As most of you are aware, altcoins are the alternative cryptocurrencies to Bitcoin. And over the past two years, altcoins have experienced significant growth. Take a look at the chart below to see why I say so. In early 2017, Bitcoin’s domination index accounted for 85% of the total market cap of the cryptocurrency market. However, by early 2018, this percentage had fallen to 31% before rising back to over 50%. The reason for this shift is that many investors began to trust other coins for better investment returns, sparking a race of fundamental analysis of various altcoins in the market. At CoinSutra, we have covered over 30 altcoins so far and have helped our users understand the reason for their existence. We believe that Bitcoin is not the only option, and altcoins also have their place in the system. But what types of altcoins should you consider? Well, the primary factors I look for in an altcoin are its feasibility and the quality of the team members backing it. That’s why today I want to share some altcoins that I believe have a strong team behind them.
1. Ethereum: Ethereum, known as the world’s computer, is a well-known altcoin in the market. It has the most developers and team members, including influential figures like Vitalik Buterin and Vlad Zamfir, who are constantly working to improve Ethereum and explore its possibilities with smart contracts and DApps.
2. Litecoin: Litecoin is the first well-known fork of Bitcoin, created in 2011 by Charlie Lee, a former Google employee. Litecoin was designed to complement Bitcoin and serves as a testbed for its advancements. It is a decentralized and open-source project supported by excellent contributors.
3. Monero: Monero is known for its highly private nature, making it one of my favorite cryptocurrencies. Its transactions are so private and secure that the amount transacted and the parties involved cannot be seen. The team behind Monero consists of core developers and voluntary developers, making it one of the most decentralized teams in the cryptosphere.
4. Cardano: Cardano is a 3rd generation, open-source blockchain platform that aims to facilitate smart contracts and DApps. It focuses on solving critical problems faced by other blockchains, such as scalability, interoperability, sustainability, and governance. It is a research-driven and peer-reviewed project, setting it apart from others.
5. Binance Coin: Binance coin (BNB) is the native token of the Binance exchange and is used to pay for fees on the platform. It offers significant discounts when used for fees and is burned quarterly to reward its holders. Binance coin is not just profitable, but it is also an integral part of the Binance ecosystem.
These are just a few examples of altcoins with strong team backing. If you’re interested, you can explore the options to buy these altcoins at the suggested exchanges. What are your thoughts on these altcoins? Are you invested in any of them? Do you think there will be more coins/tokens that will boom in the near future? Let me know your thoughts in the comments section below!