Analysts share the 5 best altcoin projects to invest in that have the potential to explode for the rest of the year. They also explain the reasons for their choice.
The top altcoin Decentraland (MANA)
Decentraland is a decentralized, immersive virtual reality platform on the Ethereum Blockchain. It combines entertainment, gaming and e-commerce elements that appeal to both individuals and businesses. It is possible for users to play games or create art galleries, concert halls or other businesses. For example, there are possibilities to charge others for visiting these places. The platform also allows users to purchase sandbox parcels called LAND via Non Fungible Tokens (NFT).
MANA is a new cryptocurrency powering Decentraland. The token is used to purchase LAND, avatars, wearables, and other in-game items on the platform. Meanwhile, Decentraland is leading among metaverse projects. The network has attracted leading brands within the metaverse, including Coca-Cola, Samsung, and JP Morgan Chase. MANA recorded over 150% earnings last year. It is also among the top altcoins with a market cap of $1.2 billion.
Next on the list is Polygon (MATIC)
Polygon helps scale Ethereum by providing a side-chain that connects to the Ethereum network. As a Layer-2 scaling solution, the network connects various Blockchain projects that do not necessarily need to be interoperable on Ethereum. It also allows for faster and cheaper transactions.
MATIC is the token that powers this tier 2 platform. Polygon uses its own Proof-of-Stake (PoS) Blockchain and Commit Chain connectivity to help scale the Ethereum network. The goal is to solve inefficiencies that may hinder the widespread adoption of Blockchain technology. Meanwhile, popular decentralized finance (DeFi) projects like SushiSwap, Curve, and Aave use Polygon.
Altcoin Ripple (XRP)
Ripple (XRP) provides real-time payments with extremely fast transactions. XRP is the token used on the Ripple network to facilitate money transfers between various currencies. The platform is considered the most efficient payment option for financial institutions in terms of interbank flows.
As a result, XRP remains popular with both institutional and individual investors. In fact, it is being hailed as a new alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging network. Therefore, Ripple is threatening to disrupt its international wire transfer business. Despite the headwinds on the platform, the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has curtailed the altcoin price over the past year. The legal situation also prevents the altcoin from trading on US-based exchanges.
However, many bullish investors still see Ripple as the future of international money transfers. If Ripple wins the SEC case, XRP-USD is likely to rise above its all-time high of $4.
‘Ethereum killer’ Cardano (ADA) fourth
Cardano is one of the best altcoins with an outstanding development team. Expert academics designed it using peer-reviewed literature. Cardano aims to perform a series of complex transactions without the help of an intermediary. This open-source Blockchain network has a number of potentials that solidify ADA’s position as the best investment option in the market.
Cardano is a decentralized platform that has been in development since 2017. It has made tremendous progress since then. Moreover cryptocoin.com As you follow, it implemented smart contracts in 2021. Cardano stands out with its Ouroboros Proof-of-Stake algorithm, which has the trilogy of security, decentralization and scalability. With its growing technical capabilities, Cardano is likely to see growing adoption as a Launchpad for Dapps.
Latest altcoin ‘speed freak’ Solana (SOL)
Solana is another industry-favorite altcoin project. It aims to increase scalability and make DeFi more accessible on a larger scale. Its goal is to do this by combining the Proof-of-History (PoH) consensus with the underlying PoS consensus. Additionally, it has super-fast transaction times matched by a cheap fee. This makes SOL a popular blockchain among the NFT communities.
These qualities also make Solana great for high-throughput functions on the Blockchain, such as streaming music, gaming, and high-frequency trading. Solana has excellent foundations. But the catalyst that drove SOL’s price to the moon in 2022 is an NFT project called “Degenerate Ape Academy”. Many decentralized applications such as decentralized exchanges (DEXs) and lending platforms are located on Solana. In addition, the network hosts various DeFi applications, NFT projects and Web 3.0 applications.
