Today, altcoins provide better transaction speeds and energy efficiency than most big coins.
Bitcoin’s soaring value can make it seem an overwhelming investment prospect, but there are other cryptocurrencies – or altcoins – out there for the budget conscious to start a portfolio.
So, what are altcoins? It means alternate coin, or not a Bitcoin.
The basic structure for altcoins and Bitcoins is similar. However, numerous things distinguish the two from each other. Altcoins were built after the success of Bitcoin, but the rules were somewhat modified for altcoins, so they attract specific users.
There are many different types of altcoins available, based on their purpose.
Here are six altcoins (in alphabetical order) that experts say are the best to invest in with $500.
Avalanche (AVAX) has a market value of US$14.5 billion and is up this year by 1,954 per cent, at US$65.94
Developed by Ava Labs, this blockchain is a smart contracts platform for decentralised applications and its AVAX token began trading on Coinbase Pro at the beginning of October.
2. Boost Coin
Boost Coin has a market value of US$53 million and this year, it’s up 293 per cent to US$0.0505.
Launched in August, Boost Coin feeds the Boost ecosystem that’s centred on decentralised finance tools.
The company behind it says it’s similar to Boost Swap, a decentralised exchange. This is the first tool for crypto exchanges Uniswap, SushiSwap, and PancakeSwap.
3. Cardano ADA
The third coin on the list is Cardano ADA, which has a total market value of US$69.3 billion and is up 1,092 per cent this year at US$2.16.
Cardano’s profile and that of its ADA token, have flourished in recent months. Last month, the network ran its Alonzo upgrade that brought smart contract capability to its network. This move specifically reinforces its competition with Ethereum.
4. Crypto.com Coin
Crypto.com Coin CRO has a market value of US$4.2 billion and is up 183 per cent in 2021 at US$0.16531, making it a very affordable coin for beginners.
Launched in March 2021, Crypto.com is a cryptocurrency exchange and consumer financial services company whose coin serves as the token for Crypto.com’s chain, a decentralised open-source blockchain.
CRO is used for staking, payments and settlements and many experts think it is underrated.
Another coin great for those on a budget is Polygon (previously MATIC). This coin has a market value of US$7.6 billion, but is down 27 per cent this year at US$1.236. It’s expected to grow exponentially