Binance cryptocurrency exchange for payment processing, such as booking travel arrangements.
Critics say that BNB is not decentralized like other altcoins. Another risk is a Securities and Exchange Commission (SEC) investigation into whether Binance should have registered BNB as a security during its initial coin offering.
3. Solana (G)
Market capitalization: $79.3 billion
Developed to power decentralized finance, apps and smart contracts, Solana works on a unique hybrid proof-of-stake and proof-of-history mechanism to process transactions quickly and securely. It is one of the fastest blockchains.
4. XRP (XRP)
Market capitalization: $32.0 billion
XRP can facilitate the exchange of different types of currencies with the digital technology and payment processing company Ripple Labs. Although this altcoin has extremely low transaction fees, critics note that it faces legal challenges.
Ripple and two of its executives are involved in an SEC lawsuit alleging that they should have registered XRP as a security, and the company instead claims that XRP is a currency.
5. Dogecoin (DOGE)
Market capitalization: $26.3 billion
Dogecoin is the original memetic currencyfamously started as a joke in 2013. However, thanks to a dedicated community and creative memes, it has quickly evolved into a major cryptocurrency.
Dogecoin has a different network than Bitcoin’s proof-of-work protocol. This altcoin also has a one minute block time with unlimited total supply. This means that there is no limit to the number of Dogecoins that can be mined, unlike BTC.
6. Cardano (ADA)
Market capitalization: $20.7 billion
Cardan was one of the first to adopt the betting test consensus mechanism, which speeds up transaction times by removing platforms such as Bitcoin’s competitive and energy-intensive problem-solving dimension.
The Cardano “Alonzo” hard fork was officially launched on September 12, 2012, which also launched the smart contract functionality in the blockchain space. It is notable that over 100 smart contracts were deployed the day after the launch.
7. Avalanche (AVAX)
Market capitalization: $17.7 billion
Developed as a layer one blockchain for dApps and other networks, Avalanche it has become one of the most important altcoins in the world, the main rival of Ethereum. In particular, the AVAX network is trying to oust Ethereum as the blockchain of choice for smart contracts. The way the new blockchain hopes to achieve this is through higher transaction output without affecting scalability.
Like Ethereum, Avalanche is attempting to solve Vitalek Buterin’s famous blockchain trilemma of security, scalability, and decentralization. The blockchain trilemma states that developers must sacrifice at least one of these three components to enable maximum productivity with the other two. Avalanche attempts to solve the trilemma by using three interoperable blockchains in its development.
8. Toncoin (TON)
Market capitalization: $17.2 billion
Developed in 2018 by Telegram, the encrypted messaging system, Toncoin is a Layer-1 blockchain whose name originally stood for “Telegram Open Network” but has since been changed to simply “The Open Network.”
TON was initially released so that in-application clients could easily settle transactions within the Telegram app. However, it has become a community-driven blockchain, whose proof-of-stake network maintains fast processing and validation times.
9. Shiba Inu (SHIB)
Market capitalization: $15.5 billion
Shiba Inu, an Ethereum-based meme coin, was developed in 2020. SHIB was created by “Ryoshi,” an anonymous developer who claimed that the goal of the coin was to find out whether an organization could function without any central leadership. With cryptocurrency majors like Elon Musk and Vitalek Buterin quickly backing him, Shiba Inu appears to prove that Ryoshi’s hope is possible.
In October 2021, Shiba Inu briefly supplanted Dogecoin as the world’s most valuable meme coin by market capitalization. Additionally, some niche retailers have started accepting the coin as payment following its success among cryptocurrency investors. But don’t start trying to pay for your dinner with SHIB just yet. An organized social media effort by the Shiba Inu community to convince McDonald’s to accept the coin as the payment ultimately failed.
10. Bitcoin Cash (BCH)
Market capitalization: $12.4 billion
This peer-to-peer electronic cash system aims to become a decentralized, permissionless global payment system. Bitcoin Cash is an alternative to the original bitcoin payment system, the oldest cryptocurrency in the world.
Created by a hard fork in the Bitcoin blockchain, Bitcoin Cash was launched in 2017, eight years after the original Bitcoin blockchain went online.
10. Polka dot (DOT)
Market capitalization: $12.2 billionThis altcoin powers the Polka dot ecosystem, where developers can build blockchains for specific purposes as spokes that connect to Polkadot’s main blockchain hub, says Max Thake, co-founder of peaq, a blockchain network built on Polkadot. DOT is the native token for Polkadot.
Featured partners
Inheritance
Over 1 million investors trust Mudrex for their cryptocurrency investments
Safety
Mudrex is the Indian government. Recognized platform with 100% insured deposits stored in encrypted wallets
Commissions
Enjoy zero cryptocurrency deposit fees and the best rates in the industry.
Award-winning broker
Listed in Deloitte Fast 50 Index, Best Global FX Broker of 2022 – ForexExpo Dubai October 2022 & more
Best-in-Class for investment offerings
Trade over 26,000 assets with no minimum deposit
Customer care
Dedicated 24/7 support and easy registration
Welcome bonus on first deposit:
Get $30 in your verified trading account on your first deposit.
Variety:
Trade CFDs on cryptocurrencies, forex, stocks, metals, commodities and more!
Intuitive and economical:
Designed for traders of all levels, from beginners to professionals.
Increase your passive income
Over 250 cryptoassets available
Why support
Only a minimum deposit of $1
Commissions
Enjoy 0% bank fees on deposits and withdrawals*
We invite you to invest carefully, your capital is at risk
*Market caps and prices provided by coinmarketcap.com as of April 2, 2024.
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