Altcoin Season 2021 – TOP 3 Coins To Follow
The Christmas season is just around the corner, but for cryptocurrency users, there is one season that excites them more: ALTCOIN SEASON. This happens when altcoins outperform Bitcoin over the last 90 days. The season signals better investment opportunities whether you are a newbie in the crypto space or a seasoned investor, a Bitcoin fan, or not.
This year, Altcoin season is heralded by Ethereum’s price rally, bringing it to an all-time high. However, several large-cap coins are pushing to keep pace with Ethereum to set their own all-time high prices.
Interestingly, unlike in past altcoin seasons in which Ethereum had always been the runaway winner, so to speak, this year sees many large-cap altcoins challenging Ethereum as the next biggest crypto asset in terms of market capitalization.
Currently, there are over 14,000 cryptocurrencies available in a market dominated by Bitcoin and Ethereum. With too many coins to choose from, deciding on which coin to invest in can be complex. We have put together information on three of the altcoins in Forbes' top 10 list of cryptocurrencies in November 2021.
Binance Coin
Binance Coin issued by the Binance exchange, occupies the third slot in Forbes’ top 10 cryptocurrencies in November 2021. Its price of $0.10 when it was launched in 2017 skyrocketed by 530,000% when it reached more than $530 by the end of October 2021 and ended with a market cap of $88 billion in the same month.
The coin may be traded on the Binance exchange, among the largest cryptocurrency exchanges worldwide; the exchange includes Binance.com, Binance DEX, and Binance Chain. Its use has expanded to pay fees for transactions made on the Binance exchange, booking travel arrangements, entertainment such as lotteries, financial services such as investments at Moeda, and online services like Canva.
The coin’s wide usage may be attributed to the partnerships it has forged with several platforms. One of these platforms is Uplive, Asia’s leading live video streaming platform, which accepts Binance coins as payment for virtual gifts sold to its 20 million users. Binance coin has also partnered with the VISA debit card of Monaco.
Shiba Inu
Shiba Inu (SHIB), developed in August 2020, is a newcomer in the cryptocurrency space but is already making some noise. This decentralized currency is currently #9 on Forbes' list, with a market cap of US$41 billion. Its developer chooses to remain anonymous and only goes by the moniker "Ryoshi," so nobody knows if the developer is an individual or a group.
In August 2020, SHIB traded at $0.00000000051, which soared dramatically to $0.00006485 by October 31, 2021, putting SHIB under the spotlight. Within the first week of November, its price dropped by 30%.
Despite the surge in its price, its unlimited supply of about a quadrillion coins, and the availability of Shiba Inu-based NFTs (non-fungible tokens), Shiba Inu has very limited use. Shiba Inu also made it to the news when Vitalik Buterin donated over 50 trillion SHIB to India’s COVID-Crypto Relief Fund.
Dogecoin
Billy Marcus and Jackson Palmer, developers of Dogecoin, introduced this cryptocurrency to the market in December 2013. They wanted to differentiate it from all the cryptocurrencies available in the market then, so they branded it as the “fun and friendly internet currency.”
Since it entered the cryptocurrency market, Dogecoin has experienced several dips and spikes in its price. During the first half of 2021, the currency experienced successive spikes in its price, reaching as high as $0.69. Several reasons brought the price surge: the attention given by Redditors, Elon Musk, Gene Simmons, and Snoop Dog; Dallas Mavericks owner Mark Cuban, who allowed the purchase of NBA tickets using Dogecoin; the direct listing for Coinbase cryptocurrency exchange.
Today, its price is pegged at $0.222111 and has a market cap of $29.34B. Forbes lists Dogecoin as the tenth top cryptocurrency in November 2021. Dogecoin is traded on many reputable cryptocurrency exchanges against both fiat currencies and other cryptocurrencies.
Wrapping up
With the cryptocurrency market landscape being shuffled by new and aggressive players, there are more reasons to be excited about this year's altcoin season.
Is it wise to invest in Binance, Shiba Inu, and Dogecoin? It depends on the market volatility and your risk appetite. Like any other investment, putting your money in cryptocurrency entails some risks. It's best to study your coins to make a well-informed decision. To find our more about Altcoins and reviews – check altcoinreviews.org