Altcoins
5 Expert-Selected Altcoins to Buy to Get a $1 Million Cryptocurrency Portfolio
Cryptocurrency prices are falling and this, to a large extent, is pushing investors to the limit. While Bitcoin price has remained relatively repressed since the April halving, most altcoins to buy are bearing the brunt of it.
For investors looking to grow their cryptocurrency portfolios to over $1 million in 2024, narrowing down the best altcoins to buy is the toughest battle. However, CoinGape’s a list selected by experts can be a starting point. Conducting further research before deciding to purchase any crypto token is crucial.
1. Best Altcoins to buy: Ethereum
Diversifying your portfolio of altcoins to purchase requires careful planning. Being the largest altcoin with a market value of $358 billion and an exchange rate of $2,987, Ethereum earns a place in this portfolio.
The transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism continues to open the Ethereum network to new opportunities. Investors can now stake ETH to participate in transaction validation and keep the network secure. This way, they earn rewards in the same currency, thus increasing their holdings.
The emergence of liquid staking protocols such as Lido DAO allows stakeholders access to liquidity.
Ethereum currently sits 38% below its all-time high of $4,878, CoinGecko the data shows. As the second largest cryptocurrency, Ether is one of the most traded digital assets and therefore extremely liquid.
Ethereum weekly price chart
Compared to other altcoins, Ethereum shows similar stability to that of Bitcoin. This reduces the volatility of the crypto portfolio thus helping to manage risk.
2. dogwifhat (WIF)
The meme coin craze is far from over, with tokens in this space and immense potential. Meme coins particularly in the Solana ecosystem they have become gems, as investors seek a slice of the pie.
Dogwifhat (WIF), quickly became very competitive, reaching a new all-time high in the first quarter. It boasts a huge social following which often increases price movement.
After rising to $4.85 on March 1, from an all-time low of $0.067 in January, WIF has attracted a lot of attention from investors eyeing quick gains.
Being a meme coin, dogwifhat is among the most volatile cryptocurrencies on the market. Therefore, investors must make thoughtful decisions when using it to diversify portfolios.
WIF weekly price chart
On May 8, WIF settled at $2.89, after its value depreciated by 12.30% in 24 hours. The cryptocurrency market has been in a lull in recent weeks, with most tokens struggling to find direction.
3. Solana
Token for smart contracts like Solana they were developed to provide alternative platforms for decentralized applications. Investors saw their potential as Ethereum “killers” that could solve major challenges such as network congestion and high transaction costs.
Solana bore the brunt FTX implosion that drops to 8 dollars from the record level of 260 dollars. While the narrative was that the ecosystem was dead and SOL might not recover.
Solana Price Chart
Surprisingly, Solana has seen a splendid recovery over the last two quarters, reaching $209 in March this year. Due to the current headwinds in the market, Solana is trading at a huge discount from this level, at $146, and is worth having altcoins to buy into your wallet.
4. Polygon (MATIC)
The Ethereum ecosystem offers various technologies that help advance the network. Polygon and more layer 2 the protocols run on the Ethereum blockchain, allowing for faster and cheaper transactions, subsequently confined to the mainnet.
Polygon price chart
Polygon has a market value of $6.3 billion, ranking 20th among other cryptocurrencies. After the all-time high reached in 2021 at $2.92, MATIC, offers a 76% discount. In the last 24 hours the token has lost 4% of its value, settling at $0.678.
5. Ivy (HBAR)
Hedera is a token known for contributing to the decentralized crypto economy as an enterprise-grade public network. Developers building powerful decentralized applications (dApp) find the system very stable.
Based on CoinMarketCap According to the data, HBAR stood at $0.1088 on Wednesday, down 3% in 24 hours. From the all-time high of $0.56, Hedera offers an 81% discount.
Related articles