All cryptocurrency tokens and coins except Bitcoin are referred to as “altcoins”. The best altcoins in the market currently are Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT).
What are Altcoins?
Altcoin is an acronym for “alternative coins.” It is an alternative to the world’s two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum. Numerous alternative crypto tokens are developed for novel uses, such as granting voting rights (governance tokens) or serving as a form of payment (utility tokens). Some of these alternative coins are widely used.
To some extent, the best altcoins in the market tend to mimic Bitcoin’s price movement. Price increases in the majority of cryptocurrencies typically follow bullish Bitcoin price moves. Alt season is when altcoins outperform Bitcoin, typically after a surge in BTC price.
Some Popular Altcoins:
There are more than 17,000 alternative coins available. Ripple (XRP), Solana (SOL), Shiba Inu (SHIB), Dogecoin (DOGE), Polkadot (DOT), and Cardano are some of the best altcoins (ADA).
With new altcoins regularly entering the market, what is considered popular and “excellent” is bound to change over time. Famous altcoins from three years ago might not be among the top 100 coins by market size in 2022, so it is crucial to look for alternatives.
Altcoins having potential in 2022:
- Avalanche (AVAX)
It is a cryptocurrency that, compared to Ethereum, provides quicker transaction times, fewer transaction costs, and interoperability, which is the capacity to communicate data between different blockchains. AVAX finished 2021 strongly and appears to have possibilities for 2022.
- Tron (TRX)
Through the use of blockchain technology and decentralised apps, TRON is committed to furthering the decentralisation of the Internet (DApps). With more than 101 million users on the blockchain and more than 3.4 billion transactions, the TRON network has been incredibly popular in recent years.
Additionally, TRON, which surpassed USDT on Ethereum in April 2021, contains the highest global circulating supply of stablecoins. The TRON network becomes a wholly community-governed DAO in December 2021 after fully decentralising.
- Polygon (MATIC)
To increase the speed and cost of transactions on the Ethereum blockchain and other blockchain networks, Polygon is a layer-2 scaling solution. It is an additional layer for Ethereum, assisting with platform scaling and growth. Also, in order to validate transactions and cast votes for network upgrades, network users stake MATIC tokens on Polygon’s main chain, which is a Proof of Stake (PoS) sidechain.
- Cosmos (ATOM)
The Proof-of-Work algorithms employed by cryptocurrencies like Bitcoin and Ethereum were meant to be redefined by this blockchain ecosystem. It is a blockchain network that uses Proof of Stake (PoS) and is home to numerous significant decentralised applications (dapps).
How to Find/Buy AltCoins?
- Visit any cryptocurrency exchange that provides a list of purchasing options for each cryptocurrency to learn more about where and with which currencies you buy AltCoins. You can also buy AltCoins by using the second currency. You can search for ALT/AUD to buy ALTcoins using Australian dollars.
- Choose a Platform for Purchasing: The security, dependability, and liquidity levels vary. Do some homework before opening an account.
- Now, make the Purchase: Every platform operates uniquely. Some platforms are relatively simple to use, but others are not.
Buying cryptocurrency with a fiat currency like the US dollar will be simpler than doing it with another cryptocurrency. As the value of most crypto currencies are very volatile and changes over a matter of seconds, you may lose the entire worth of your portfolio.
If someone buys the best AltCoins using another cryptocurrency, use a wallet that supports the AltCoin, then purchase the cryptocurrency. Finally, use that cryptocurrency to acquire AltCoin on the platform of popular choice.