Bitcoin (CCC:BTC-USD) is still the most talked about cryptocurrency, more than a decade after Satoshi Nakamoto created the digital currency.
There are now more than 7,000 crypto currencies. So if you want to invest in something other than BTC-USD, there are several options available to you.
But before we get into the details of the best altcoins to buy today, it’s important to evaluate the top crypto news.
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China has banned financial and payment institutions from offering cryptocurrency services. Additionally, three of their top financial regulators have warned against speculative crypto trading. According to these agencies, wild fluctuations in cryptocurrency prices disrupt the “normal economic and financial order”. Analysts believe the move is related to China’s own digital currency.
For me, this is a short-lived indication of the overall evolution of the digital currency. Institutional interest in BTC is sky high and the momentum shows no signs of ending.
Here are 7 all-star altcoins to buy today for slam dunk wins tomorrow:
It is not the time to sell your bitcoin holdings when you are thinking about it. Still, other altcoins are currently trading at much cheaper prices, offering a lower entry threshold and higher potential returns.
All-Star Altcoins for Sale: Ethereum (ETH-USD)
A conceptual image of mining an Ethereum (ETH) token.
Ethereum is a blockchain platform with its own cryptocurrency and programming language. Like other blockchain networks, Ethereum is a decentralized public ledger for reviewing and recording transactions, and its cryptocurrency is now the second most valuable in the world.
Co-founder Vitalik Buterin created the digital currency to solve the problems affecting Bitcoin.
The story goes on
An ether transaction is generally confirmed in seconds compared to (sometimes) Hours for bitcoin. And although BTC and ETH are both digital currencies, the goals of these two coins are different. Bitcoin aims to be an alternative to national currencies. Ether wants to facilitate programmatic contracts and applications through its local currency.
It has also attracted pioneering institutional investment from the world’s largest financial derivatives exchange CME group (NASDAQ:CME) recently launched ether futures. This opens the door for institutional and accredited investors in the US to take leveraged directional bets on ETH and hedge against spot market positions.
The Cardano (ADA) token with other gold and silver tokens in the background.
Charles Hoskinson founded this altcoin in 2015. Hoskinson was one of the many co-founders of Ethereum and has also worked on it Bitshares (CCC:BTS-USD).
Cardano is a Proof of Stake (PoS) protocol which offers mathematically proven security. In addition, PoS is a cheaper and more energy-efficient alternative than the proof-of-work algorithm.
Cardano’s main goal was to improve the delivery of smart contracts and solve Bitcoin’s scaling problems. The platform uses two tiers, one for processing transactions and one for smart contracts.
IOHK, the company behind Cardano, has some big plans to leverage its blockchain technology, including a great plan to ensure interoperability between Cardano and. to enable Nerve network (CCC:CKB-USD) Platforms within the next six weeks. I recommend reading the article by my InvestorPlace colleague David Moadel if you want to learn more about it.
Doge rides a rocket to the moon.
Source: Margaret Jung / Shutterstock.com
Billy Markus and Jackson Palmer invented Dogecoin. In 2013, creators never expected the virtual currency to be anything more than a comedic parody of Bitcoin. How times have changed
Named after a Shiba Inu dog’s popular Internet meme “Doge”, the altcoin has risen more than 13,000% this year. The price peaked at more than 70 cents in early May, but has fallen a little since then.
The rise of this altcoin has nothing to do with its inherent value. Instead, the main reason this digital currency is growing exponentially lies in Elon Musk and other major celebrities.
DOGE’s price often doubles after tweets from Musk. But this crypto remains the riskiest coin on the market as it doesn’t solve financial services problems like those of its counterparts. It’s a purely speculative game.
Stellar Lumens (XLM-USD)
A concept coin for Stellar Lumens (XLM).
The Stellar Development Foundation established the digital cryptocurrency Stellar, which is traded under the symbol XLM on various cryptocurrency exchanges. Similar to Ripple (CCC:XRP-USD) Stellar is a payment technology that aims to drastically reduce the cost and time involved in making cross-border transfers.
The main difference between them is their clientele. Ripple is working with established banking institutions to streamline their cross-border transfer technology. On the other hand, Stellar focuses on developing markets.
The geography is no limit for this digital currency and the transaction fees are set at 0.00001 XLM. Ultimately, Stellar Lumens wants to create an inclusive financial system that targets the unbanked, estimated at two billion people worldwide.
Lumens, the organization’s currency, has risen more than 200% since early 2021. Like other altcoins, however, it has cooled significantly due to fluctuations in the wider crypto space. After reaching 61 cents on Feb. 13, the digital token lost a significant amount and is now trading at around 37 cents, which is an attractive price considering its utility.
Compared to coins like Bitcoin and Ether, XLM-USD mainly suffers from a lack of institutional support. This is an area of concern in the future, but the price is very tempting.
aave1600 aave cryptocurrency 1600
Aave is a decentralized financial protocol that enables people to borrow and lend a wide variety of digital assets, from stablecoins to altcoins, with security and anonymity. AAVE USD holders are subject to the Aave protocol.
Stani Kulechov and a development team released the now defunct ETHLend in an Initial Coin Offering (ICO) in November 2017. The idea was to enable peer-to-peer cryptocurrency lending by giving users the ability to post credit inquiries and offers.
Aave is an algorithmic money market and allows users to get loans in a different cryptocurrency than the one they deposited.
Borrowers are required to provide collateral that is greater than the amount they put on the smart loan agreement. The amount is then held in trust for the entire duration of the loan. This eliminates the need for an intermediary. If the borrower defaults, the lender is automatically paid through the smart contract.
Image of a Litecoin in front of many stacks of Litecoins
Source: Wit Olszewski / Shutterstock.com
Charlie Lee, an MIT graduate and former Google engineer, created Litecoin in 2011. It was one of the first cryptocurrencies after Bitcoin and its developers stated that their main purpose was to use this altcoin to create the “silver” of bitcoin’s “gold”.
So there are many similarities between the two. Both Bitcoin and Litecoin, for example, are decentralized cryptocurrencies. Both also use proof-of-work ecosystems.
Litecoin benefits from cheaper transaction fees, the ability to process more transactions per second than Bitcoin, a different hashing algorithm, an additional focus on merchant and retailer acceptance, and a larger number of coins.
Its relative speed and cost effectiveness make LTC ideal for users who want to conduct smaller, everyday transactions. In addition, participants operate directly without hiring an intermediary such as a bank, credit card company, or payment processing service.
Binance Coin (BNB-USD)
Binance (BNB-USD) logo on a pile of altcoins
Source: Robert Paternoster / Shutterstock.com
Binance Coin is the cryptocurrency issued by Binance Exchange. This altcoin originally ran on the Ethereum blockchain, but has since become the native coin of the Binance Smart Chain.
This cryptocurrency has a hard cap of 200 million BNB tokens. Each quarter, Binance uses a fifth of its profits to buy back and permanently destroy (incinerate) Binance coins in its treasury. A reduced offer increases both the price and the benefit for the users.
It is important to note that the Binance blockchain is also the blockchain that underpins Binance’s decentralized exchanges. Founded by Changpeng Zhao, Binance is one of the most widely used exchanges in the world based on trading volume.
At the time of this writing, Faizan Farooque held (neither directly nor indirectly) positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
Faizan Farooque is a contributing writer for InvestorPlace.com and numerous other financial websites. Faizan has several years of equity market analysis experience and was a former data journalist with S&P Global Market Intelligence. He is passionate about helping the average investor make more informed decisions about their portfolio.
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