Place your bets on these top altcoins to buy as the market prepares for the Bitcoin halving
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Investors may be hesitant to invest in altcoins to buy them. The crypto market is losing billions in value as a result Bitcoins (BTC USD) of the recent correction, it’s not hard to understand why investors are cautious.
There are different opinions about the current volatility in the crypto market. However, one thing is certain: the long-term bull market for the crypto space remains intact despite the recent instability. Furthermore, the upcoming one Halving event in April should help support crypto prices going forward. Additionally, many analysts believe that much of BTC’s current decline in value is due to profit-taking by short-term investors.
Additionally, it would be unwise to be skeptical about the market’s long-term prospects, with investment gurus like Cathie Wood calling Bitcoin a “financial superhighway.” With that in mind, here are three top altcoins to buy that you should add to your crypto portfolios along with Bitcoin.
Altcoins to Buy: Dogecoin (DOGE-USD)
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Dogecoin (DOGE-USD) is a dog-inspired cryptocurrency that is perhaps the original meme token. True to its reputation, it has been one of the most volatile yet rewarding crypto investments. In line with the general bullish trend of the market is DOGE Up an impressive 85% year-to-date (YTD) and over 170% in the last six months alone.
Over the years, DOGE has been criticized for offering little real-world utility, unlimited supply, and a centralized holder base. While it is difficult to debate these criticisms, DOGE has continued to gain ground in network usage over the past year. In addition, it is hard to deny the enormous support of the community, a wild card that keeps it alive to this day. Furthermore, with the support of industry giants like Elon Musk, I don’t think DOGE will be going away any time soon.
Ethereum (ETH-USD)
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ether (ETH-USD) is the second largest cryptocurrency by market capitalization and arguably the one with the greatest real-world utility. Over the past six months, ETH has seen an impressive 108% increase, reflecting overall market trends and buoyed by news of a potential Ethereum ETF following the approval of a Bitcoin ETF.
However, as my InvestorPlace colleague Chris MacDonald explains in a recent article, the chances of the Ethereum spot ETF being approved in May are slim. Still, the SEC is delaying the inevitable, and the approval is likely to inject new energy into the project.
Besides, you Also have the Dencun upgrade, with proto-Dank sharding and other improvements aimed at reducing transaction fees and increasing transactions per second. Proto-Dank sharding simplifies the process of data storage for Ethereum and enables efficient transaction processing at a lower cost by breaking data into smaller pieces, making the network significantly more efficient. Finally, Ethereum remains a major player in the Web3 space as it paves the way for smart contracts while also accounting for a large portion of the overall value of decentralized finance (DeFi).
Solana (SOL-USD)
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Solana (SOL USD) is often considered an Ethereum killer due to its robust throughput and low transaction costs. It is the fifth most valuable cryptocurrency and has a market capitalization of over $75 million at the time of writing. Solana is gaining popularity in the NFT and DeFi space and recently had $2.5 billion in Total Value Locked (TVL) on the platform.
Additionally, its NFT ecosystem reached new milestones with more than 3.8 million transactions and a record sales volume of a whopping $5 billion. Furthermore, Solana remains one of the most active platforms, with 3,300 active developers contributes over 40.7 million user transactions daily.
Moving forward, Solana is poised for further expansion, with the planned launch of a token extension for complex tokenomics, the launch of Firedancer to increase throughput, and the development of Runtime v2 to improve network performance.
At the time of publication, Muslim Farooque did not hold (either directly or indirectly) any 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 publication policies
