It is not a secret that the entire world is changing. One reason for the major changes planet Earth is experiencing is online technology. We have got many new industries that look attractive for investing.
Despite that, the Coronavirus pandemic messed up the plans of many people. The previous year is the one that we would all like to forget. However, lockdowns damaged many industries. That is probably the reason why many startups will have to shut down their businesses.
However, we once again need to repeat the same thing. Online technology opened many doors to people that want to get out of the box. That is probably the reason why the crypto industry is improving every single day.
Many people still do not understand the concept of digital currencies. They have probably heard about Bitcoin. Unfortunately, that is the only virtual currency they know about.
Bitcoin, without any doubt, is the strongest digital currency in the world. While you are reading this article, the value of one BTC is around 45 thousand dollars. Still, that doesn’t mean it is the only option that future investors have. Many altcoins deserve the attention of people.
Beginners often have the same question – “Are altcoins worth investing in 2024”. Giving a simple answer to that question is impossible. Because of that, people should check out the benefits they can get before deciding on that move. Websites like icoholder.com published a lovely explanation of all pros and cons of investing in altcoins. Their analysis will probably help people make the correct decision. Yet, we would also like to make our own analysis and provide you with another source of useful information. Let’s find them out together!
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You Don’t Have to Spend a lot of Money
img source: freebitco.in
As we said, the price of one BTC is around 45 000 dollars. The reason why people want to invest in digital currency is financial stability. All the industries look, more or less, uncertain. Because of that, people want to invest in more stable industries.
However, how many people can afford to purchase at least one Bitcoin? Even if they are, they are not willing to risk all of their savings. That is the reason why altcoins may seem more attractive to people. They are a lot cheaper and affordable to people. Yet, is the low price the only factor they should follow? Of course, not, there are many more factors they should have in mind.
The essential factor they should analyze is the potential of crypto to grow. That is the reason why we would like to highlight a couple of altcoins that can potentially experience popularity and value growth. Let’s find them out together!
Ethereum
img source: financemagnates.com
Bitcoin is the first crypto that people hear about. However, the next one they see when researching different options is Ethereum. That is the reason why we placed it in the first place on this list.
Ethereum is actually a decentralized software platform. It is the first one that allowed people to design Smart contracts as well as decentralized applications (known as Dapps). The main goal of the platform is to decentralized everything associated with this digital currency. They want to allow people to build and run apps that won’t need the involvement of third parties. Despite that, it also takes care of the security of all the users.
People that are using the Ethereum platform will get the opportunity to trade with altcoin known as Ether. It was launched for the first time in 2015. Since then, it has managed to gain massive popularity. That is the reason why it has the second-largest market cap.
Cardano
img source: bitnovo.com
Thanks to cryptography experts, mathematicians, and engineers, people got to chance to invest in Cardano. Charles Hoskinson is the co-founder of this altcoin. He was one of the five initial creators of Ethereum. Because of that, he used his knowledge to create another crypto that will potentially be a good option for people.
Many people like to name this altcoin Ethereum Killer because of that. Indeed, according to some parameters, Cardano managed to defeat Ethereum. That especially counts when we compare their proof-of-stake consensus models. However, when we talk about decentralization, Cardano developers will have to invest more effort. At this moment, the market cap of Cardano is almost 10 billion dollars. However, one ADA (digital currency) has a value of around $0.85. That can be an attractive price for people that don’t have a lot of money to invest.
Stellar (XML)
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If you are looking for an open blockchain network, Stellar may be the right choice. It is a crypto platform that offers different transaction solutions to different financial institutions. For instance, a transaction between an investment firm and a bank can last for days. ON the other hand, Stellar can offer a quicker solution. Despite that, those transactions are going to be affordable to both parties.
However, that doesn’t mean Stellar is only good for institutional transactions. Everyone who needs a quick and safe transaction can use it. The system itself allows people to make transactions with almost every currency that exists in the world.
One of the currencies people can work with on their platform is Lumens (its native currency). Yet, that is the moment when people need to get familiar with one rule. Trading on the Stellar platform is only possible if the users hold the Lumens. Without them, they can’t get access to the platform.
The market cap of Stellar is around 6 billion dollars. The value of one XML is nearly $0.3. We are sure many people will gladly risk their money in this case. Hopefully, the price of Stellar will grow together with other digital currencies.
Final Thought
Finding perspective digital currencies is an essential thing for all beginners. They now see that Bitcoin is not the only option they have. However, finding the appropriate altcoin is not the only thing they should do. The key point here is to improve their knowledge and skills. Over time, they will manage to gather the necessary knowledge. With all that in mind, they will manage to predict which currencies deserve their attention or not.
