Top 11 Altcoins To Look Out For in March 2024

Introduction

The meaning of ‘altcoin’ has changed over time, especially since the initial phase of the cryptocurrency era when there were only a few crypto assets. Initially, any cryptocurrency other than Bitcoin (BTC) was labelled an altcoin.

Now, the cryptocurrency landscape has expanded significantly. We see a diverse range of coins and tokens, each with unique functionalities that extend beyond just being a medium of exchange. This indicates that they are not just competing with Bitcoin.

This article focuses on the top 10 altcoins, ranked by market capitalization, while purposely omitting stablecoins. The exclusion of stablecoins is due to their intended stability in price, setting them apart from typical speculative investments in the cryptocurrency market.

Ethereum (ETH)

With a market capitalization of nearly $837 billion spread across over 20,000 different cryptocurrency assets, Ethereum (ETH) stands out, holding over 17% of this value. It is the largest alternative coin in the market.

Ethereum distinguishes itself from Bitcoin, typically seen as a “decentralised currency.” Rather, envision Ethereum as a distributed computing platform. This platform enables users to operate decentralised applications (dApps) and manage smart contracts through its blockchain.

While there are criticisms regarding Ethereum’s high transaction fees, the platform’s robustness is evident in the thousands of applications and numerous other alternative coins that rely on its blockchain technology. This solidifies Ethereum’s lasting presence in the market.

Binance Coin (BNB)

Binance Coin, commonly known as BNB, is a utility token. It’s primarily used to cover trading charges on the Binance exchange, where it also offers discounted transactions. Beyond the Binance cryptocurrency exchange, BNB finds utility in various payment processes, including booking travel.

Some BNB detractors highlight its lack of decentralization compared to other alternative coins. Additionally, concerns stem from an ongoing investigation by the Securities and Exchange Commission (SEC). This inquiry focuses on whether Binance was required to register BNB as a security at its initial coin offering.

XRP (XRP)

XRP, a digital asset, is utilised to enable the exchange of various currency types, operating in conjunction with the digital technology and payment processing firm Ripple Labs. This alternative coin is notable for its exceptionally low transaction costs. However, it is currently navigating legal complexities.

Ripple and two of its senior executives are embroiled in a legal dispute with the Securities and Exchange Commission (SEC). The contention centres around whether XRP should have been registered as a security. Contrarily, Ripple maintains that XRP is a currency.

Dogecoin (DOGE)

Dogecoin, known as the first-ever meme coin, was created in 2013. Despite its humorous origins, it has swiftly grown into a significant player in cryptocurrency, buoyed by a devoted following and inventive memes.

Distinct from Bitcoin’s proof-of-work protocol, Dogecoin operates on a separate network. It features a block time of just one minute and boasts an unlimited total supply. This characteristic sets it apart from Bitcoin, as there’s no upper limit to the amount of Dogecoin that can be mined.

Cardano (ADA)

Cardano was the first to embrace the proof-of-stake consensus mechanism. This method expedites transaction speeds by eliminating the competitive, energy-demanding, problem-solving aspect of platforms like Bitcoin.

The notable ‘Alonzo’ hard fork of Cardano was successfully introduced on September 12, 2012. This update heralded the arrival of smart contract capabilities to the blockchain realm. Significantly, on the day following the launch, over 100 smart contracts were implemented on the platform.

DIAM (DIAM)

DIAM is the Native Digital Asset and Utility Coin, Enabling Secure and Efficient Transactions while allowing Users to Access dApps across the Ecosystem.

It is built on Diamante Net. DIAM provides high security at every transaction stage and complete traceability at an ultra-low cost. The coin is also available in its wrapped version for Ethereum and Binance Smart Chain (ERC-20 and BEP-20) and can be stored in the DIAM wallet.

Polygon (MATIC)

Polygon, a scaling solution built on Ethereum, enables developers to create decentralised apps (dApps) while benefiting from low transaction fees. This platform facilitates rapid transaction processing by leveraging the Ethereum network.

In essence, Polygon transforms Ethereum into a multi-chain system similar to Polkadot, Cosmos, and Avalanche. It does this while retaining Ethereum’s robust security, dynamic ecosystem, and transparency. Additionally, Polygon integrates the plasma framework with a proof-of-stake solution, simplifying smart contract implementation.

Litecoin (LTC)

Litecoin, a pioneering alternative coin, was developed to address various issues associated with Bitcoin, including its sluggish transaction processing times and the centralisation of mining operations. Unlike Bitcoin, which has increasingly become a “store of value,” LTC is designed for frequent, everyday transactions.

Furthermore, Litecoin distinguishes itself from Bitcoin in several ways. One key difference lies in its processing speed. Additionally, when it comes to supply, Litecoin sets itself apart. While Bitcoin has a maximum supply limit of 21 million coins, Litecoin’s cap is significantly higher at 84 million coins.

Polkadot (DOT)

This alternative coin is the driving force behind the Polkadot ecosystem. Within this system, developers have the ability to craft bespoke blockchains, which function like spokes linked to the central Polkadot blockchain hub. This description comes from Max Thake, co-founder of peaq, a blockchain network established on Polkadot. DOT serves as the native token for the Polkadot network.

Tron (TRX)

Tron represents a blockchain platform for developers to disseminate media content and develop decentralised applications. Additionally, TRX boasts a robust total value locked (TVL), signifying the volume of funds invested in decentralised finance. TVL is the aggregate value of cryptocurrency assets held within a DeFi protocol, encompassing activities like staking, lending, and liquidity pools.

A substantial TVL indicates a protocol’s popularity and the broader adoption rate of the associated cryptocurrency. The TVL of TRX is valued at $5.43 billion, as reported by DeFi Llama.

Solana (SOL)

Solana has been crafted to support decentralised finance, apps, and smart contracts. It operates on an innovative combination of proof-of-stake and proof-of-history mechanisms, ensuring swift and secure transaction processing. Notably, Solana is among the speediest blockchains available.

Conclusion

As we’ve explored these top 11 altcoins, it’s clear that the cryptocurrency landscape is far more diverse and innovative than ever before. Each altcoin, from Ethereum’s vast network to Solana’s rapid processing capabilities, offers unique functionalities and contributes to the dynamic ecosystem of digital currencies. Whether you’re looking at Dogecoin’s meme-powered rise or Cardano’s pioneering proof-of-stake mechanism, these altcoins are redefining the boundaries of blockchain technology and digital finance.

As we continue to witness the growth and evolution of these cryptocurrencies, it’s evident that the world of altcoins is not just about challenging Bitcoin’s dominance but about enriching the entire digital currency space with varied solutions and possibilities. Stay tuned to this space for more insights into the ever-evolving world of cryptocurrencies.