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WHAT ARE THE BEST ALTCOINS TO INVEST IN IN 2021?

best altcoins to invest in

May 4, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Altcoins are backed by solid blockchain technology that has the potential to transform the global financial market. That is what makes them an attractive investment opportunity for investors and traders alike. But there are many altcoins available, with others being launched in the market every year. Although bitcoin is the obvious choice for many investors, many are looking for cheaper but promising altcoins to diversify their portfolio. 

Here are the best altcoins worth your investment in 2021.

Ethereum (ETH)

The first on the list is Ethereum, a decentralized platform that facilitates smart contracts and decentralized applications to be created and run without fraud, downtime, or interference from third parties. The applications on the Ethereum platform are run on its token Ether. It serves as fuel for moving around the platform.

Ether has been the second-largest crypto in the market after bitcoin, and it is no surprise it ranks as one of the best altcoins to trade in 2021 despite encountering stiff competition from other altcoins like NEO and EOS. In 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC).

In 2021, it is planning to switch its consensus algorithm to proof of stake. This will see the platform operate in way less energy and fast transaction speed, which will boost the coin. As of 29th April 2021, Ether's value is $2723 with a market cap of $322billion.

Litecoin (LTC)

Litecoin has always followed bitcoin's footsteps and is often referred to as the silver to bitcoin's gold. It relies on an open-source global payment network, not under any central authority. It uses 'scrypt' as a proof of work that users can decode using CPUs of consumer-grade.

Although Litecoin functions like bitcoin in many ways, it offers a quick block generation rate and faster transaction confirmation time. Apart from developers, a growing number of merchants accept LTC, making it one of the best altcoins of 2021. It is trading at $260.28 on 29th April 2021, with a market cap of over $17billion.

Ripple (XRP)

Ripple aims to bridge the gap between cryptos and fiat to facilitate faster international payments. The current SWIFT system used by banks and other financial systems involves hefty transaction fees and lengthy processes for international payments, but Ripple executes that in a couple of minutes.

As such, many institutional investors have joined Ripple to enable faster international payments. Many global investors are investing in the coin, which has propelled it into the limelight in 2021. It is currently trading at $1.40 with a market cap of $140.32billion on 29th April 2021.

Binance coin (BNB)

BNB is the native currency for the popular exchange Binance and acts as the fuel for its whole ecosystem, including subsidiary exchanges worldwide, Binance launchpad, among others. Formerly ECR-20 token that operated on Ethereum platform before it launched its own main net, BNB uses the proof of stake consensus model and has seen incredible price hikes in the last months.

BNB is growing alongside Binance exchange, and because the platform launched its second blockchain, Binance Smart Chain, BNB is enjoying widespread use in the DeFi ecosystem. On 29th April 2021, BNB is trading at $603 with a market cap of $93billion.

Tezos (XTZ)

Tezos is a unique coin because it is adaptive and blockchain-based crypto that addresses governance issues. It directs its efforts on a decentralized autonomous organization that allows traders to raise their suggestions and promote stability within the coin's large user base. It relies on a proof of stake consensus model and a strong verification process that enables accurate smart contracts and transactions. Tezos has emerged as a reliable altcoin with a network providing excellent services, which has attracted many investors on board. It is trading at $5.39 in April 2021, with a market cap of $4.1billion.

Cardano (ADA)

Cardano is the next altcoin on this list. All active Cardano users are aware that it has been working on new updates to revolutionize its blockchain, but it would instead do a thorough job than launch a half-done project. Recently, it started publishing updates that have seen its coin ADA rise high in value and rank. The platform's development is still not over, and many investors believe there is a lot to profit from becoming an ADA investor as early as 2021. Cardano coin price is at $1.38 on 29th April 2021 with a market cap of $44.1billion.

Dogecoin (DOGE)

Dogecoin has survived for the last few years and has recently emerged into the market in 2021 following celebrity publicity. Elon Musk, Tesla's CEO, started showing his support for dogecoin publicly earlier this year in a series of tweets that have seen the surge of the coin to an all-time high of $0.3116 on 29th April 2021 with a market cap of $39.7 billion. Dogecoin started as a joke, but it has proven that no coin should be written off before its time as it is one of the fast-moving altcoins to watch in 2021.

Bitcoin cash (BCH)

Bitcoin cash holds a top position in the list of best altcoins of 2021 because it is the first and most successful hard forks of bitcoin. In cryptocurrencies, a fork occurs due to the arguments and debates among developers and miners. When different parties disagree, the digital currency is split with the original chain sticking to its original code while the new chain begins its life as a version of the initial coin with changes to its code. 

Scalability issues lead to the creation of BCH in 2017 with an increased block size of 5MB; therefore, the transaction speed is also high. On 29th April, BCH is trading at $896.71 with a market cap of $16.7billion.

CONCLUSION

Remember that investing in cryptocurrencies involves high risks due to the market's volatility. It is best to do your due diligence before investing in a specific altcoin.

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