Bitcoin (BTC-USD), the world’s largest cryptocurrency, is often viewed as a gauge of the entire sector. Indeed, with Bitcoin’s recent decline to less than $20,000 per token, many long-term investors may be getting worried. Thus, finding cryptos to buy other than Bitcoin – in a bid for diversification – may be a strategy that some are considering.

There will always be the “all-in-on-Bitcoin” folks who remain convinced that it is the only crypto that matters. There are certainly reasons to adopt that thesis.

However, as in equity or bond investing, diversification can help improve risk-adjusted returns over time. In this market, defensive postures are worth pursuing.

That said, those looking to diversify their portfolios away from Bitcoin certainly have a wide range of other cryptos to buy. There are thousands of crypto projects out there, each offering exposure to different catalysts and challenges.

Here are three of my top picks for investors looking for options besides Bitcoin.

Ethereum (ETH)

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Ethereum (ETH-USD) really needs no introduction. The world’s second-largest cryptocurrency by market capitalization, Ethereum really is the alternative to Bitcoin-that most investors choose. That’s not only because of Ethereum’s large  market capitalization  of around $190 billion, but also due to Ethereum’s importance to the world of decentralized finance (DeFi).

Indeed, the vast world of DeFi projects is centered around Ethereum. For long-term investors, the network effects that Ethereum has been able to take advantage of because of its ubiquity in DeFi has provided impressive returns. As a result, over the long term, I think this feature will cause its growth to remain intact.

However, over the near- to medium-term, there will be another massive catalyst that investors will watch. Specifically, the upcoming Ethereum Merge, set to take place sometime in September, could be the biggest upgrade the crypto world has ever seen. In the wake of the Merge, Ethereum’s protocol will shift to a much more energy-efficient, proof-of-stake network , creating what many hope will be a more scalable platform that will grow more quickly over time.

Whether the Merge goes off without a hitch or not remains to be seen. However, ETH is a good, near-term, medium-term, and long-term investment.

Solana (SOL)

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Solana (SOL-USD) is one of the leading smart contract-enabled, proof-of-stake blockchains out there. Like Ethereum,  Solana has put DeFi near the center of its ecosystem-development strategy. In fact, Solana’s venture-capital unit recently launched a $100 million fund that will  aim to support decentralized-finance startups in South Korea.

The Solana ecosystem is currently home to 77 active DeFi protocols with a TVL (total value locked) of $1.43 billion as of yesterday. Notably, Solana is the sixth largest DeFi chain in terms of overall TVL.

Solana recently launched a real, high-end, bricks-and-mortar, upmarket, retail store in Hudson Yards, Manhattan.

According to Vibhu Norby, the CEO of Solana Spaces, the physical Solana stores will attract  around 100K people every month to the Solana ecosystem. Accordingly, for those looking for worthwhile cryptocurrencies with real-world integration, Solana is an intriguing option at today’s  low prices.

Avalanche (AVAX)

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Finally, we have Avalanche (AVAX-USD). Avalanche is among the fastest smart-contract networks in the blockchain space as measured by time-to-finality. The network is a programmable, open-source, smart-contracts platform that’s  purpose-built for low-cost, efficient, and solidity-compatible dApps.

Avalanche users will undoubtedly be excited to hear that Coinbase’s (NASDAQ:COIN) wallet declared that it is allowing direct swaps of Avalanche-related tokens inside its app. As a result,  tokens on the Avalanche chain probably can now be directly swapped for lower fees and in a few clicks.

With a market capitalization of more than $5 billion, Avalanche is one of the top cryptocurrencies globally, with plenty of growth. potential

AVAX has been hit hard of late due to a rather interesting whistleblower report released this past week. This report has been refuted by the company, which has called the claims within it “categorically false.”

Personally, based on all the facts I’ve seen, I think that Avalanche’s high potential growth trumps the concerns highlighted in the report. Nonetheless, as with all tokens, investors ought to engage proper risk-management protocols when investing in AVAX.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.