The cryptocurrency market is undeniably a product of Bitcoin’s success; however, since Bitcoin completed its first transaction in 2009, thousands of other cryptocurrencies have been created. These other coins are collectively known as Altcoins. The name “Altcoin” is a portmanteau of “alternative” and “coin,” which signifies that they are cryptocurrency alternatives to Bitcoin.
There are over 14,000 altcoins, as of November 2021, with more being created regularly. Investing in altcoins may seem like a risky endeavor because some coins are merely viral social media memes; however, it can also be very lucrative if you find one with a solid project behind it.
For instance, Ethereum, the most established altcoin and the second-largest cryptocurrency by market capitalization, is a blockchain whose focus is on building a secure, decentralized environment to host applications of all types. If you invested in Ethereum a year ago, you would have gotten more than 1000% ROI today, which is more than three times higher than the return you would have gotten from Bitcoin if you invested at the same time.
The key to a successful altcoin investment is finding a coin that has a promising project. Since there are many thousands of altcoins, pinpointing the next big project is like finding a needle in a haystack. Having done our due diligence, we will review six altcoin projects with promising futures and explain why you may want to add them to your portfolio now.
Solana is a fast blockchain that many see as a potential alternative to Ethereum. The…