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Bitcoin started a new recovery in the final days of March, and since the industry is changing and evolving — especially now that institutional investors are getting deeply involved — it is impossible to know whether this is just a short-term recovery that will end after a few days, or a rally that might take the coin to new heights.
What we do know, however, is that Bitcoin is the most dominant cryptocurrency out there, and as such, it dictates the behavior of the entire market. In other words, where it leads, altcoins most likely follow. The biggest ones follow first, of course, as they are the safest altcoins, and people first start buying them. But, in time, smaller altcoins might follow as well, if the new wave of growth ends up lasting for long enough.
So, if you want to invest in an altcoin or several, here are some of our top recommendations – coins that will definitely follow BTC as it moves back up. 1. Solana
The first on our list is Solana — a smart contract platform that is essentially a much faster, more scalable, and cheaper-to-use version of Ethereum. Solana has been one of the biggest alternatives to ETH after Ethereum’s gas fees surged so much that most people found using its network too expensive.
Solana has, therefore, seen a significant increase in the number of users, projects, and more, which means more use cases for its own token. Essentially, the project is just waiting for a spark such as Bitcoin recovery to launch its crypto to the moon, which is why we believe that it might be worth considering.
Of course, nothing is ever guaranteed in crypto, so maybe even Solana’s growth might be weaker than expected, but based on everything that we know, the project definitely has potential.
To learn more visit our Investing in Solana guide. 2. Dogecoin
The next on our list is Dogecoin. This is the world’s first memecoin, developed back in 2013, and while no one expected it to survive for longer than a few weeks or maybe months, DOGE managed to stay a top-ranking coin for nearly a decade now. It also exploded in 2021 like never before, becoming one of last year’s top performers.
The surge was partially led by its community, but Bitcoin’s contribution is also extremely important, since the coin provided the altcoin market with the right conditions to grow. Dogecoin’s growth was so inspiring that it led to the creation of an entire memecoin sector in crypto, and while some believe that one of these tokens will be the DOGE killer, for now, Dogecoin still sits above them all.
It is impossible to say whether Dogecoin will repeat its performance in 2022, but if Bitcoin truly turns this recovery into a new rally, DOGE will have the conditions to skyrocket again, which is one of the reasons why we believe that investors seeking opportunities should not underestimate it just because it is a joke cryptocurrency.
To learn more visit our Investing in Dogecoin guide. 3. Cardano
In the third spot, we have Cardano — another development platform that aims to beat Ethereum at its own game. However, Cardano is different from most others that aim to do the same, and it is quite well-known for its slow but steady development. The coin just finished the second of its five development stages in October 2021, finally launching smart contracts on its platform.
The anticipation alone led to the massive surge of its native coin, ADA, but once the smart contracts arrived and the development of projects that gave ADA new use cases finally started – the market was already crashing. As a result, we believe that the coin never got the chance to reach its real value, and that it remains undervalued to this day.
As a result, a new bullish wave might give ADA just the environment it needs to start growing again, and even skyrocket to heights never seen before, which is why we feel like it definitely deserves a place on this list. Also, it is worth remembering that Cardano still has three more Eras to complete, each of which will make it more advanced, add new features and functionalities, and more, […]
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