Bitcoin had a great run during these past few months but after hitting a significant dive from its all-time highs this year, investors are now worried as to where bitcoin is going.
Bitcoin still remains more than 20% below its all-time high, despite recovering in recent weeks from a sharp decline. While various altcoins have outperformed the largest cryptocurrency by market capitalization.
Many analysts believe this trend may continue due to the famous altcoin season. It opens the doors for numerous cryptocurrencies to buy as sentiment splashes across the sector.
The “Alt Szn”
Just what does this famous altcoin season refer to?
Well, we’re already seeing this underway. Various altcoins have outperformed Bitcoin in terms of market performance. Indeed, watching the rise of some of these cryptocurrencies in recent months has been incredible. Various altcoins have seen their valuations soar as much as 100-fold this year alone.
Many crypto investors are now speculating whether this altcoin season may continue or not.
Experts seem to think there may be a lot more room for altcoins to run from here. This famous altcoin season underway could indeed provide life-changing returns for investors. At least those heavy in altcoins certainly hope so.
Let’s dive into a few of the altcoins retail investors have their eye on right now. These are five of the top cryptocurrencies to watch that may outperform during what could be a legendary period of time in the altcoin world.
1. Cardano ($ADA)
Starting the list with the famous ‘green’ altcoin known for its efficiency, we have Cardano ($ADA). This altcoin is one of the largest cryptocurrencies by market cap placing in 3rd as of writing and continues to be a top choice of altcoin investors.
Founded in 2015 by one of the co-founders of Ethereum(ETH) Cardano’s value lies in resolving many of the scaling issues Bitcoin has seen. It is hard to argue that many crypto investors will keep this altcoin out from their watchlist.
This has led many investors to believe Cardano has the ability to outperform Bitcoin over the long term. And that’s outside of the legendary altcoin season discussion.
Accordingly, investors seeking altcoin exposure with mega-cap potential have unsurprisingly gravitated toward Cardano. The company’s ability to both handle transactions as well as deal with smart contracts is a huge driver of this token’s success. It’s hard to argue that won’t continue in a bull market for altcoins.
2. Solana ($SOL)
2nd on our list is Solana. This one is actually exciting to discuss as we have seen a recent massive surge in its price over the past weeks.
When almost every other cryptocurrency was crashing this past week, Solana continued higher. Indeed, this is perhaps the cryptocurrency with the most bullish investors of all.
Accordingly, should we see an altcoin season, anything’s possible for Solana. This cryptocurrency has skyrocketed from otherwise obscurity to the world’s 7th-largest cryptocurrency rapidly with a current market cap of $43billion.
Most of the hype actually comes from Solana’s being a super low-cost, impressively high-speed platform. The Solana marketplace reportedly charges less than $0.01 per transaction and can handle up to 50,000 transactions per second. Accordingly, this has been one of the top cryptocurrencies used in the burgeoning NFT space.
Solana is a cryptocurrency with a tremendous number of catalysts right now. Accordingly, I’m of the opinion that altcoin season or not, this one is likely to keep flying in the near term.
3. Binance Coin ($BNB)
Backed by the largest crypto broker in the world. BNB is One of the largest cryptocurrencies in the world is known as Binance Coin. What’s intriguing about BNB is it’s really a token that’s not discussed much.
This altcoin is currently in 4th place on the list of largest cryptocurrencies. Its market capitalization of $69 billion is still higher than Solana.
What’s intriguing about Binance Coin is this is the token of the Binance cryptocurrency exchange. Put out in 2017, BNB has soared more than 10-fold year-over-year.
Comparing to other altcoins increase, those aren’t earth-shattering returns, but this was already a relatively large cryptocurrency, to begin with.
Binance Coin allows users on the Binance exchange to take advantage of various staking programs such as Binance Earn. This is one of the key ways crypto investors are able to earn a return on their holdings. Accordingly, investors in the crypto world have reason to hold these tokens, as long as Binance remains a key player in the exchange space.
In a new altcoin season, Binance Coin is one of the tokens I’ll be watching.
4. Dogecoin ($DOGE)
Now going to the only meme coin on the list, Dogecoin has captivated retail investors. This is a meme token that has gone absolutely parabolic over the past year.
Currently, investors who bought into Doge one year ago and held steady have gains of approximately 10,000% on the books. That’s a big return comparing to other altcoins.
Hitting those kinds of returns is near-impossible. An unlikely candidate for such returns, Dogecoin has surprised even its own founders. Started as a joke, the only folks laughing now are those holding DOGE.
With this new altcoin season possibly coming up, this could provide more in the way of momentum for this hot cryptocurrency. Investors betting on Dogecoin are largely those betting that capital inflows and retail investor interest will heat up. Given the meme status of DOGE, a new wave of bullish sentiment in crypto may be just what the doctor ordered.
Currently, Dogecoin is probably one of the most speculative cryptocurrencies to buy on this list. It’s a token that’s benefited from the pumping of various celebrities. Chief on the list is Elon Musk, a celebrity CEO who happens to be a holder and major bull on DOGE. With various tweets over the past year, Elon Musk has been able to propel this cryptocurrency higher as his followers pile in.
Should momentum pick up, Dogecoin could outperform. Those banking on a new altcoin season may thus be enticed to pile in.
5. Algorand ($ALGO)
Coming up last on our least, we have Algorand. This cryptocurrency, similar to others on the list, has real-world value. The crypto’s purpose, among other things, is to facilitate efficient and smooth transactions. Like many of its altcoin peers, Algorand has seen explosive growth of late.
What’s better? This cryptocurrency is currently trading near its all-time highs.
Investors who are looking for high-momentum cryptocurrency plays in this market have a good one with ALGO. The crypto’s market cap of more than $10 billion is good enough for the 18th spot on the list of top cryptocurrencies currently. And at this growth rate, expectations are that ALGO could keep climbing the ranks fast.
In addition to this, algo is a cryptocurrency with a rather wide acceptance across most decentralized exchanges. Consensus drives value in the cryptocurrency markets. And in this regard, Algorand’s strong bullish consensus makes this a top crypto pick in a legendary altcoin season.