Watch Out For These Top Altcoins Amidst Bitcoin Halving in 2024

 In the recent years, every other cryptocurrency except for Bitcoin is considered as an altcoin. 2024 is also going to be a year of Bitcoin halving, where there are high hopes that the value will again increase substantially. In the last three Bitcoin halving instances, the value did spike considerably and generated windfall returns for the investors. There is a strong possibility that the altcoins will also experience substantial gains. Therefore, in the interest of readers, crypto enthusiasts, and investors, it is crucial to highlight the top altcoins of 2024. 

Top Altcoins of 2024

Ethereum is one of the most popular Altcoin in the World

Ethereum is the top altcoin in 2024 just like the previous years. This is because this cryptocurrency has many unique features, and is known for high degrees of innovation. As per forbes.com, the market capitalization of Ethereum is very high at $205 billion. Ethereum is second next to Bitcoin in terms of number of crypto assets. The prominent pros of Ethereum include being the largest player in dApp and DeFi. 

The proof of stake consensus mechanism is another strong point of Ethereum. It makes blockchain more efficient and the security protocols have become more robust than before. However, critics often point out the high transaction costs of Ethereum. Despite this minor criticism, Ethereum still is one of the most sought-after cryptocurrencies in the world. 

Binance Coin is one of the most popular Altcoin in the US

Binance Coin or BNB is one of the most popular altcoins in the US. With a market capitalization of $49 billion, this utility token can be useful in getting attractive discounts on Binance. The entire BNB chain ecosystem is famous for its high speed and lower prices. In recent times, it has competed to establish itself as a strong competitor to Ethereum in the market. From the perspective of investors, Binance continues to have lower costs and higher demand. However, Binance company has an overwhelming influence on the administration and management of Binance.

Dogecoin (DOGE) was originally not an Altcoin, but now has become famous

Dogecoin is a famous altcoin that was launched to challenge the hegemony of Bitcoin. In the recent past, celebrities like Elon Musk and Vitalik Buterin endorsed Dogecoin. Unlike other altcoins, Dogecoin does not have an intrinsic value and has a strong community. Its network differs from Bitcoin’s proof-of-work protocol. The market capitalization of Dogecoin was around $11 billion. This is substantially large and the foremost advantage of this coin is that there is no upper limit to the number of Dogecoins that can be mined. The major disadvantage of buying Dogecoin is also because of the non-existence of an upper limit, which leads to inflation in the token. 

Ripple (XRP)

David Schwartz, Jed McCaleb, and Arthur Britto Ripple were responsible for establishing Ripple in 2012. This altcoin will facilitate fast and less costly P2P transactions. Therefore, Ripple eliminates the need for any major centralized intermediary. Ripple has a robust market cap of $31.6 billion and the maximum supply limit is 100 billion. 

The major pros of having Ripple is that it is faster than its rivals like SWIFT. Banking and international settlements need lower barriers while using. The major disadvantage of having Ripple is the centralization of financial institutions.

Cardano (ADA)

Cardano is outstanding as far as its innovation in blockchain platform is concerned. Among altcoins, it is often hailed as the “third generation of cryptos” in the industry. The crypto faced challenges in ADA price action in 2022 but remained resilient. The main reason behind the resilient feature of Cardano is visionary leadership and strong development. The market cap of Cardano is roughly $20.7 billion while the maximum supply is 45 billion.

The major pros of Cardano include a superior algorithm which is more energy efficient. The proof-of-stake leads to lower transaction costs and reduces adverse environmental impacts. Cardano offers a more scalable platform for smart contracts and decentralized applications. 

Despite having several advantages, Cardano has not achieved widespread adoption compared to Ethereum. 

Also Read- Rethinking Data Protection in the Age of Blockchain

Conclusion

The altcoins like Bitcoin offer great choices to crypto users and investors alike. Bitcoin halving can indeed gain considerable attraction, it is not surprising that altcoins too have many attractive features to ensure better returns. These cryptos present a compelling narrative and factors like market dynamics, community governance, and technological upgrades play a crucial role in their price history. However, proper analysis is absolutely essential while choosing the right altcoin.