While Bitcoin gets a lot of media attention, it’s far from the only cryptocurrency investors can buy. There are thousands of other cryptocurrencies, known as altcoins, that offer utility, appreciation potential, and more.
In fact, altcoins are often more volatile than Bitcoin, meaning they have greater potential for big price moves that can deliver returns for investors. Altcoins sometimes move in the same direction as Bitcoin, but their prices can also be impacted by many token-specific factors.
In this guide, we’ll reveal the 14 best altcoins to invest in for 2024 and explain everything investors need to know about buying altcoins.
Best Altcoins to Buy for 2024
Let’s dive straight into our list of the 14 best altcoins to invest in for 2024:
- Bitcoin ETF Token (BTCETF) – Offers a unique passive income earning opportunity in the emerging Bitcoin ETF market with a deflationary model, promising over 1900% APY for early stakers and a dynamic token burn strategy that removes 25% of its supply tied to Bitcoin ETF milestones.
- Bitcoin Minetrix ($BTCMTX) – Stake-to-mine platform enabling anyone to mine Bitcoin in the cloud safely. Offers access to advanced ASIC miners and generous BTC rewards. Raised more than $2.8 million in hot presale.
- Meme Kombat ($MK) – Meme token pitting the most popular memes against one another in virtual fights that token holders can wager on. Currently offering $MK staking during presale with 112% APY.
- TG.Casino ($TGC) – Telegram crypto casino with thousands of games, integrated sportsbook, and no KYC requirements. Offers attractive buyback and burn program plus staking rewards at 321% APY.
- Launchpad XYZ ($LPX) – Crypto trading and research platform helping traders find the next explosive opportunity. Offers Telegram signals, Web3 analysis dashboard, and more.
- Ripple ($XRP) – Hot payments token fresh on the heels of a victory against the SEC. Could be on track for a new all-time high as banking partners sign on.
- Chainlink ($LINK) – Blockchain oracle network powering smart contracts on Ethereum and beyond. Poised to grow exponentially as cross-chain activity grows.
- Dogecoin ($DOGE) – The original meme coin with proven staying power. Offers utility for payments and surges with every uptick in meme activity.
- Solana ($SOL) – Ultra-fast blockchain selling at steep discount after FTX collapse. Has a large network of developers that could help revitalize the network.
- Aave ($AAVE) – Community-owned DeFi protocol with more than $7 billion in locked liquidity. Offers multiple ways to earn including staking and lending.
- BNB ($BNB) – Binance’s native exchange token, currently trading at a steep discount due to regulatory actions. Offers a chance to bet on the biggest exchange in the world.
- Ethereum ($ETH) – Largest altcoin on the market with potential for an upcoming spot ETH ETF. Huge developer network and many Layer-2 solutions enhance usability.
- MakerDAO ($MKR) – Massive community-governed DeFi protocol backed by US treasuries, Bitcoin, and more. $MKR is up 50% over the past 12 months.
- Decentraland ($MANA) – Metaverse crypto with an expansive virtual world for gaming, shopping, and more. Currently discounted 93% from its all-time high.
Top Altcoins with the Most Potential – Full Analysis
Want to know more about the best altcoins to buy now? The analysis below explains why we think investors should check out each of these 14 tokens.
1. Bitcoin ETF Token (BTCETF) – Overall Best Altcoin With A Deflationary Model Offering High Staking APY And Dynamic Token Burns
The Bitcoin ETF Token ($BTCETF) is an innovative ERC20 altcoin designed to align with the anticipated approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC).
This deflationary token incentivizes early buyers and supporters through a token burn mechanism and high staking rewards.
With a 2.1 billion token supply, the presale of $BTCETF operates through 10 stages, each offering 84 million tokens with prices ascending from $0.0050 to $0.0068.
Early investors can gain a 36% increase from the initial to the final presale value, suggesting a notable upside for quick participation.
The presale is more than just a buying opportunity; it’s a chance to earn high passive income. Early stages offer an over 1900% staking APY, although this yield is set to decrease as more tokens are staked. It is, therefore, advantageous for investors to enter early to maximize returns.
This staking mechanism is backed by a commitment to distribute 25% of the total token supply as staking rewards over five years.
The Bitcoin ETF Token’s edge lies in its deflationary aspect: a strategic plan to burn 25% of its tokens.
This burn is triggered by five key milestones reflecting the progress and integration of Bitcoin ETFs within global financial markets, including the SEC’s approval, the launch of the first Bitcoin ETF, the Bitcoin ETF market achieving $1 billion in assets under management, $BTCETF reaching $100 million in trading volume, and Bitcoin’s price going above $100,000.
Moreover, the 5% transaction tax is designed to decrease by 1% after each milestone is met, further emphasizing the token’s deflationary model.
Users can read the Bitcoin ETF Token whitepaper to learn more about the platform, which provides insights into the project’s roadmap.Interested users can join the Bitcoin ETF Token Telegram channel to stay updated with the project’s developments and community discussions.
| Total Tokens | 2.1 Billion |
| Tokens Available in Presale | 840 million |
| Blockchain | Ethereum Network |
| Token Type | ERC-20 |
| Minimum Purchase | No Minimum |
| Purchase With | USDT, ETH, BNB, MATIC, Credit Card |
2. Bitcoin Minetrix ($BTCMTX) – Stake-to-Mine Project Enabling Safe Cloud BTC Mining. Raised $2.8 Million in Hot Presale.
Bitcoin Minetrix is an innovative stake-to-mine crypto project that’s making cloud Bitcoin mining safer and easier. It’s our pick as the overall best new altcoin for 2023.
With Bitcoin Minetrix, investors can stake the project’s $BTCMTX token and earn non-transferrable mining credits. They can then redeem these credits for rented hashpower in the cloud to mine Bitcoin. Mined Bitcoin is sent to investors’ wallets, effectively providing them with Bitcoin rewards for staking $BTCMTX.
This unique solution to cloud mining offers several major advantages over traditional mining. First, it’s completely safe since investors never have to send their hard-earned tokens to an unknown cloud mining service. Their $BTCMTX remains safely staked while they send a non-transferrable mining credit.
Another benefit is that this project offers individual investors access to powerful mining rigs. Investors can use their mining credits to rent ASIC miners and compete with some of the biggest Bitcoin mining companies in the world.
Bitcoin Minetrix offers a simple dashboard that’s much easier to navigate than most existing cloud Bitcoin mining software, too. The project’s goal is to make Bitcoin mining more accessible rather than more confusing.
Investors have been incredibly enthusiastic about Bitcoin Minetrix. The project has raised more than $2.8 million since launching its presale and is just over a day away from entering the next stage of the presale.
For now, investors can buy $BTCMTX at a price of $0.0113. That’s a 5% discount from the planned launch price of $0.0119. Investors won’t want to miss this chance to lock in the lowest price for $BTCMTX and be among the first to start mining Bitcoin when it launches.
Visit Bitcoin Minetrix Presale3. Meme Kombat ($MK) – Meme Token Pitting Popular Memes Against One Another. Offers 112% APY for Staking During Presale.
Meme Kombat is another one of the top altcoins for 2023. This new meme coin makes light of the online competition between fans of different memes by pitting some of the biggest memes of the crypto world against one another in virtual fights.
Investors can watch and wager as Pepe fights Spongebob, Shiba Inu fights Doge, and Milady Maker fights Wojack. Each of the memes has its own set of fighting characteristics and stats, and the fights will be played out according to a randomized algorithm on the blockchain.
Investors can bet Meme Kombat’s $MK tokens on these virtual fights, kind of like esports betting. Winning bets earn additional $MK tokens, which users have the option to roll into bets on the next round of the tournament.
Investors can also stake their $MK tokens to grow their holdings. Staking has already started during the Meme Kombat presale, enabling investors to earn even before the token officially launches. Right now, Meme Kombat is offering an impressive 112% APY on tokens purchased during the presale.
The Meme Kombat presale has already sold more than $960,000 worth of $MK and it’s likely only hours away from hitting its $1 million soft cap. The good news for investors is that the presale has a hard cap of $10 million, so there’s still time to buy $MK before it sells out.
Visit Meme Kombat Presale4. TG.Casino ($TGC) – Telegram Crypto Casino with Thousands of Games and No KYC. Offers Buyback and Burn Program and Staking to Reward Investors.
TG.Casino is a new crypto casino offering thousands of games and an integrated sportsbook with more than 30 betting markets.
What makes TG.Casino different from other top Bitcoin casinos is that it’s only available on Telegram. Players can use the popular messaging app, which has more than 700 million users, to deposit and bet with no sign-up or ID verification. This is a huge draw for players who want to bet anonymously.
Investors in TG.Casino’s $TGC token can enjoy benefits like 25% cashback on all losses at the casino. In addition, $TGC offers some incredible benefits for investors who hold onto the coin.
TG.Casino plans to use its revenue to buy back $TGC tokens on the open market. Half of the repurchased $TGC will be distributed to investors who stake their tokens as a reward. The other half will be burned, permanently removing them from circulation and pushing up the price of $TGC.
During the $TGC presale going on now, investors can stake their purchased tokens and earn a whopping 321.39% APY in additional $TGC tokens.
This incentive has helped the presale raise more than $1.6 million in a matter of weeks. TG.Casino is now two-thirds of the way to its $2.5 million presale goal.
Visit TG.Casino Presale5. Launchpad XYZ ($LPX) – Crypto Trading Platform Helping Traders Find the Next Explosive Opportunity with Signals, Analysis, and More.
Launchpad XYZ is a crypto analysis platform built with traders in mind. The project’s goal is to become the go-to place for crypto traders who want to find the next 10x token before it skyrockets.
Launchpad XYZ offers a huge selection of tools to help traders. A Web3 analysis dashboard offers technical charts and deep analysis into emerging cryptocurrencies.
Launchpad XYZ has also introduced the Launchpad Quotient, an easy-to-understand metric that boils down whether a crypto project is hot or not into a single number. The Launchpad Quotient has proven eerily good at predicting explosive crypto tokens in beta testing.
Investors who stake Launchpad XYZ’s $LPX token can also get access to a premium Telegram signals channel where the analysts behind this project reveal their top trades. The channel is free to access during the presale and has delivered double-digit returns from some of its first picks.
After launch, Launchpad XYZ also plans to introduce a custom AI language model. The AI will summarize research into tokens and help traders make decisions to get ahead of the market.
Launchpad XYZ’s presale has raised nearly $2 million. For a limited time, investors who join the presale can get an 11% bonus in $LPX tokens on their purchase.
Visit Launchpad XYZ Presale6. Ripple ($XRP) – Hot Payments Token Rising After Victory in SEC Lawsuit. $XRP is Up 72% Since January.
Ripple has long been one of the most controversial altcoins on the market, largely because of its tangle with the US Securities and Exchange Commission (SEC). The SEC sued Ripple in 2020, alleging that its $XRP token was an unregistered security.
That lawsuit was recently resolved in Ripple’s favor and found that $XRP is not a security. That has paved the way for widespread adoption of the token, which is used to coordinate international payments with significantly lower fees than traditional payment networks.
The price of $XRP is up 72% since the start of the year, when it became increasingly clear that Ripple would win the suit, and 15% in the last month. It’s clearly one of the best altcoins to watch, although it remains more than 80% below its all-time high. So, this could be an opportunity for investors to buy $XRP at a discount.
With the lawsuit behind it, it’s likely that more banks will sign on to try Ripple’s payment network and increase demand for $XRP.
A major US bank partnering with Ripple could be a huge positive catalyst for the token. Ripple’s general counsel told CNBC in July that he believes American banks will start working with Ripple, although it could take a year or more for new partnerships to be announced.
7. Chainlink ($LINK) – Blockchain Oracle Providing Data for Smart Contracts. Poised for Exponential Growth as Cross-chain Activity Increases.
Chainlink plays an essential role in the blockchain ecosystem, providing data from off-chain data sources to on-chain smart contracts.
Say a smart contract on Ethereum governs a bet on a basketball game. That smart contract needs to know which team won the game, and it gets that data from Chainlink.
Chainlink uses a decentralized network of nodes to ensure its data is accurate and can’t be easily manipulated. Its trustworthiness is a huge part of why so many Ethereum dApps and smart contracts rely on Chainlink.
Chainlink collects a fee every time it provides data, and these fees add up to a massive treasury that backs up the value of its $LINK governance token. The $LINK token has been hugely successful and is up 38% in the last month of trading alone.
Long-term, $LINK could move even higher. Chainlink is positioned to serve as the oracle network of choice for other blockchains, including Solana, Cardano, Avalanche, and more. It’ll also play an essential role as cross-chain transactions increase and blockchains need to share both off-chain and on-chain data.
8. Dogecoin ($DOGE) – Original Meme Coin with Utility for Payments and Trading
Dogecoin was the first meme coin when it launched back in 2013 as a joke. Fast-forward a decade, and $DOGE has a market cap of nearly $10 billion and does around $450 million per day in trading volume.
The original meme coin has been through many ups and downs, but it’s proven to investors that it has long-term staying power. It’s worth considering as the best altcoin investment for investors who want a high-risk, high-reward opportunity.
What makes $DOGE especially attractive right now is that it’s relatively cheap. The token was hit hard by the crypto winter and is down 47% over the past 12 months.
A more bullish environment could be on the way, however, with some analysts making predictions about Bitcoin hitting a new all-time high. That bodes well for $DOGE, which typically surges when there’s a bullish shift in the crypto market and investors are willing to take on more risk.
9. Solana ($SOL) – Ultra-fast Blockchain Selling at Steep Discount After FTX Collapse.
Just over a year ago, Solana was the darling of the crypto market. Analysts were making bold predictions that this ultra-fast blockchain would replace Ethereum as the top platform for smart contracts and dApp development.
Then came the FTX collapse, and Solana’s $SOL token collapsed with it. The reason is that FTX and related entities owned by Sam Bankman-Fried owned an estimated 16% of $SOL tokens. There was concern these tokens could flood onto the market.
Now, a year after FTX’s collapse, the price of $SOL is still trading at a steep discount. $SOL remains almost 90% below its all-time high.
However, there are reasons to be optimistic about $SOL. Solana maintains a vibrant ecosystem of developers and it boasts significantly lower fees than Ethereum. As the crypto industry emerges from its winter, Solana could see significant growth.
10. Aave ($AAVE) – Community-owned DeFi Protocol for Staking and Lending with $7 Billion in Locked Liquidity.
Aave is an automated and decentralized platform for making crypto loans. The project is fully community-owned and holders of the project’s $AAVE governance token receive a share of the lending fees charged by the platform.
The platform uses smart contracts to regulate loans and requires most loans to be overcollateralized. This protects Aave even during a market downturn.
Aave is one of the most successful DeFi projects in crypto and suffered relatively less than its peers during the crypto winter. The $AAVE token is essentially flat in price over the past 12 months, although there has been plenty of volatility in that time.
We’re bullish on Aave because a bull run in the crypto market is likely to significantly increase demand for loans, since traders rely on these loans to get liquid capital for trading. More loans means more lending fees, increasing the value of the $AAVE token.
11. BNB ($BNB) – Binance’s Native Exchange Token, Currently Trading at a Discount.
$BNB is Binance’s native exchange token. Token holders are entitled to benefits like discounted exchange fees. $BNB token holders also get exclusive early access to new ICOs on Binance and exchange rewards programs.
The token has a lot of value for Binance users, and it’s long been one of the top coins by market cap since Binance is the world’s largest exchange. However, a recent lawsuit against Binance and its founder Changpeng Zhao by the SEC has caused $BNB to lose more than 25% of its value since June.
For investors, this looks like a bargain. While there’s a risk that $BNB could fall further if the SEC prevails in its lawsuit, Binance is a global company and only a small fraction of its trading revenue comes from the US. So, even if Binance were to exit the US market, it would remain among the largest crypto firms.
In the long run, $BNB’s value could skyrocket if crypto becomes more widely adopted and Binance is the #1 place where traders and investors can buy it.
12. Ethereum ($ETH) – Largest Altcoin with Potential for A Spot ETF.
Ethereum is the largest altcoin and the #2 crypto by market cap behind Bitcoin. It not only pioneered smart contract technology, but remains the most popular place for developers to build dApps and launch new crypto projects.
Investing in Ethereum is more of a growth proposition than a value play. At more than $1,800, the $ETH token isn’t cheap. However, there are many reasons to think that Ethereum could dominate the crypto market for decades to come and enjoy a massive price run-up along the way.
In the near-term, there are rumors that the SEC might approve a spot $ETH ETF in the US. That would enable everyday investors who have never bought crypto before to buy $ETH. The investment inflow could be huge and send the price of $ETH soaring.
In the long run, dApp development on Ethereum is likely to have strong network effects. The more dApps there are, the more people want to use Ethereum over competing blockchains. The more people there are on Ethereum, the more developers want to build there. This cycle can help cement Ethereum’s dominance.
13. MakerDAO ($MKR) – Community-governed DeFi Protocol Backed by US Treasuries, Bitcoin, and More.
MakerDAO is another community-owned DeFi platform built on Ethereum, but it has some important differences from Aave. Instead of lending out other cryptocurrencies, MakerDAO only issues loans in its own stablecoin, $DAI.
MakerDAO is akin to a central bank running on the blockchain, with $DAI as its dollar. $DAI is fully collateralized by US treasuries, Bitcoin, Ethereum, and other real-world assets. This makes it one of the most stable and trusted stablecoins in the crypto world.
MakerDAO has another token, $MKR, that controls governance in the platform and distributes revenue from investment and lending fees to the community. $MKR has been one of the best-performing cryptocurrencies of 2023, gaining 52% in the past 12 months.
$MKR stands to keep benefiting from MakerDAO’s ecosystem as well as high interest rates, which are providing yield for the MakerDAO treasury. In fact, $MKR could be one of the most successful cryptos in a high interest rate environment.
14. Decentraland ($MANA) – Metaverse Crypto Discounted 93% from All-time High.
Decentraland is one of the biggest blockchain-based metaverse projects. While the hype around metaverse environments has cooled in the past year, many investors are still bullish on Decentraland and its potential to reshape the digital landscape.
Decentraland is home to an enormous ecosystem of virtual stores, games, and communities. It’s held concerts and events and serves as one of the best examples of how a metaverse can bring people together online.
The project’s $MANA token is used to buy goods, services, and virtual land and serves as the heart of the economy in Decentraland. It’s down 93% from its all-time high, but believers in the metaverse will see this as $MANA being oversold.
Decentraland could especially benefit from new VR headsets and AI technology, both of which have the potential to make the metaverse more immersive.
What is an Altcoin?
An altcoin is any cryptocurrency other than Bitcoin. It’s not a classification of size since Ethereum, the second-largest cryptocurrency by market cap, is also considered an altcoin. But most altcoins are much smaller in value than Bitcoin.
The vast majority of altcoins are either forked from Bitcoin or built on Ethereum using smart contracts. However, there are some altcoins that have no relationship to either of these tokens. For example, Solana is a completely distinct blockchain protocol.
Altcoins serve a wide variety of different purposes. Some broad categories of altcoins include:
- Meme coins
- DeFi coins
- Stablecoins
- Governance tokens
- Metaverse coins
- Play-to-earn coins
One of the neat things about altcoins is that if one doesn’t solve a problem or need in the crypto market well enough, another altcoin can attempt to solve the same problem. Crypto users and investors can signal which altcoins are needed by voting with their money.
Why Invest in Altcoins?
There are many reasons why investors may want to buy some of the best altcoins for 2023.
Seeking Potential Price Appreciation
One of the biggest reasons why investors buy altcoins is to seek out opportunities for investment returns. Compared to Bitcoin, altcoins typically experience more volatility.
This means that they can have greater price gains when they go up. However, altcoins can also suffer greater losses when they go down. So, altcoins should be considered a high-risk high-reward investment class.
As an example, let’s compare potential price gains in Bitcoin and an altcoin like Dogecoin. In 2021, when the crypto market was historically bullish, Bitcoin gained 60%. Dogecoin gained 23,000%—an almost unheard-of single-year gain for a major asset. Many investors remember 2021 as the ultimate altcoin season.
Not all altcoins are equally volatile. Major cryptos like Ethereum, for example, are typically less volatile than meme coins like Dogecoin.
Emerging cryptocurrencies tend to be the most volatile of all, since they can either explode upward after launch or lose all of their value. Investors in new crypto altcoins, including ICO coins, are often speculating in search of huge gains.
For example, the meme coin $PEPE gained more than 4,500% after its launch in April 2023. But many other meme coins that launched in the wake of $PEPE’s success found little traction and investors lost their money on these tokens.
Building a Diversified Crypto Portfolio
Some investors use altcoins as a way to build a more diversified crypto portfolio.
There can be divergence between different coins in different project categories. For example, DeFi coins may move in different ways than meme coins. Altcoins like Ethereum can be relatively stable even when volatility among other altcoins is high.
That said, it should be noted that the crypto market as a whole tends to move in the same direction. So, diversifying across multiple altcoins isn’t the same as diversifying across multiple asset classes, such as crypto, stocks, and bonds.
Investing in Stablecoins
Stablecoins like $USDT, $DAI, $USDC, and others are pegged to a specific value, usually $1. They’re not typically thought of as “investments” since their value doesn’t change over time, and thus there is no potential for price appreciation.
However, investors can hold stablecoins in their crypto portfolio similar to how they might hold cash in a stock portfolio. Holding stablecoins keeps investors in the crypto market, allowing them to move quickly when an investment opportunity presents itself. In the meantime, they’re not exposed to the ups and downs of Bitcoin or most altcoins.
Earning Staking Rewards
One of the major features of the crypto market that is only available for altcoins, not Bitcoin, is staking. Staking is available for blockchains that use a proof-of-stake validation mechanism, while Bitcoin uses a proof-of-work validation mechanism.
Staking enables investors to lock up their altcoins for some period of time and earn rewards, usually in the form of more of the same token. Many altcoin projects publish their staking rate as an APY, making staking rewards similar in nature to interest rates for cash.
Staking can be extremely lucrative for investors. For example, Meme Kombat is currently offering a 112% APY for staking its $MK token. That means that investors who stake $MK now would more than double their $MK token holdings in a year. TG.Casino is currently offering a 321% APY for staking its $TGC token.
Staking Lock-up Periods
Investors should be careful to check lock-up periods for staked tokens. Some altcoins can be staked and unstaked at any time. However, staking for most altcoins requires a fixed lock-up period that can range from several days to several months or longer. During this lock-up period, investors cannot transfer or sell their tokens.
Accessing Specific Functions in the Crypto Market
Many altcoins give investors access to specific functionality or benefits that investors may want.
There are many more examples of altcoins built to serve a specific purpose. Often, the more of a token that an investor owns, the greater their benefits or access within the context of that specific crypto project.
How Many Altcoins Are There?
According to CoinMarketCap, there are currently around 22,900 cryptocurrencies in existence. All of these except for Bitcoin are altcoins.
Notably, Bitcoin still dominates the crypto market. BTC has a market cap of $675 billion. Ethereum has a market cap of $219 billion. All other altcoins combined have a market cap of approximately $386 billion.
Keep in mind that not all of these 22,900 cryptocurrencies are active. CoinMarketCap tracks all cryptocurrencies that have ever been created. Since many tokens are created using smart contracts, they continue to exist even after the project creators and all investors have left.
Estimates vary, but most trackers consider there to be around 8,000-9,000 active altcoins.
How to Find the Best Altcoins to Buy
There’s a lot to think about when choosing the best altcoins with the most potential. Here are some of the most important factors investors should consider when evaluating what altcoin to buy now.
Growth Potential
Many investors buy altcoins in search of greater returns than they can get by investing in Bitcoin or other asset classes. So, it’s important to think about the growth potential that a specific crypto token offers.
Some things to consider include:
- How have other altcoins in this token category performed?
- What is the expected market value of the niche the token addresses?
- What market cap does a token already have or will launch with?
High-growth cryptocurrencies typically have clear use cases and a large addressable market. They also typically have a small market cap now, with the potential to grow 10x or more in the future.
Value
Investors can also search well-established altcoins to find tokens that may be undervalued. There are many opportunities to buy undervalued altcoins in today’s market since many tokens were hit hard by the crypto winter.
When evaluating whether a token is undervalued, it can be helpful to look at its all-time high. However, there is no guarantee that cheap altcoins will return to their all-time highs.
Carefully consider what a token is likely to be worth in 12-24 months relative to what it is priced at now. Checking altcoin price predictions from professional crypto analysts can be valuable for this, but take predictions with a grain of salt. Remember that while the crypto market appears to be entering a more bullish phase, there is a chance that bearish conditions may prevail for the foreseeable future.
Staking Rewards
Altcoins that offer staking rewards can generate returns for investors regardless of price appreciation. Investors simply have to stake their tokens and earn rewards.
When evaluating staking rewards, a higher APY is typically better, but it’s not everything. It’s important that an altcoin’s staking rewards are sustainable. Think about where the reward tokens are coming from and whether that source is renewable.
Investors also need to consider that while staking can provide returns if a token’s price remains flat, they can still lose money if a token’s price falls by a greater amount than staking returns.
Utility
Utility coins can provide access to specific benefits for crypto investors. For example, investors in $BNB can get significant discounts on altcoin trading at Binance. This could make owning $BNB worthwhile for some investors even if they don’t believe the price of $BNB will go up.
When investing in utility tokens, consider the opportunity cost of buying that token as opposed to another altcoin. Most investors have limited capital to deploy, so they have to pick and choose which utility tokens provide benefits that outweigh the opportunity cost of holding that specific token.
Investor Sentiment
One of the best indicators of whether a cryptocurrency will go up in value is whether investors are positive or negative about the project. There are many crypto analytics tools, including Launchpad XYZ, that enable investors to check sentiment around specific tokens on social media.
Investor sentiment can be wrong, particularly over long timescales. However, it usually tracks buying and selling activity, so it’s a good thing to check when identifying entry points into a new altcoin investment.
Roadmap
When evaluating new altcoins to buy, and particularly altcoins that are being sold through a presale, take a look at the project’s roadmap. This should lay out what the project hopes to achieve and when.
New altcoins often surge when a project hits a roadmap milestone. So, keeping track of what milestones are coming up and when they might be reached can be very helpful for making investment decisions.
Where to Buy Altcoins
Investors can buy altcoins in several ways. One of the simplest ways to buy altcoins is through a centralized exchange, which allows new crypto investors to buy the most popular altcoins with fiat.
For investors who already own crypto, another option is to buy altcoins through a decentralized exchange. Decentralized exchanges typically have lower fees than centralized exchanges.
Some new altcoins are only available through crypto presales. Investors will need tokens like $ETH, $USDT, or $BNB to buy altcoins on presale. Typically, investors buy the tokens during the presale and then claim them once the presale ends.
Potential Risks of Investing in Altcoins
While picking the right altcoin can be extremely lucrative, there are risks to these cryptocurrencies. Here are some of the most important risks that investors should be aware of.
High Volatility
As we discussed above, altcoins typically have higher volatility than Bitcoin and other asset classes. This volatility is part of what makes altcoins potentially high-return, but investors also need to be careful when holding highly volatile tokens.
Even if investors find a promising altcoin to buy, they could be knocked out of an investment if they aren’t prepared for major, temporary downside swings. For example, if an investor trades on margin, they could face a margin call if an altcoin temporarily drops steeply in value.
Volatility on its own is not necessarily a bad thing, but it is a risk that investors need to recognize and manage.
Scams and Rug Pulls
Investors need to be on the lookout for scams, particularly when investing in new altcoins. While many altcoins are legit, the crypto industry has been plagued by scam tokens designed to take investors’ money.
One of the most common types of scams that investors face is a rug pull. This occurs when a new crypto project raises money, such as through a token presale, then the project team takes the money and never delivers the promised project.
The biggest rug pull in crypto history, the OneCoin scam, stole an estimated $4 billion to $15 billion in investors’ funds.
How to Avoid Crypto Scams
Investors can avoid scams by doing their due diligence on projects before investing. Here are a few steps that investors can take to ensure the altcoin they want to buy is legit:
- Look for third-party smart contracts audits by trusted auditors such as Certik
- Read projects’ whitepapers carefully and ensure the project makes sense
- Evaluate the tokenomics to ensure the value of the token is tied to the success of the project
- Check whether the project team has been doxxed (it is common practice for the developers of meme coins to remain anonymous)
- Ensure that a project’s roadmap is realistic
Impacts from Regulation
Most altcoins have operated without much oversight from regulators. Questions remain about whether many altcoins may be unregistered securities or whether regulators might crack down on certain types of altcoins, such as stablecoins.
In the US, there has been a recent effort by the SEC to name specific altcoins as unregistered securities and put the crypto industry on notice that it may face more scrutiny. There’s also an effort to roll out new anti-money laundering rules that could impact how some altcoins function.
Investors should be aware of what regulations and laws have been proposed, since they can significantly impact specific tokens or even force projects to shut down. New regulations and lawsuits can come with little warning, creating additional risk for investors.
Conclusion
Altcoins include all cryptocurrencies other than Bitcoin and they cover tons of different purposes in the crypto market. There are DeFi coins, meme coins, stablecoins, and much more. All of these different coins can present opportunities for investors.
Based on our analysis, the best altcoin to buy for 2024 is Bitcoin ETF Token. This innovative altcoin offers investors a way to stake $BTCETF, earn high staking APY, and benefit from the development in the Bitcoin ETF sector.
Bitcoin ETF Token has already raised more than $110k in just a few days of launch. Investors can buy the $BTCETF tokens for just $0.005 in the ongoing presale stage.
Visit Bitcoin ETF Token PresaleReferences
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- https://www.washingtonpost.com/business/2023/06/09/why-crypto-flinches-when-sec-calls-coins-securities-quicktake/84dd58ee-06d8-11ee-b74a-5bdd335d4fa2_story.html
FAQs
What are altcoins?
Altcoins are any cryptocurrencies other than Bitcoin. Well-known altcoins include Ethereum, Tether, BNB, and Ripple.
What are the best altcoins to buy right now?
The best altcoins to buy in 2023 include Bitcoin Minetrix ($BTCMTX), Meme Kombat ($MK), and TG.Casino ($TGC). Bitcoin Minetrix offers the ability to mine Bitcoin in the cloud, while Meme Kombat and TG.Casino both offer very generous staking rewards.
What are the top 5 altcoins?
The top 5 altcoins to buy in 2023 are Bitcoin Minetrix ($BTCMTX), Meme Kombat ($MK), and TG.Casino ($TGC), Launchpad XYZ ($LPX), and Ripple ($XRP).
Which new altcoin has the most potential?
Bitcoin Minetrix ($BTCMTX) is the new altcoin with the most potential in 2023. Investors in Bitcoin Minetrix can stake their $BTCMTX tokens and mine Bitcoin in the cloud. This is a way for investors to own Bitcoin without having to buy it.
Which altcoin will explode in 2023?
Based on our analysis, we think Bitcoin Minetrix’s $BTCMTX token could be the next big altcoin in 2023. The project has already raised more than $2.8 million through its presale and is gearing up for an explosive token launch.
