Best Altcoins to Buy in 2024: A Comprehensive Guide

An altcoin is a term for any cryptocurrency but Bitcoin (it’s short for “alternative + coin”).

This term came from users of the world's largest cryptocurrency forum, BitcoinTalk. Each altcoin is an attempt to improve classic bitcoin, but each project does it in its own way.

TGDRrating reviewed the list of the best altcoins to buy in 2024 and the factors to consider when investing in alternative coins.

Top 12 promising altcoins of 2024 year

We reviewed the top 12 altcoins to invest in 2024 year. Each coin has unique features, usage cases and purposes.

1. Filecoin (FIL)

2. CryptoGPT (GPT)

3. Toncoin (TON)

Read also: How and where to buy Toncoin.

TON is a crypto project developed by the Durov brothers, the founders of Telegram Messenger. It was later handed over to the TON open community, which has supported and developed the project. TON was created as a platform for development and implementation of decentralized applications (dApps). It is considered one of the fastest blockchains (55,000 transactions per second were processed in 2021).

Toncoin (TON) is the native coin of the platform. Included in the top cryptocurrencies by market capitalization.

Launch year: 2018;
Blockchain: TON;
Maximum supply: 5 billion;
Usage cases: payment of transaction fees, staking, TON network management;
Supported crypto wallets: Tonkeeper, TON Wallet, Tonhub, MyTonWallet, OpenMask, SafePal Wallet, Coin98.

4. Trust Wallet Token (TWT)

Read also: How and where to buy Trust Wallet Token.

Trust Wallet is a decentralized wallet application owned by the Binance crypto exchange. Trust Wallet supports 65 blockchains (Bitcoin, Ethereum, Tron, Ripple, etc.) and 4.5+ thousand of cryptocurrencies and non-fungible tokens (NFTs).

Trust Wallet Token is the native coin of the Trust Wallet ecosystem.

Launch year: 2020;
Blockchain: Binance Chain, Binance Smart Chain;
Maximum supply: 1 billion;
Usage cases: discounts for in-app cryptocurrency purchases and decentralized exchange (DEX) services, participation in Trust Wallet governance, voting on Trust Wallet upgrade proposals;
Supported crypto wallets: Trust Wallet, Atomic Wallet, Ledger.

5. Arbitrum (ARB)

Read also: How and where to buy Arbitrum.

Arbitrum is a Layer 2 scaling solution for Ethereum. Sidechains are used to process transactions, which reduces the load level of the Ethereum network and makes transactions faster and cheaper. Developers can use Ethereum smart contracts without having to learn a new programming language: applications built on Ethereum can be easily ported to Arbitrum and vice versa.

Arbitrum (ARB) is the native token of the Arbitrum blockchain.

Launch year: 2020;
Blockchain: Arbitrum;
Maximum supply: none;
Usage cases: voting on proposals that relate to the functions and updates of the protocol, the distribution of funds and the election of the Security Council;
Supported crypto wallets: Rainbow, MetaMask, Wallet Connect, Trust Wallet, Ledger.

6. Avalanche (AVAX)

7. The Sandbox (SAND)

8. Chainlink (LINK)

9. Hedera (HBAR)

Hedera Hashgraph is a public network that uses a new distributed ledger technology (DLT) known as Hashgraph. Although data is stored in hashes rather than blocks, Hashgraph works like a blockchain. The hashgraph is safe, anonymous, high performance and large capacity. Hedera Hashgraph supports cryptocurrencies, smart contracts and DApps.

Hedera is supported by major corporations: Google, IBM, Boeing, LG, T-Mobile, Nomura, Deutsche Telekom and others.

HBAR is a cryptocurrency and utility token of the Hedera network.

Launch year: 2018;
Blockchain: Hedera;
Maximum supply: 50 billion;
Usage cases: payment of transaction fees, verification of transactions;
Supported crypto wallets: Atomic Wallet, Coinomi, Exodus, Ledger and more.

10. Algorand (ALGO)

Read also: How and where to buy Algorand.

Algorand is a next-generation high-performance blockchain. Many refer to this project as “Blockchain 3.0” as it solves Bitcoin’s scalability issues while maintaining security and decentralization. Algorand uses Proof-of-Stake, provides fast transactions and low fees.

Algorand supports many world-class investors: Pillar and Union Square Ventures and more.

ALGO is the native cryptocurrency of the Algorand network.

Launch year: 2019;
Blockchain: Algorand;
Maximum supply: 10 billion;
Usage cases: payment of transaction fees, staking, payment of rewards to validators, management and funding of new developments;
Supported crypto wallets: Atomic Wallet, Trust Wallet, Exodus, Ledger and more.

11. Dogecoin (DOGE)

12. Solana (SOL)

Factors to consider when investing in altcoins

There are many factors to consider when choosing altcoins to invest in. Let’s consider some of them:

Market capitalizition: Shows which cryptocurrencies currently occupy the highest positions among others. The higher the market capitalization, the higher liquidity, which allows you to open and close trading positions at any time;
Technology: Technological innovations affect the value of cryptocurrencies. If the functions and technologies underlying the coin (consensus algorithm, scalability, security measures, etc.) are unique, the coin will be promising and in demand on the market;
Usage cases: If the project has multiple use cases, that’s a plus. It is also important to know which usage cases are promising and which are already in the market multiple times;
Supply: Shows how many coins are already in circulation and how many can be mined. This will affect the price of the cryptocurrency in the long run. For example, Bitcoin has a limited number of coins. As more users invest in Bitcoin, the demand for the coin increases as the supply of BTC is limited;
White paper: Make sure that the cryptocurrency you plan to invest in has a white paper. A white paper is a document with detailed information about a coin, its usefulness and purpose, as well as the technologies behind it. This will not only give important information about the coin, but also reassure you that it is not a scam;
Development team: The project has a chance of success if it is developed by professionals with extensive experience in the field of blockchain, cryptocurrencies, security technologies, etc.;
Community support: It is important that a coin has a community of followers behind it, promoting its use cases, attracting partnerships and collaborations both inside and outside the network.

Risks and issues of investing in altcoins

Investing in altcoins has the same risks as investing in Bitcoin: market volatility, regulation, technological risks, fraud, etc.:

High volatility: Altcoin price movement is extremely volatile and unpredictable. For example, the price of a coin can drop by 90% or more in one day;
Regulation: Regulators can prohibit any transactions with digital assets or, for example, recognize them as securities, which will affect their value. Investors should follow the legal side of the crypto industry: certain decisions can become a factor in the success or failure of altcoins;
Technological risks: There may be failures in the operation of the exchange, crypto wallet, hacks, loss of private keys and other risks, which may lead to the loss of cryptocurrency;
A lot of scam projects: Due to the large number of altcoins, it is sometimes difficult to determine which ones have long-term potential and which are scam projects;
Low liquidity: altcoins are not as widespread as Bitcoin, they have less liquidity, making it difficult to buy or sell coins at a bargain price;

In any case, it is important to do your own research before making any financial decision. Remember that while many promising coins can bring big returns, crypto investments are risky, so do not put more money into them than you can afford to lose.

How to start investing in altcoins

To buy one or another alternative coin:

Analyze the state of the market, assess the risks, read the opinions of experts and analysts;
Select currency (if there are several, then decide on the risk portfolio: conservative, moderate or aggressive);
Determine the cryptowallet for storage (use “cold” or “hot” wallets depending on the duration of storage, сoins amount, etc.). If you plan to store large amounts for a long time, choose a hardware wallet like Ledger. If you often make transactions and keep small amounts in your wallet, you can use mobile crypto wallets, for example, Trust Wallet or Atomic Wallet and others;
Choose a reliable crypto exchange (high turnover, good reputation, positive reviews, etc.). You can pay attention to crypto exchanges like Binance, ByBit, OKX, etc;
Make a deposit;
Buy altcoin;
Transfer cryptocurrency to a storage wallet.

Buy a coin when its price low and sell when it rises. At the same time, do not make decisions based on emotions and stick to the chosen strategy.

FAQ

What is an altcoin?

Altcoin is short for "alternative coins". This is the term determines of all cryptocurrencies except Bitcoin.

Altcoins were originally created to remove the limitations and weaknesses of Bitcoin. Over time, developers of alternative crypto projects began to add new features and capabilities: some altcoins are used for exchange, others allow running decentralized applications on the blockchain, etc. Popular altcoins are ETH, ADA, SOL, DOGE, DOT, etc.

Which altcoin has the most potential?

If you want to add altcoins to your investment portfolio, you should pay attention to Filecoin, Toncoin, Trust Wallett Token, Arbitrum.

What factors make an altcoin one of the best?

Practical use and usefulness: For example, Bitcoin was the first digital currency that did not require a bank. Users could store and send money offline, without the need for a third-party financial institution. Users wanted to be less dependent on financial institutions: Bitcoin satisfied this need, so the price of the coin grew;
Technology: For example, Ethereum Virtual Machine (EVM) is the engine that powers the Ethereum ecosystem. The EVM provides the infrastructure for compiling and running smart contracts on Ethereum. It is for this reason that the Ethereum blockchain remains a favorite among developers of DApps, DEXs and other DeFi platforms, which favorably affects the rate of the native ETH coin;
Characteristics of a cryptocurrency can make it an attractive investment (supply, usage cases, etc.);
Partnerships and collaborations with large companies and brands indicate that the project has a future.

How to evaluate the investment potential of an altcoin?

Market capitalization: The higher the market cap (compared to other coins), the safer the investment;
Usefulness: If the cryptocurrency has a purpose and solves a real problem or significantly improves an existing technology - this option can be considered for investment;
Community and developers: Promising cryptocurrencies have a solid community. This community includes miners, developers, supporters and potential users. Digital currencies with a strong and active community are a good sign that there is genuine interest in the project. In addition, it is extremely important to pay attention to the experience of the team behind the crypto project.

What are the risks associated with investing in altcoins?

High volatility: Cryptocurrencies are very volatile, which can make it difficult to predict their movement and estimate the best time to invest;
Fraud: When deciding to buy altcoins, be aware of the high level of fraud. There are fraudulent projects on the market aimed at stealing user funds and quickly enriching their creators;
Security: Cryptocurrency wallets are vulnerable to hacking and viruses, which does not guarantee 100% security of storing not only altcoins, but also any digital assets. Therefore, choose cold storage like Ledger, Trezor, etc.;
Regulation: Regulations and laws governing cryptocurrencies may ban digital coins or recognize them as securities, which may affect their value.

Conclusion

Altсoines or alternative coins are all cryptocurrencies except Bitcoin. If you want to add new altcoins to your investment portfolio, take a look at Filecoin, Toncoin, Trust Wllett Token, Arbitrum and other coins from our rating.

Investing in cryptocurrencies can be both unprofitable and highly profitable. Before making a decision, it is important to carefully evaluate each project and take into account many factors (technology, usefulness, team experience, active community, etc.).

The risks associated with investing in altcoins are the same or even higher than when buying Bitcoin. Before investing in a new coin, think about the pros and cons and do not invest your last money.

Agatha Redich

Articles author, editor

Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.

Emil Rabin

Site expert

Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.