Diving Deep into Altcoins: Unveiling the Hidden Potential and Excitement Beyond Bitcoin
Ahhh there is a whole world of cryptocurrency and you end up reading about altcoins you degenerate gambler you! Before we get into this section I must warn you altcoins are extremely risky!!! The only way you’ll make money on altcoins is if Bitcoin continues its upward trend and so it is important to follow and know what Bitcoin is doing if you plan to play in the alt market! There are different levels of risk in the alt market that being said a blue chip alt ($ETH,$SOL,$AVAX) is a safer play then a coin that just listed on CMC or coin gecko with a sub million dollar market cap or really anything under 50 million such as a $PALAI although the potential return is much higher with lower market caps it is impossible to predict where it will actually go and if the coin is even legit. But hey you must be in it to win it right! The old saying “scared money don’t make money” well let’s find out if you’re scared or not shall we?
What is an Altcoin?
An altcoin, short for alternative coin, refers to any cryptocurrency other than Bitcoin. Altcoins can have various purposes, such as enhancing privacy, enabling smart contracts, or providing faster transaction speeds. They contribute to the diversity and innovation within the broader cryptocurrency ecosystem.
Altcoins come in various types, each with its own unique features and purposes. Some common types include but are not limited to
1. Smart Contract Platforms: Altcoins that support programmable contracts, enabling developers to create decentralized applications (DApps). Ethereum is a notable example.
2. Stablecoins: Cryptocurrencies pegged to the value of a fiat currency or other assets, providing stability. Tether (USDT) and USD Coin (USDC) are examples.
3. Forked Coins: Altcoins that are created by modifying the existing codebase of a blockchain, often for improvements or changes in protocol. Examples include Bitcoin Cash (forked from Bitcoin).
4. Cross-Chain Compatibility: (Layer 0) Altcoins designed to facilitate interoperability between different blockchain networks. Polkadot and Cosmos are known for their cross-chain capabilities. ($DOT,$ATOM,LINK)
5. Privacy Coins: Designed to enhance user privacy and anonymity in transactions. Examples include Monero and Zcash. (Gov. hates this and does everything to try and shut them down)
6. Utility Tokens: Coins created to serve a specific purpose within a decentralized ecosystem. For instance, Binance Coin (BNB) is used for transaction fees on the Binance exchange.
7. Payment Coins: Designed for everyday transactions. Litecoin, for example, was created as the "silver to Bitcoin's gold."
8. Non-Fungible Tokens (NFTs): Represent unique digital assets and are often used for digital art, collectibles, or in-game items. Ethereum-based tokens like Cyber Punks are NFTs.
These categories showcase the diverse functions and use cases that altcoins bring to the cryptocurrency ecosystem. While merely scratching the surface of what is possible in crypto with all of the different use cases it can be hard to say it has no value! Especially when some altcoins are real company’s turning a profit! Look into (RNDR) if you don’t believe me and there are plenty of other real use cases that are proving themselves in the market today!
Now beware there are more scams out there today then ever before and they are only getting better, if you are in crypto currency your #1 priority needs to be cyber security!!! What’s the point of doing all this work and learning how to trade on dexs(decentralized exchange) to get in on early gem coins just to sign the wrong smart contract and get your crypto wallet drained! Staying with the theme of scams and corruption Jamie Dimon and ElizaWitch Warren are wondering how they are going to launder money in the coming years… Big changes to come and yes it is bigger than any government! #TeamFink #BoycottVanguard (think about 2016 who was actually working with the Russians stop being a blind libtard thank you I digress…)
Decide For Yourself
Altcoins can be very exciting with the promise of money raining down from the sky from a month straight parabolic run of going up 30-50% each day to only get rug pulled last minute right before you were thinking about taking profits! (Yes the whole point of buying altcoins is to sell them!!) Never fall in love with your coins or you will round trip your bags into the 2029 bull run and you’ll be sitting on your hands for two years complaining about how everything should always go up forever…..
However with the possible return of 10x 20x maybe even 50x your initial investment it can be very hard to stay grounded in the moment! It’s important to set targets for these investments write them down and trust your gut! If you hit your target and you sell and it keeps going up you already reached your goal! You will have a better chance finding a coin that hasn’t pumped yet then going after a coin that already 10x it will take significantly more money to move that specific coin! Looking at total market caps vs other coins market caps that are comparable can be a good benchmark if the coin is over or under valued to the rest of the market!
It's important to note that the altcoin market is speculative, and prices can be influenced by various factors, including market sentiment, technological developments, regulatory changes, and overall trends in the broader cryptocurrency market. Potential upside in the altcoin market is often associated with successful project launches, partnerships, and adoption of new technologies.
With that being said lets take a look at the total market cap for all altcoins which is just the market cap of the entire crypto industry excluding $BTC.
el_crypto_prof (@𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 ) posted: #Altcoins
Did you know that the Altcoinmarketcap recently closed ABOVE the baseline in the Donchian Channel?
And did you also know that this only happened in 2016 and 2020 so far?
After that, we saw a bull run in both cases and NO candle closed below the line until the top!
https://x.com/el_crypto_prof/status/1746633835440218398?s=20
There is a lot to consider before getting involved in the Altcoin market but I hope this blog helped! If you guys ever have any questions or topics I should write about feel free to reach out! You can either use the contact page right here on OhzoneCrypto or you can dm me on Twitter/X! Look forward to hearing from you guys and good luck out there!