An altcoin is generally defined as a token or coin which is not Bitcoin. For instance, Ethereum is an altcoin. There are 2.4M+ cryptocurrencies, according to CoinMarketCap, that are being traded on different exchanges.
Many altcoins aim to offer value to their communities through fast transactions, better security, lower transaction costs, and increased usability to compete with major cryptocurrencies like Bitcoin and Ethereum.
As the cryptocurrency world has entered a new phase and the bull run is on the verge, investors will turn their sights to altcoins with significant upside potential. This article will introduce you to cryptos that are leading the charge in the upcoming altcoin season.
1) Ethereum ($ETH)
Ethereum is the second largest cryptocurrency, with a market cap of over $300 billion. ETH is the native token and is currently trading at $3,323.22. It has faced major resistance of around $4,089, with the closest support at $3,217. Although ETH is down 13.48% over the past month, most Ethereum investors are bullish on this token due to its historical second-quarter price surge.
Recently, developer Vitalik Buterin gave an update on the Purge upgrade, which will greatly enhance the ecosystem. Additionally, Ethereum ETF approval is expected in June.
2) Bitcoin Cash ($BCH)
Bitcoin Cash (BCH), created from a fork of Bitcoin, has a market of over $13 billion. It is currently trading at around $690, reaching its 3-year new high of $713 early on April 6, 2024. It spiked 15% on April 4, driven by the halving event. The token is yet to beat its all-time high of $3,324 recorded in 2017. Therefore, it has the potential to surge in the alt season.
3) Solana ($SOL)
Solana (SOL) is an open-source blockchain project developed to provide an affordable and scalable alternative DeFi platform to Ethereum. Its price jumped over 1,000% in 2023, currently trading at around $177. It has a market cap of over $78 billion, making it the fifth-largest coin. In mid-March 2024, the Solana eco-system reached 1 million users. It has a resistance at $203.9 and nearest support at $173.02.
4) Binance Coin ($BNB)
BNB is the Binance exchange’s native token, the biggest crypto exchange by trading volume. Its market cap is $86 billion, currently trading at around $584.
The BNB token can be used for staking and paying trading fees on the exchange. Most experts say that BNB lacks the decentralization found in other alternative cryptocurrencies. Nevertheless, the coin has gained significant investor interest, and it has been gaining traction since 2021.
5) Dogecoin ($DOGE)
DOGE is a famous meme coin with immense support from Tesla CEO Elon Musk. It was created in 2013 and was considered a joke at that time. However, the vibrant community has helped this token become one of the most prominent cryptocurrencies.
Elon Musk has mentioned DOGE several times in his X posts; he once suggested holders could use it to purchase Teslas. It has the 8th largest market at $26.31 billion on Coinmarketcap and is currently trading at $0.1838, with strong resistance at $0.22.
6) Filecoin ($FIL)
Filecoin is a peer-to-peer decentralized storage network that soared during the 2020-21 bull run. It was created in 2014 and is supported by a blockchain that records the commitments made by the network’s participants. It has recently collaborated with Solana to expand its ecosystem.
It is trading at $8.54 at a discount of 96.42% to its all-time high of $237.24, reached in 2021.
7) NEAR Protocol ($NEAR)
NEAR Protocol (NEAR) is a pioneering layer-one blockchain that overcomes the limitations of existing blockchains. It is currently trading at $7.01 and $6 billion market cap, the 20th largest on Coinmarketcap.
As for $NEAR, it has major resistance at $8.599 and support levels near $6.18, followed by $4.93. Looking at the price chart, NEAR will perform well in the long run because of the previous 6-months performance.
8) COSMOS ($ATOM)
Cosmos is a blockchain project designed to solve the “hardest problems” in the blockchain industry. Moreover, it offers scalable, robust, and affordable proof-of-work protocols.
ATOM, its native token, is currently trading at $11 and has a market cap of $4 billion. It has fallen by 10.49% in a month but has gained 58% in the past six months. Technical indicators suggest that the current price fluctuations, ranging between $11.55 and $13.06, indicate a corrective movement rather than an impulsive one.
9) 1INCH Network ($1INCH)
1INCH Network (1INCH) is designed as an exchange aggregator that scans decentralized exchanges to find the most lucrative opportunities in the DeFi space. It is currently trading at $0.5402 with a market cap of $600 million. It has the nearest resistance at $0.61 with a support level of $0.51.
The network is taking measures to improve its ecosystem. Recently, they completed the Lumia integration, designed to bring the liquidity of centralized exchanges directly into DeFi.
10) Avalanche (AVAX)
Last on the list is Avalanche with its native token AVAX. It is a layer-one blockchain platform for decentralized applications and custom networks. The primary aim of this network is to beat Ethereum as the leading blockchain for smart contracts.
It is currently hovering at $47.25 with a market cap of $17 billion. The blockchain does not compromise scalability while enabling 6,500 transactions in one second. Additionally, it is an excellent altcoin to invest in for the long term.
Should You Add Altcoins to Your Portfolio?
As the Bitcoin halving nears, altcoin season is in full swing. It is an opportunity for investors to make huge gains via altcoins by riding the upcoming bullish wave of BTC. However, altcoins are also more volatile, and it is thus important to stay updated on the latest developments regarding any altcoin that you add to your portfolio.
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