Top 5 Altcoins with Most Potential in 2024

Most of the various altcoins were created after the resounding success of Bitcoin. The basic structure of altcoins and Bitcoins is similar. Some appeared on the basis of an already existing blockchain, and other developers went a more complicated way and created their own platforms. In this article we will pay much more attention to altcoins with most potential and define the top 5 altcoins for long-term investment.

The Top 5 Altcoins to Watch in 2024

In the crypto market you may find a wide range of different types of altcoins depending on their purpose. Some of them simply copy each other, while others represent unique technologies and functions. So, what are the best altcoins to invest in and which most popular altcoins should we pay attention to? We’ve prepared the list of best altcoins for long-term investment which definitely require special attention. Let’s see the top 5 altcoins to grow in 2024!

• Ethereum (ETH)

It's worth starting with the apparent leader by market capitalization after Bitcoin for many years in a row. Ethereum is the second most popular cryptocurrency, created in 2015. Moreover, some even consider Ethereum to be the father of altcoins. Thanks to its ERC-20 standard, it gives rise to a large share of cryptocurrencies on the market today.

• Solana (SOL)

One more altcoin with the highest potential and a large fan base around the world, which quite possibly will soon catch up with Ether. SOL was released on the Solana network, a high-performance blockchain created in 2017 in order to solve the problems of scalability and transaction speed.

In a relatively short amount of time, SOL has grown a lot in popularity because of its apparent benefits, which include the fastest transaction speeds, the lowest commissions, and great scalability. Solana is also regarded as one of the safest cryptocurrencies available today as it makes use of smart contract technologies.

• BNB

The native token of the Binance crypto exchange was launched in 2017. Binance is considered one of the fastest-growing trading platforms, which has a positive effect on the value of the BNB token.

This token plays a crucial role in supporting the stable development and expansion of the exchange's capabilities. BNB acts as an internal currency for the Binance exchange, stimulating the use of its services and ensuring a steady increase in trading turnover. This directly affects the value of the token.

• Avalanche (AVAX)

What’ s the next altcoin to explode? In 2024 AVAX may be the one who will. Avalanche is a high-performance platform created in 2020 to launch decentralized applications and services. So the AVAX altcoin is the built-in currency of the network that is necessary to pay for transactions, deploy smart contracts and stake on platform validators.

Additionally, Avalanche has a number of benefits, too. Several of them are relatively fast transactions (up to 4,500 transactions per second), support for smart contracts compatible with Ethereum, scalable architecture of three blockchains: Exchange Chain, Platform Chain and Contract Chain, etc.

• Polygon (MATIC)

The MATIC token takes its name from the past name of its parent network, which was called MATIC Network. This platform was launched in 2017 as a solution for scaling and reducing the cost of transactions in Ethereum networks and compatible blockchains.

The MATIC altcoin plays the role of gas in Polygon sidechains - it pays commissions and transactions. It’s also issued as a reward for maintaining the operation of the infrastructure. However, this token is most well known due to the fact that transactions with MATIC are carried out with the least amount of time, so this advantage took the hearts of millions.

We’re sure that you have already heard about each of these altcoins with the most potential, or at least about half of them. Regardless of the cryptocurrency they are in, you must be able to handle and manage your assets effectively; simply knowing about them is not enough. Selecting a trustworthy and safe cryptocurrency wallet and payment system is essential if you want to handle your digital currency more skillfully and steer clear of dangerous situations.

Cryptomus payment gateway is the best choice for crypto users of every experience level since it incorporates both a reliable crypto wallet and a secure and understandable payment system. You can easily choose personal or business wallets for your purposes and make transactions with any crypto you want or accept payments with peace of mind. Additionally, all of the above best crypto altcoins are available on Cryptomus, so now you can quickly and conveniently start integrating them into your daily operations.

Factors Driving Growth in Altcoins Markets in 2024

Altcoins represent a fascinating phenomenon in the crypto market since, after Bitcoin, they really blew up almost all the crypto enthusiasts with a wide assortment of different types. Each altcoin has its own characteristics, creation goals and features that distinguish them all from each other. But how did the promising altcoins manage to rise so high and become on par with the cryptocurrency giant Bitcoin? Here are several key factors that influence the growth of the best altcoins.

• The economic component

The economic component or market component plays a huge role in driving growth in the altcoins market. Often the markets of altcoins that will explode some time may be inherited by the following factors such as the active use of digital assets in genuine financial transactions, coin issuance volumes, the average transaction rate on various exchanges, etc.

• Media influence

As we can notice in a media space, the best-performing altcoins began their rise among others due to the mention of their existence by some famous personalities. Such a bright situation and the absolute peak of the altcoin's rise happened in 2019 with Dogecoin when Elon Musk wrote that Doge might be his favorite cryptocurrency.

Quite active and exciting movements unfolded in the cryptocurrency market due to one seemingly harmless tweet. The price of a Dogecoin token increased by 47% to $0.059 in less than an hour. A few days later, Musk referred to Dogecoin as "the people’s cryptocurrency" and said he had purchased it for his kid.

• The correct regulation

The emergence of new platforms, increased investor interest and the creation of innovative technologies have a positive effect on the exchange rate of top-performing altcoins in the long term. The creators of cryptocurrency platforms strive to achieve confidentiality, decentralization, cheapness and speed of transactions. The more advanced a digital asset is, the more likely it is to grow steadily in the market.

Several fundamental technical factors also have significant effects on the growth of altcoins. They include: conducting forks and other technologically important events that cause the rise and fall of coins, researching tools to take better control of the crypto market dynamics and monitoring it, and so on.

• The power of demand

Altcoin prices, like Bitcoin, are highly subject to volatility. Therefore, they, as well as the price of Bitcoin, are primarily influenced by demand, market dynamics and some other factors. Exchange rate is one of the key options, too. So it can show in advance a common interest in a certain altcoin in the market. When interest only increases the demand for tokens and pushes the price to the proper levels, altcoin growth is also up and a specific altcoin price prediction begins to fluctuate more actively towards the highest points.

It’s vital to remember that no matter which coin you use to invest, the risk always remains. So it’s crucial to thoroughly monitor crypto market dynamics and be up-to-date with the latest cryptocurrency news and events.

Tips for Effective Using Altcoins in 2024

• Keep an eye on the altcoin's market capitalization and liquidity;

• Monitor all altcoin predictions and follow news and updates for info referred to the altcoin life span in order not to lose your funds in a short period after investing;

• Don't focus on just one single altcoin group. Diversify your investment portfolio with different variations of altcoins as much as you can and remember that if one coin is burned out, then another one may fire.

What are the top altcoins to invest in and what influences the rise of the best altcoins? In this article you will definitely find the answers. Choose your best altcoin to invest in together with Cryptomus!