Don’t Want To Invest in BTC? These Are The Top 7 Altcoin Contenders For 2023

While Bitcoin has held its crown as the big player in the crypto game, there’s a whole world of alternative coins ready to be explored by those, who are on the hunt for something different than the famous digital currency. In this article, we’ll delve into the top 7 altcoin contenders that are poised to make waves this year. These aren’t your run-of-the-mill cryptocurrencies – they come packed with innovative blockchain tech, unique real-world uses, and exciting promises that could shake up the future of digital finance. So, let’s check out the potential rising stars in the altcoin scene for the rest of this year.

1. Ethereum (ETH)

This altcoin tops the list with a very good reason: aside from its market capitalization of around $210 billion, it’s the second most widely used cryptocurrency after Bitcoin. Investors use this altcoin for all sorts of different things, from business transactions to gambling at Ethereum no deposit casinos. Ethereum also plays a crucial role in the creation and storage of non-fungible tokens (NFTs), a booming sector in the digital art and collectibles space. Ethereum’s versatility and robust ecosystem continue to position it as a cornerstone of the blockchain and cryptocurrency landscape.

2. Cardano (ADA)

Cardano is a standout player in the crypto world, known for its innovative approach. It’s at the forefront of the shift from energy-hungry proof-of-work to the more eco-friendly proof-of-stake verification method. Unlike Bitcoin’s resource-intensive mining, Cardano’s proof-of-stake system selects a single device in its decentralized network to confirm transactions, making the process faster and greener.

This altcoin was brought to life by Charles Hoskinson, one of Ethereum’s co-founders, back in 2017. ADA, Cardano’s native cryptocurrency offers a blockchain solution known for its low fees and enhanced security features compared to many other cryptocurrencies. As of September 2023, one Cardano is valued at £0.19, with its highest point hitting £2.45 in September 2021. Cardano’s market cap currently stands at £6.9 billion, proving it’s a significant player in the crypto landscape.

3. Dogecoin (DOGE)

Dogecoin, born from an internet meme, has defied expectations to become a bona fide cryptocurrency. Created in late 2013 using the technology behind Litecoin, and playfully adorned with the iconic Shiba Inu dog logo, Dogecoin has become known for its light-hearted origins and its limitless supply – characteristics that have made it an approachable choice for many first-time crypto enthusiasts.

In 2022, Dogecoin experienced a meteoric rise, reaching an all-time high of £0.58, largely attributed to the influence of none other than Elon Musk, who tweeted about using Dogecoin for Tesla merchandise. However, as of August 2023, its value has dipped to approximately £0.049, with a market capitalization of £6.9 million. Dogecoin’s journey from meme to crypto asset remains a fascinating chapter in the cryptocurrency landscape.

4. Litecoin (LTC)

Litecoin stands out as one of the original alternative cryptocurrencies, designed to tackle perceived issues within the Bitcoin system. Boasting a market capitalization of $6.9 billion, Litecoin prioritizes faster transaction processing, offering quicker and more efficient transactions compared to its predecessor. Additionally, it aims to address concerns related to mining monopolies that have emerged in the Bitcoin ecosystem.

In a cryptocurrency landscape where Bitcoin is increasingly seen as a digital “store of value,” Litecoin remains focused on being a practical means of conducting everyday transactions. This distinction highlights Litecoin’s purpose of serving as a viable medium of exchange in everyday economic activities.

Another key difference between Litecoin and Bitcoin is their supply structures. While Bitcoin has a maximum supply limit of 21 million coins, Litecoin caps its supply at 84 million coins. This difference has implications for factors like scarcity and potential price trends in the long-term, setting Litecoin’s position apart in the cryptocurrency market.

5. Solana (SOL)

Solana is a high-performing blockchain platform known for its remarkable transaction speeds and scalability. With its growing community, developer-friendly tools, and increasing popularity, it’s becoming a compelling choice for long-term crypto investors.

Solana originally emerged as a blockchain for decentralized finance, applications, and smart contracts. It has a unique combination of hybrid proof-of-stake and proof-of-history mechanisms that assures quick and safe transaction processing.

One of Solana’s standout features is its affordability, with low transaction fees compared to other platforms. It can process up to 65,000 transactions per second, thanks to its innovative ‘proof-of-history’ system, which timestamps each block, creating a transparent record of transaction history.

As of August 2023, Solana is valued at £15.95, with a market capitalization of £6.5 billion, cementing its position as a significant player in the crypto world.

6. Tether (USDT)

Launched in 2017, Tether is among the approximately 200 stablecoins in the cryptocurrency world. What sets stablecoins like Tether apart is their connection to fiat currency, specifically the US dollar. For every Tether coin in circulation, there is a corresponding $1 held in reserve, ensuring a one-to-one ratio. This stability, theoretically maintaining a value of about $1 (or £0.81 in sterling terms) consistently, positions Tether’s as an appealing choice for transferring value between different cryptocurrency exchanges. The reliability of Tether’s value makes it a favored option for traders looking to avoid the volatility often associated with other digital coins.

Nevertheless, it’s important to note that stablecoins are not invulnerable to fluctuations. An example of this came in early May 2022 when another stablecoin, Terra USD, experienced a significant drop, plummeting from $1 to a mere $0.30 per coin. This event even prompted investors to withdraw millions of dollars from various stablecoins, including Tether. Consequently, Tether’s market capitalization fell from $83 billion (£65.6 billion) to $73 billion (£57.70) in a matter of weeks. Currently, its market cap hovers around £68 billion, serving as a reminder of the potential risks even in the realm of stablecoins.

7. Binance Coin (BNB)

Binance Coin (BNB) is the native cryptocurrency of the prominent trading platform, Binance, initially introduced in 2017, and operating on the Ethereum blockchain. At its initial coin offering (ICO), Binance released 200 million BNB coins, but what sets BNB apart is its unique buyback and burn mechanism, where the platform periodically repurchases and destroys some of these coins, effectively boosting the value of the remaining ones in circulation.

As of September 2023, Binance coin is valued at £170.18, boasting a market capitalization of approximately £26 billion. BNB’s widespread adoption is largely attributed to its versatile utility. Notably, it serves as a convenient means to pay trading fees on the Binance exchange, offering users discounted trading rates. Surprisingly, BNB’s usefulness transcends its native exchange, finding applications in payment processing across various domains, including travel bookings.

However, critics contend that BNB may lack the same degree of decentralization observed in other cryptocurrencies. Moreover, ongoing scrutiny by the Securities and Exchange Commission (SEC) has raised concerns. The SEC’s investigation aims to determine whether Binance should have categorized BNB as a security during its ICO, potentially introducing regularity uncertainties into the cryptocurrency’s future.

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