Just until recent years, cryptocurrency was all about bitcoin. Many people who were not well aware of how cryptocurrencies worked would use the words interchangeably. However, the bitcoin rage is now being paralleled with the new and coming altcoins in the market. Ethereum and its associates, all known as altcoins, are creating a surge in the market as people are trying to get their hands on the ones that they think are best suited for them. While bitcoin is still dominating as the top cryptocurrency in the global charts, Altcoins are no less in today’s times.
Suppose you are looking to buy cryptocurrency and invest in assets that will help your money grow. In that case, it is best to diversify your portfolio to minimize the risk factors and you can try to gain as much as you can from the different areas you have invested in.
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Here are 7 altcoins that will help you create a vast portfolio.
- Ethereum – The most dominant altcoin, Ethereum, is a great investment in today’s times owing to the upgrades and the significant rise it has seen in its prices even in recent times. Many also believe that it has a higher potential than bitcoin. The network allows its users to operate Decentralized Applications and gives them a medium to build their projects and also to implement smart contracts. With Ethereum 2.0 in the market, the more sustainable proof-of-stake project has only added to the appeal.
- Dogecoin – If you are looking to buy Dogecoin India, you might be on the right track. Dogecoin has been all the rage in recent years since its origin. Elon Musk has the power to change the trends associated with this cryptocurrency with one tweet on his Twitter account. People saw a sharp rise in the prices of DOGE post his tweets. Smart investors took great advantage of this behavior. DOGE can be a good starting point for new investors and can be great for short-term investment plans.
- Shiba Inu – The coin, Shiba Inu, exploded by over 1000% after its inception in October 2021 in just one month! The reason why this coin gained the traction that it did was due to the unending buzz it had generated on social media sites like Twitter and Reddit. Being very similar to Dogecoin, this also featured the Shiba Inu dog as its brand ambassador! The price of Shiba Inu is only expected to move upward in the coming year.
- Cardano – Cardano is an open-source blockchain that is known to have excellent prospects. It also allows the users to build DApps and launch smart contracts on its network. The system is designed by several developers who have a keen interest in peer-reviewed literature. Cardano’s strong backing and team make it one of the best investments in recent times. It is also considered to be one of the ‘safer’ options to invest in.
- Ripple – Ripple is a multifaceted cryptocurrency and is highly used in all business-related transactions and cross-country payments. The company, RippleNet, offers a network for payment exchange that is fast and cheap. Using the XRP tokens, the networks can bridge the gap between users worldwide and can send their payments almost instantaneously. This helps in the financial sector and the business scenarios as frequent cross-border payments can result in a loss of revenue for many overseas companies.
- Terra – Another one of the altcoins that might be on the way to top the charts would be Terra. It has grown immensely and has become one of the most programmable cryptocurrencies. It is also a huge part and plays a big role in the DeFi industry. The makers of Terra aim to make the creation of DApps and stablecoin developments faster and easier. It is one of the most innovative projects, and is, therefore, gaining a lot of attention. It is said to reach its all-time high and could reach the $500 mark by 2025.
- Solana – The vision for Solana is to be able to solve the ‘blockchain trilemma’. This means that the network wants to be capable of supplying decentralization, security, and scalability. Many networks have not been able to deliver all three. It could be one of the top investment opportunities and is slowly becoming a stark competitor to Ethereum. It operates on the PoW and PoS consensus mechanisms making it highly scalable and has improved usability. It also has a vibrant ecosystem.
Do not forget about the Altcoins as you hear all about Bitcoins. These coins are every bit as necessary as BTCs as they would allow you the flexibility to invest in several of them to maximize the potential benefits. Keep your safety net and low-risk factors on by investing in altcoins this coming year.