Ethereum (ETH) led the June list of the 10 best altcoins. If you want to buy this coin, notable exchanges such as eToro, Coinbase and Kraken.

Although Bitcoin’s (BTC) journey is ongoing, what about the next big stars? In June 2024, a new wave of altcoins — alternative cryptocurrencies — will take the front stage. These coins are not merely arbitrary selections; they are full of cutting-edge technology and have vibrant communities. The key point for every crypto investor is understanding how altcoins will progress. This article helps you navigate the market and find hidden treasures by revealing the top cryptocurrencies besides BTC with breakout potential. So, fasten your seat belt and come along for the altcoin journey!

Best Altcoins to Buy Now

You might want to look for other coins to expand your cryptocurrency holdings beyond Bitcoin. Alternative cryptocurrencies, or altcoins, have unique qualities and room to develop, which makes them appealing investments. 

Here are Benzinga’s recommendations for the top cryptocurrencies to buy right now:

1. Ethereum (ETH)

Market Cap: $465 billion

Ethereum (ETH) is a top cryptocurrency to invest in as of June 2024 because of its technology, versatile use cases, and current market position. After the latest SEC’s spot Ethereum ETF approval on May 23, 2024, investors are expected to be more interested in this project. 

Since its launch in 2015, this crypto has become the second-biggest by market capitalization. Ethereum (ETH) has successfully dominated complex challenges, like the DAO breach in 2016 that gave rise to Ethereum Classic. 

Ethereum is a decentralized network that allows the development of smart contracts and decentralized applications (dApps). This network operates on a proof-of-stake consensus, which is safer and more energy efficient than Bitcoin’s proof-of-work methodology. Moreover, the blockchain is intended to become more scalable and handle hundreds of transactions every second.

Ethereum is our top altcoin for June 2024 due to its innovative technology, wide range of applications, and dominant market position. It is a strong investment option because it guarantees continued relevance and development potential in the cryptocurrency industry.

2. Solana (SOL)

Market cap: $75 billion

In June 2024, Solana (SOL) is highly-rated due to its cutting-edge technology and growing ecosystem. With its Saga smartphone, Solana recently sought to give Web3 users a safe and decentralized mobile experience. With over $4.8 billion (according to Defillama) in total value locked (TVL), the network’s decentralized finance (DeFi) ecosystem has expanded steadily over time.

Some experts believe Solana ETFs are now possible because the U.S. Securities and Exchange Commission (SEC) has approved spot Ethereum ETFs. Proponents think that Solana may follow Ethereum in being categorized as a commodity, making ETF approvals easier. Since its 2020 launch by Anatoly Yakovenko, Solana has attracted hefty investment and adoption by a range of decentralized applications because of its speedy and scalable blockchain platform. Solana’s low latency and high throughput rates make it appealing for consumers and developers despite network disruptions and centralization worries. 

3. Render (RNDR)

Market cap: $3 billion

RNDR, or RenderToken, was conceived in 2017 to address the growing demand for high-quality computer graphics rendering. As studios and artists grappled with lengthy render times and costly hardware, RNDR emerged as a solution, leveraging distributed rendering networks. 

The rise of the Metaverse and the increasing need for top-notch 3D assets further propelled RNDR’s adoption. Movie studios, video game developers, Metaverse architects, and motion graphics artists found utility in RNDR’s services, enhancing their respective projects. 

For its real-life use cases, the rising demand, coupled with the finite supply of RNDR tokens and the platform’s efficiency, reflects the potential rise in its value in June 2024. RNDR’s integration with evolving 3D design and Metaverse platforms could further amplify its relevance and utility, positioning it as a key player in the future of 3D graphics and virtual environments.

4. Chainlink (LINK)

Market cap: $10 billion

Given its robust ecosystem and recent technological developments, Chainlink (LINK) is one of the top altcoins in June 2024. The Chainlink Cross-Chain Interoperability Protocol (CCIP) not only enhances the protocol’s revenue streams but also expands its reach into cross-chain infrastructure. Chainlink functions is a noteworthy feature; it is a serverless developer platform for Web2 API integration of smart contracts. Launched in 2017, Chainlink’s mainnet went online in May 2019, enabling developers to build decentralized Oracle networks. Its notable accomplishments include the introduction of SCALE, Chainlink Staking v0.1, and Chainlink Functions.

Chainlink’s technological developments, growing ecosystem, historical landmarks, and creative Oracle solutions make it a top altcoin in the June 2024 cryptocurrency market.

5. Polkadot (DOT)

Market cap: ~$10 billion

Driven by its cutting-edge technology and ongoing development efforts, Polkadot (DOT) became one of our top altcoin choices in June 2024. The recently released Join-Accumulate Machine (JAM) Gray Paper aims to improve blockchain performance, and Asynchronous Backing were used to improve scalability and efficiency. Polkadot is dedicated to supporting Web3 education and startup acceleration, as seen by its partnership with Founder Institute for a Web3 cohort.

Notable achievements include the community-focused Odyssey Program Trials at Moonbeam Network and the Sinai Upgrade for enhanced security and governance at Acala Network. 

2016 saw Polkadot launch with DeFi solutions and cross-chain data transfers. This network guaranteed scalability and security through the multi-chain design and the nominated proof-of-stake (NPoS) consensus method. The seamless network migration made possible by its technology is seen by the KILT Protocol’s move to the Polkadot Relay chain. With its past successes and multi-chain strategy, Polkadot’s developments make it a top performer in the cryptocurrency industry.

6. Polygon (MATIC)

Market Cap: $7 billion

First unveiled as Matic Network in 2017, Polygon (MATIC) provides a multi-chain architecture and improves security and scalability using the Nominated Proof-of-Stake (NPoS) consensus method. Its technology stack makes network migration easy; the successful migration of the KILT Protocol is one example. Polygon guarantees interoperability with current Ethereum dApps with a Software Development Kit (SDK), allowing developers to create decentralized apps (dApps). Polygon’s recent developments and creative strategies make it a top performer in the cryptocurrency industry in June 2024.

One of its major advancements includes the introduction of Asynchronous Backing by Polygon, which helps improve scalability without compromising security. Its dedication to supporting Web3 education and company acceleration is demonstrated by its partnership with Founder Institute for a Web3 cohort. 

With the completion of the Sinai Upgrade, Acala Network wants to strengthen cross-chain capabilities, community governance, and security. The Odyssey Program Trials by Moonbeam Network also highlight Polygon’s focus on community service and educational projects. With an astounding $987.6 million in Total Value Locked (TVL), Polygon is only second in size of Layer 2 networks by TVL after Arbitrum.

7. Avalanche (AVAX)

Market Cap: $14 billion

Avalanche (AVAX) is one of the top altcoins for June 2024, and the credit goes to its market-leading technology, expanding ecosystem, and significant market share. AVAX was launched by Maofan “Ted” Yin, Kevin Sekniqi, and Emin Gun Sirer in the fall of 2020. Offering innovative contract features just like Ethereum, it is a Layer-1 blockchain. Its special consensus method, Avalanche Consensus, collaborates with a proof-of-stake (PoS) system for governance and staking, putting energy efficiency and scalability ahead of other considerations.

8. Dogwifhat (WIF)

Market Cap: $3 billion

Dogwifhat (WIF) emerged onto the cryptocurrency scene in December 2023, launched anonymously without any clear utility beyond its meme status. Unlike many cryptocurrencies with tangible applications, Dogwifhat (WIF) operates purely on speculative value, heavily reliant on community engagement and speculative trading for its market dynamics.

Since its inception, Dogwifhat (WIF) has faced a lot of price fluctuations. In late February 2024, its price pumped from $0.30 to over $4.80, peaking at $4.85 on March 31, 2024. This rise in price was primarily attributed to its listing on Binance.

Several factors contribute to the price movements of Dogwifhat (WIF). Its strong community following plays a significant role, as does the speculative nature of meme coins, especially amid a bullish market trend. The strong community support and overall market sentiment indicate that Dogecoin’s price may further appreciate in June 2024.

9. Arbitrum (ARB)

Market Cap: $3 billion

Arbitrum (ARB) successfully made it to our list of the top altcoins to look for in June 2024. Launched in 2020, Arbitrum has grown rapidly since Etheruem’s Shapella Upgrade.

The platform’s roll-up technology combines several transactions into a single batch carried out off-chain before being reported to the Ethereum mainnet, optimizing scalability and gas efficiency. Completely compatible with the Ethereum Virtual Machine (EVM), Arbitrum makes it easy to move decentralized apps (dApps) from Ethereum with little changes to the code.

Among the top 35 cryptocurrencies, Arbitrum has a market capitalization of more than $3 billion. Its increasing user base and wide range of applications in content distribution and decentralized finance (DeFi) solutions highlight its increasing importance in the altcoin market space. Prospects point to Arbitrum’s optimistic future expansion, confirming its place among the industry leaders.

10. Dogecoin (DOGE)

Market Cap: $23.55 billion

Dogecoin was introduced in 2013 by Billy Markus and Jackson Palmer as a fun, lighthearted cryptocurrency based on the popular “Doge” meme. It was initially started as a joke and quickly built a strong community following. Dogecoin became known for its charitable initiatives and a culture of tipping, which helped it stand out in the crypto world.

Being the Meme coin, it has no prominent use case except potentially being used as a payment method or to facilitate transactions. Generally, its strong community drives the price up with the overall upsurge of the crypto market. Doge Price also gets some pump whenever some prominent personality like Elon Musk says something good about this coin. For example, Elon Musk has said that he will legalize the use of Dogecoin as a payment method to be used to buy Tesla Cars. The overall crypto market sentiment and its strong community may take it upward in June 2024.

What Is an Altcoin?

Bitcoin is king, though it’s not the only crypto available worldwide. Short for “alternative coins,” altcoins are all the cryptocurrencies besides Bitcoin. While some cryptocurrencies try to address Bitcoin’s shortcomings, others concentrate on new uses, such as enabling Non-Fungible Tokens (NFTs) or decentralized finance (DeFi). 

Types of Altcoins

Altcoins offer a diverse range, each with unique purposes. Some key altcoins included stablecoins (Tether, USD Coin), layer 1 blockchains (Ethereum, Solana), security tokens, utility tokens, Meme Coins (Dogecoin, Shiba Inu), and governance tokens.. 

Pros and Cons of Altcoins

Take a look at some pros and cons.

Pros

• Bitcoin was considered to be the sole crypto with potential. However, altcoins with significant growth potential have now emerged. Ethereum, Arbitrum, and Solana are prime examples.
• Altcoins enable investors to diversify their cryptocurrency portfolios by providing exposure to several cryptocurrencies and various blockchain technologies.
• Altcoins promote innovation by bringing new features and developments to the world of cryptocurrency.

Cons

• Altcoins carry a relatively higher risk of losses as they have not gained enough traction in the market compared to Bitcoin.
• When there is a lack of regulation, investors are more likely to be prone to fraud and market manipulation.
• Investing in altcoins has risks, including fraud and technological malfunctions.
• Due to a lack of liquidity, trading larger sums of smaller cryptocurrencies might be challenging without impacting prices.

How to Invest in Altcoins

Take these actions into account before investing in altcoins:

To invest in altcoins, follow these steps:

1. Conduct thorough research on any project before investing. Key points to consider in any altcoin project are its use cases, roadmap, 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 clear records and understanding how taxes apply to avoid penalties is essential.

Is It Better to Buy Bitcoin or Altcoins?

Your investing objectives and level of risk tolerance are the key determinants of whether to invest in Bitcoin or the altcoins. Though its development potential may be restricted, Bitcoin is the established player that provides stability and greater awareness. On the contrary, altcoins can yield larger returns because of their diversity and technological innovations, yet they are also riskier and more unpredictable.

Altcoins: Lots of Options, Lots of Potential

In summary, altcoins offer various options with huge potential for investors and users. With thousands of altcoins offering distinct features and use cases, there’s something for everyone, from stablecoins to utility tokens. While the market can be volatile and dangerous, meticulous study can lead to huge profits. Diversifying your portfolio with a mix of established and developing altcoins helps limit risks and unleash opportunities in this quickly evolving area. 

Frequently Asked Questions