For the month of July, Ethereum (ETH), Solana (SOL), and Chainlink (LINK) are our top three picks. If you are looking to buy them now, you can choose the best exchanges like eToro, Coinbase or Kraken
Besides Bitcoin (BTC), altcoins are also booming and have been striving to attract investors' eyeballs. Since the reliability dynamics of cryptocurrencies change rapidly, investors have to improvise and adjust their crypto portfolios accordingly. Our experts work hard to find you the best coins, which have huge potential to better you both in the short and long run. We have carved the list of the top 10 altcoins to invest in for the month of July 2024.
- Best Altcoins to Buy Now
- 1. Ethereum (ETH)
- 2. Solana (SOL)
- See All 19 Items
Best Altcoins to Buy Now
Here is the list of our top altcoin picks for July 2024:
1. Ethereum (ETH)
eth
Ethereum$3487.95*
*prices delayed up to 10 minutesDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market Cap: $415 billion
Ethereum (ETH) is a hot contender for investors as of July 2024. There are a few reasons for this. First, Ethereum's technology is seen as innovative. It's like a robust computer network that allows people to build things on top of it, like apps and even special contracts that run automatically called smart contracts. This opens up many possibilities for new and exciting cryptocurrency uses. Second, Ethereum is already established. Since its launch in 2015, it's become the second-biggest cryptocurrency by market value, which is a way of measuring its overall importance. It's also overcome challenges in the past, which shows its staying power. Third, recent news suggests even more interest in Ethereum. In May 2024, a big regulatory agency (the SEC) approved a “spot ETF” for Ethereum. This means it'll be easier for traditional investors to get involved with Ethereum, which could increase its price. On top of its technology and market position, Ethereum uses a more energy-efficient way of verifying transactions than Bitcoin. Plus, it's constantly being improved to handle more transactions at once. So, because of its cutting-edge tech, a wide range of uses, and strong market presence, Ethereum is our top recommendation for altcoin investors in July 2024. It's a good choice for those looking for a cryptocurrency with growth potential and continued development in the future.
2. Solana (SOL)
sol
Solana$178.87*
*prices delayed up to 10 minutes+4.01%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market cap: $68 billion
Solana (SOL) aims to provide a safe and user-friendly experience for Web3 users. After launching its own “Saga” smartphone, the project has decided to launch the second smartphone named “Chapter 2.” The network's strength is further bolstered by its thriving decentralized finance (DeFi) scene, with over $4.4 billion locked in DeFi projects, according to Defillama. This indicates a large and engaged community actively using the platform. The SEC's recent approval of spot Ethereum ETFs has some experts optimistic about similar approval for Solana ETFs. This could open the door for more traditional investors to enter the Solana market, potentially driving its price. Since its launch in 2020, Solana's fast and scalable blockchain platform has attracted significant investment and a wide range of decentralized applications. While Solana possesses impressive speed and processing power (low latency and high throughput), it has faced criticism for occasional network disruptions and concerns about centralization. Despite these drawbacks, Solana's solid technological foundation, thriving ecosystem, and potential for broader investment make it a cryptocurrency worth considering in July 2024.
VanEck Files Solana ETF Application
3. Chainlink (LINK)
link
Chainlink$14.32*
*prices delayed up to 10 minutes+1.97%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market cap: $8.6 billion
Chainlink (LINK) is emerging as a top altcoin candidate for July 2024 due to its growing presence across the blockchain world. One key development is the Chainlink Cross-Chain Interoperability Protocol (CCIP). This increases Chainlink's revenue potential and expands its reach into connecting different blockchains (cross-chain functionality). Another noteworthy feature is Chainlink Functions, a serverless platform for developers to integrate real-world data (through Web2 APIs) into their smart contracts. Chainlink has been around since 2017, with its main network launching in 2019. Since then, it's achieved several milestones, including introducing SCALE, Chainlink Staking v0.1, and Chainlink Functions. Several key integrations solidify this potential. On May 29, the Celo network, a layer-2 solution built on Ethereum, announced it would integrate Chainlink's CCIP protocol, boosting its ability to connect different blockchains (cross-chain interoperability). Additionally, Gnosis developers can now leverage Chainlink's network to outsource complex computations, significantly reducing gas fees (officially launched on June 12th alongside Chainlink's Automation services). Finally, GMX, a platform for perpetual futures trading, is utilizing Chainlink's technology to improve its decentralized exchange. These developments showcase Chainlink's expanding influence and innovative capabilities, making it a strong contender for investment in July 2024.
4. Polka Dot (DOT)
link
Chainlink$14.32*
*prices delayed up to 10 minutes+1.97%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market cap: $9 billion
Polka dot (DOT) is making waves in the altcoin market (July 2024) thanks to its cutting-edge technology and a constant push for development. Recent innovations like the Join-Accumulate Machine (JAM) and Asynchronous Backing aim to boost the network's performance and efficiency, making it more scalable. Polka dot is also committed to fostering the future of Web3 by supporting education and startup growth, as seen in their collaboration with the Founder Institute for a Web3 cohort. The community actively engages in events like the Odyssey Program Trials on Moonbeam Network. Security and governance also improve with Sinai Upgrade on the Acala Network. Launched in 2016, Polkadot focused on solving scalability and security issues in the blockchain space. It achieved this through a multi-chain design and a nominated proof-of-stake (NPoS) consensus method, allowing for secure and efficient data transfer across blockchains (cross-chain). This multi-chain strategy is further highlighted by the seamless migration of the KILT Protocol to the Polkadot Relay chain. Polkadot's proven track record, focus on development, and multi-chain approach solidify its position as a top altcoin contender in July 2024.
5. Polygoin (MATIC)
Market cap: ~$5.6 billion
Polygon (MATIC), launched initially as Matic Network in 2017, has become a top player in the cryptocurrency world. Polygon uses a multi-chain architecture, allowing for scalability and security through a Nominated Proof-of-Stake (NPoS) system. This technology makes it easy for other networks to migrate onto Polygon, like the recent successful migration of the KILT Protocol. Another strength of Polygon is its interoperability. Developers can easily build decentralized applications (dApps) that work seamlessly with existing Ethereum dApps using Polygon's Software Development Kit (SDK). This opens doors for broader adoption of Polygon's technology. Polygon's commitment to development goes beyond its own network. They're actively supporting the future of Web3 by partnering with the Founder Institute to educate and accelerate Web3 startups. Recent advancements like Polygon's Asynchronous Backing technology aim to improve scalability without sacrificing security. The Polygon network is also heavily focused on community engagement. Events like the Odyssey Program Trials by Moonbeam Network showcase this focus. Security and interoperability are also being prioritized, as seen with Sinai Upgrade on the Acala Network. With its impressive technology, focus on education and community, and a staggering total value locked (TVL) of $856.12 million (second only to Arbitrum in Layer 2 networks), Polygon is a strong contender in the altcoin market in July 2024.
6. Ripple (XRP)
Market Cap: $26 billion
Should you invest in Ripple (XRP) in July 2024? To answer that, let's look at Ripple's recent history. In 2023, a successful legal battle with the SEC boosted XRP's price, showing renewed confidence in the token. However, the price increase wasn't as widespread as some expected. So, is XRP for everyone? It depends on your investment style. XRP can be a good fit for general cryptocurrency enthusiasts as it is a well-known altcoin. Thematic investors focused on the financial sector might also find XRP appealing, as it targets mainstream financial institutions. Ripple (XRP) is a potential front-runner among altcoins for July 2024 due to recent developments. On June 27, Ripple's legal team highlighted a court decision criticizing the SEC, suggesting a potentially less favorable environment for the SEC's ongoing case against Ripple. This comes as the SEC's internal investigation into possible crypto conflicts of interest nears completion. Additionally, July will see Ripple unlock 1 billion XRP as part of its long-term decentralization plan. While this could put downward pressure on XRP's price, Ripple's plans for the RLUSD stablecoin offer a silver lining. This stablecoin, launching on the XRP Ledger, aims to improve cross-border transactions, potentially increasing XRP's utility and strengthening its market position. Finally, XRP's volatility makes it attractive to day traders who can capitalize on short-term price movements through technical analysis. Looking ahead, the outcome of the SEC case has the potential to impact the entire cryptocurrency industry significantly. The SEC's actions against Ripple could be the first step towards regulating all tokens as securities. This final decision could significantly affect XRP's value.
7. Avalanche (AVAX)
avax
Avalanche$32.16*
*prices delayed up to 10 minutes+11.9%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market Cap: $10.9 billion
Avalanche (AVAX) is one of the hottest cryptocurrencies in July 2024. There are two main reasons for this. First, Avalanche has super-advanced tech, making it a crypto leader. Second, more and more things are being built on Avalanche, creating a whole ecosystem of crypto projects. It was launched in late 2020 and offers features similar to Ethereum, but it works more energy-efficiently. It combines a Proof-of-Stake system with another special method to make transactions super quick. Avalanche (AVAX) is attracting attention as a potential July 2024 investment due to its technical strengths. It possesses faster transaction speeds and lower fees compared to Ethereum, a major player in smart contracts. However, Ethereum maintains an edge in decentralization and an established user base. While Avalanche (like Cardano and Solana) represents a new generation of blockchains with potential for future growth, it has recently experienced price dips. However, technical indicators suggest the asset might be oversold in June and due for a rebound in July. These factors combine to make Avalanche a potentially promising investment opportunity for July.
8. Dogwifhat (WIF)
wif
dogwifhat$2.74*
*prices delayed up to 10 minutes+8.12%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market Cap: $2.1 billion
Dogwifhat (WIF) is a memecoin that burst onto the scene in December 2023. Unlike many other cryptocurrencies with a specific purpose, Dogwifhat doesn't really do anything yet — its value relies purely on its popularity and people buying and selling it like a trading card. Since it's comparatively new, Dogwifhat's price has been volatile. In February 2024, it jumped from 30 cents to over $4 in just a few weeks. This significant jump was because it got listed on a giant crypto exchange, Binance. There are a few things that affect Dogwifhat's price. First, there are a lot of fans online who are excited about it. Second, because it's a memecoin, its price can be especially volatile, meaning it can swing up and down quickly. Finally, if the overall crypto market is doing well, Dogwifhat might go up in price, too. So, what does this all mean for July 2024? Because it's so new and unpredictable, it's hard to say what will happen to Dogwifhat's price. But with its strong community and the possibility of a good crypto market, it might be one to watch.
9. Toncoin
Market Cap: $18.9 billion
Toncoin, born from Telegram but redesigned after legal hurdles, is a fast and scalable blockchain network. Integrated with Telegram, it aims to smooth transactions and support decentralized applications (dApps). Toncoin has established itself as a player in the market, boasting a market cap of over $18.9 billion and strong trading activity.
So, is Toncoin a good investment? Here's what makes it attractive:
- Unique architecture: Toncoin's technology sets it apart.
- Growth potential: Toncoin has room to grow with a strong foundation.
- Telegram connection: Integration with the massive Telegram user base is a plus.
- dApp support: Toncoin can power decentralized applications.
- Fast transactions: Toncoin promises speedy transactions.
However, Toncoin also carries some risks. Its price can fluctuate significantly (volatility), cryptocurrency regulations are still evolving, and Toncoin isn't yet widely available on all major exchanges. Before investing, carefully research Toncoin, consider the risks involved, and seek reliable investment advice.
10. Dogecoin (DOGE)
doge
Dogecoin$0.138595*
*prices delayed up to 10 minutes+5.89%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market Cap: $18 billion
Based on a popular internet meme, Dogecoin (DOGE) started as a goof in 2013. Created by Billy Markus and Jackson Palmer, it quickly gained a passionate group of fans who liked its lighthearted approach to cryptocurrency. Dogecoin became known for its charitable giving and friendly online community, where tipping each other with DOGE became a popular trend. Unlike many cryptocurrencies with specific purposes, Dogecoin has no major use case yet. It might be used for payments someday, but for now, its value depends on its fans and the overall health of the crypto market. Whenever someone famous like Elon Musk tweets something positive about Dogecoin, its price often jumps. For example, Elon Musk said he'd eventually let people buy Tesla cars with Dogecoin! With its strong community and the possibility of a good crypto market in July 2024, Dogecoin might be a cryptocurrency to keep an eye on. However, it's important to remember it's still a bit unpredictable since it started as a joke.
What Is an Altcoin?
In the world of cryptocurrency, Bitcoin reigns supreme, but it's not alone. There's a whole category of digital currencies known as altcoins, short for “alternative coins.” As the name suggests, altcoins are all the cryptocurrencies besides Bitcoin.
Some altcoins were created to address perceived weaknesses in Bitcoin's design, like scalability or transaction speeds. Others focus on entirely new applications for cryptocurrency technology, such as powering decentralized finance (DeFi) projects or enabling the creation and trading of Non-Fungible Tokens (NFTs). This variety makes the altcoin market a fascinating and ever-evolving space.
Types of Altcoins
Altcoins offer a vast and colorful spectrum of cryptocurrencies, each with distinct purposes. Well-known examples include stablecoins pegged to real-world assets (like Tether or USD Coin), Layer 1 blockchains as platforms for other applications (like Ethereum or Solana), and tokens serving specific utilities or functions within a project. We can also find meme coins (like Dogecoin or Shiba Inu) driven by online trends and governance tokens that allow holders to influence decisions on a blockchain project.
Pros and Cons of Altcoins
Take a look at some pros and cons.
Pros
- High-Growth Potential: Many altcoins, particularly those in the early stages of development, have the possibility of significant price appreciation. This translates to potentially greater returns for investors.
- Diversification Powerhouse: Spreading your investment across various altcoins can diversify your crypto portfolio, potentially mitigating overall risk.
- Innovation Engine: Altcoins often tackle specific problems or introduce unique features not found in Bitcoin. This constant push for innovation drives the entire cryptocurrency space forward.
- Accessibility Advantage: Compared to Bitcoin's high price per coin, some altcoins might be more readily accessible to everyday investors.
Cons
- High-Risk Rollercoaster: Altcoins are generally more volatile and speculative than Bitcoin, the established leader. This translates to a higher risk of significant price swings and potential losses.
- Adoption Hurdle: Many altcoins struggle to gain widespread adoption and use, limiting their real-world value and long-term viability.
- Regulatory Uncertainty Cloud: The regulatory environment surrounding altcoins is often unclear compared to Bitcoin, creating uncertainty and risk for investors.
- The Competition is Fierce: The cryptocurrency market is crowded with new altcoins constantly emerging. Standing out and gaining traction can be a challenge for individual altcoins.
- Liquidity Woes: Some altcoins might have lower trading volumes and liquidity, making buying or selling them at desired prices difficult.
- Beware of Scams: The altcoin market has been susceptible to various scams, including pump-and-dump schemes and fraudulent initial coin offerings (ICOs). These can lead to significant investor losses.
How to Invest in Altcoins
Take these actions into account before investing in altcoins:
1. Conduct thorough research on any project before investing. Key points to consider in any altcoin project are its use cases, road map, team, and technology used.
2. Do your risk assessment on your intended altcoins and consider factors including market volatility, regulatory challenges, and potential security vulnerabilities.
3. Plan to diversify your altcoins' investment and spread your investments across different altcoins to minimize risk.
4. Set your budget if you wish to invest in altcoins. It is recommended to risk the amount you can afford to lose.
5. Choose a reliable exchange with a good track record, strong security measures, and a user-friendly interface.
6. Stay Informed and conduct due diligence before investing in altcoins.
Are Altcoin Investments Subject to Taxation?
The IRS considers Bitcoin and other digital assets, including altcoins, taxable income. Whether mining, selling, or buying crypto, keeping precise records and understanding how taxes apply to avoid penalties is essential.
Is It Better to Buy Bitcoin or Altcoins?
Choosing between Bitcoin and altcoins hinges on your investment goals and risk tolerance. The well-established leader, Bitcoin, offers stability and wider recognition but might need more growth potential. In contrast, altcoins boast a more comprehensive range of technologies and potentially higher returns, but they're also riskier and more volatile.
Altcoins: Lots of Options, Lots of Potential
Altcoins present a diverse and dynamic landscape for investors and users. From stablecoins pegged to real-world assets to utility tokens powering specific projects, thousands of altcoins offer unique functionalities. While the market's volatility poses risks, careful research can unlock significant returns. Building a portfolio with a mix of established and emerging altcoins helps mitigate risks and capture opportunities in this ever-evolving space.
Frequently Asked Questions
What altcoins have 100x potential?
There are many altcoins out there that can potentially profit you 100x returns. According to Reddit, ADA, XLM, AERO, ICP, SOL, ALGO, DOT, ARB, RIO, and LINK are the go-to coins that may pump in the coming time.
Which coins will explode in 2024?
According to our experts, ETH, LINK, and SOL are the coins that may explode in 2024. However, these are merely predictions, and it is impossible to know where the crypto market will stand tomorrow.
Which cryptocurrency will reach $10,000?
Ethereum is the top altcoin with a solid potential to reach $10,000.
Which coin will boom in 2025?
According to our experts, DOT, ETH, SOL, LINK, and MATIC are the coins that may boom in 2025.
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About Ishan Jain
Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.