There are over 4,600 different cryptocurrencies out there to invest in. Most of them are considered altcoins, which are small and obscure cryptocurrency projects that are trying to get off the ground. While technically any currency besides mainstream tokens like Bitcoin are considered altcoins, most people look at altcoins as any project that isn’t within the top 10 cryptos by market cap.
No matter how you want to define an altcoin, there are thousands of them available on the markets right now. Most of them have a market cap of less than $10 million and likely aren’t even going to break that number. If you’re wondering exactly where to look for a promising altcoin investment, here’s everything you need to know.
Promising altcoin projects
Some altcoin projects are dedicated to fixing up the existing challenges of current blockchain platforms. Cardano (ADA) falls into this category. The project, founded by Ethereum co-founder Charles Hoskinson, touts itself as the next Ethereum, boasting faster transaction speeds, processing capacity, and lower fees overall.
Source: Cardano Facebook
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Polkadot (DOT) is another altcoin that’s tackling the current limitations in blockchain technology. Polkadot lets crypto projects develop their own parallel blockchains that can easily be integrated onto other blockchains, like Ethereum. This way, even projects that aren’t built on the Ethereum network can be linked up by these Polkadot sidechains.
One of the main appeals of cryptocurrency is its decentralized, private nature. It’s this idea of giving people back a sense of privacy that has been lost with the growth of regulated banking and financial services. Monero (XMR) touts itself as the world’s first untraceable currency, enabling anyone to sell crypto without being tracked.
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All three of these projects are in the top 30 cryptocurrencies by market cap as well. There are plenty of other promising projects out there as well, just make sure that whatever altcoin you pick has a legitimate, long-term use case.
Source: Pixabay
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