Although Bitcoin (BTC-USD) dominates the news regarding cryptocurrencies, thousands of other digital currencies are available. Altcoins are an alternative to Bitcoin and are regarded as “also-rans.” However, there are several intriguing cryptos to buy that fit squarely in this bucket.
Bitcoin was the first cryptocurrency to be introduced. However, other cryptos have gained popularity and have a significant market capitalization. Here are three of the largest cryptos I think are worth considering in this current market.
| ETH-USD | Ethereum | $1,854.99 |
| SOL-USD | Solana | $21.27 |
| AVAX-USD | Avalanche | $15.85 |
Ethereum (ETH-USD)
Ethereum (ETH-USD) is a well-known digital currency and the second-largest cryptocurrency globally. It’s considered one of the more stable cryptos.
Ethereum has provided a lot of infrastructure for decentralized finance projects. By introducing smart contracts to the blockchain, Ethereum has enabled a new world of blockchain-based applications with much utility.
Ethereum’s blockchain is viewed as secure and decentralized, making it a reliable place to store funds, especially during financial instability. When two central regional banks collapsed last month, many turned to Ethereum as a haven.
Larger projects or those supported by commodities with substantial market capitalizations typically have low institutional ownership, making them less vulnerable to economic downturns.
As a result, ETH is considered one of the top cryptocurrencies to invest in if the banking industry experiences further instability.
After implementing the Shapella hard fork, Ether’s price has risen by 8%, and the basis of the end, which is the difference between futures and spot market prices, has doubled its three-month premium to over 4%, as per CoinDesk data.
The increase in open interest and the widening basis indicates that investors have taken a bullish stance toward cryptocurrency.
Solana (SOL-USD)
Solana (SOL-USD) is a cryptocurrency that operates within the Solana blockchain, with a market capitalization of around $9 billion.
Unlike some other cryptocurrencies, Solana has no maximum limit on the number of tokens that can be created. Additionally, Solana uses a unique proof-of-history consensus model that provides a quick and reliable way to process transactions within the blockchain.
According to market analysis, Solana should have a positive outlook in 2023, with a potential ROI of 61.9%.
The projected minimum and average trading prices for Solana are $24.74 and $25.51, respectively, with a possible high of $29.84.
In recent news, Solana users can now access the network through an open-source plugin enabled on OpenAI’s AI chatbot, ChatGPT.
This plugin allows users to check wallet balances, transfer Solana-native tokens, and purchase non-fungible tickets. Solana Labs announced this development in a tweet on 25 April.
The company also plans to invest $1 million in projects to develop AI tools on the Solana blockchain.
Avalanche (AVAX-USD)
Avalanche (AVAX-USD) is a blockchain platform with approximately $6 billion market capitalization.
It operates on a consensus mechanism similar to proof-of-stake, making it more secure than Bitcoin and Ethereum against potential network attacks. Avalanche features subnets that enable the creation of public or private blockchains for various purposes on its network.
While Solana emphasizes mobile phones and NFT collections, Avalanche is dedicated to blockchain advancements that are significant to Corporate America and Wall Street.
Avalanche is making progress in the background by embracing the trend of asset tokenization, which Citigroup has identified as a potential game-changer for crypto.
Compared to Ethereum’s processing speed of around 14 transactions per second, Avalanche can handle an unlimited number of transactions per second, with each transaction being completed in less than two seconds. This enables cheaper transactions and less congestion on the network.
Avalanche currently hosts over 300 projects on its platform, but there is potential for further growth. Despite a sharp decline of 89% last year, any positive developments could lead to a significant surge in Avalanche’s value.
On the date of publication, Chris MacDonald had a position in ETH, SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
