13th May 2021

The current Top 3 Altcoins

Article Table of Contents:

1. Ethereum (ETH)
2. Ripple (XRP)
3. Litecoin (LTC) 

Bitcoin (BTC/USD) traders have had an eventful year so far in 2021. The king of all cryptos surged to an all-time high of $64,863 on April 14, ahead of the Coinbase IPO . This was almost 10 times the BTC price in April 2020. However, outside of Bitcoin lies an exciting world of cryptocurrencies otherwise known as altcoins.

A potent combination of tweets by famous personalities and various posts on Reddit has brought back the altcoin season. Elon Musk is not only tweeting about cryptos, but accepting crypto payments for Tesla cars as well. Price rallies in BTC and altcoins have led to the cryptocurrency market touching a market cap of $2 trillion in a matter of just a few months.

Let’s take a look at some promising altcoin projects: 

1. Ethereum (ETH)

With a 450% rise in value  in 2020, Ether performed better than Bitcoin. On May 4, 2021, ETH reached an all-time high price of $3,523 recording YTD gain of 377%. This has been its longest winning streak since the bull run of 2017-18. With a market cap of $387 million, it’s bigger than Walt Disney and Mastercard, as of May 5, 2021.

According to FundStrat, Ether might reach a value of $10,000 in 2021 due to continued enthusiasm over DeFi (Decentralised Finance) projects and internet-based applications. DeFi is now a $100 billion sector, and promises to grow further with the developments in the Ethereum 2.0 framework. This could represent a turning point in financial services, with a wide range of trading and lending services being powered by blockchain networks using tokens as collateral.

2. Ripple (XRP)

The fifth largest cryptocurrency by market cap, Ripple (XRP) rose 6-fold between January and April 2021. On April 11, 2021, XRP was 118% up, continuing a 7-day streak of price rises. This was the biggest weekly rise since December 2017, when it surged 215% in a matter of one week. Even with its ongoing lawsuit with the SEC, investors seem to have factored in a potential victory for Ripple Labs in court.

Meanwhile, the company has brought in a new CFO, Kristina Campbell,  to weather this legal storm. If the company does win the lawsuit, XRP could trade higher in the future.

3. Litecoin (LTC)

Despite moving into a bearish trend since its April high, Litecoin surged to trade at $326 on May 5, 2021, from the $224 level at the end of April. Although the coin has lost its place among the top 10 cryptocurrencies, it stays promising due to its transaction fees being lower than that of Bitcoin, along with lower block generation time and an increased maximum cap for mining. Its lower transaction fees and faster hashing algorithm has earned the altcoin the title of “digital silver” to Bitcoin’s “digital gold.”

Traders should consider proper research and risk management before delving into the volatile world of altcoins.

Are you trading cryptos? Tweet us at @CryptoGTGlobal with your top picks. 
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