3 Best Altcoins to Buy for 2021
Current Market
May 2021 was a tough month for most cryptocurrencies as the price of Bitcoin (BTC) fell to lows not seen since January 2021. That being said, prices have begun to show signs of recovery, though that does not mean we are out of the woods yet. June 2021 may still see other countries joining Turkey and China in cracking down on cryptocurrencies.
However, there has been positive news as well, the latest being El Salvador’s plans to pass law to adopt Bitcoin as legal tender. Many analysts do believe Bitcoin’s price has bottomed out and even if they are wrong, it is without a doubt that several altcoins should be on your watchlist this month.
Take a look at our top altcoin picks for June 2021. They include a few of the most promising projects in the Blockchain space today with incredible upside potential!
1. Solana (SOL)
Solana is a web-scale Blockchain that offers scalability and security to decentralized applications and marketplaces. Through a specific set of software algorithms called the Solana Cluster, their goal is to demonstrate the ability to scale a Blockchain network. The network currently supports 65,000 transactions per second, which is equivalent to VISA’s ability to handle transactions in a second.
Solana is a combination of two consensus mechanisms — Proof-of-Stake and Proof-of-History — with delegations. This means SOL holders can choose to delegate their tokens to validators for processing transactions on the network. The more transaction validators write, the more rewards they receive. All token holders who have delegated stakes to validators will earn a portion of the rewards. Moreover, SOL can also be used for performing micropayments called lamports.
A network is only as strong as its partner. As a part of its development, Solana has collaborated with several Blockchain-based solutions to grow the crypto ecosystem. This includes Audius, Circle, Wormhole, Tether, Pocket, Torus, and dfuse. Solana has also integrated Chainlink to accelerate development time and create a high-performance oracle solution. The goal is to bring significant value to decentralized finance markets through efficient binary options without compromising security.
Solana is one of the most advanced Blockchain networks in operation currently. The development team is building a system that could surpass the transactions per second and functionalities of most payment processors nowadays. In the near future, we can expect the value of the SOL token to rise as more developers and users make the switch over to Solana.
Click here to purchase SOL on Binance.
2. Polygon (MATIC)
Polygon, previously known as Matic Network, is a protocol and a framework for building and connecting Ethereum-compatible Blockchain networks. Although Ethereum is currently the Blockchain development platform of choice, it has its limitations like low throughput, high gas fees and no sovereignty (shared throughput/clogging risk, tech stack not customizable, governance dependence). The recent delay in Ethereum’s upgrade to Ethereum 2.0 has also put on hold what has been promised as a more scalable and environmentally friendly system.
Despite this, Ethereum currently retains its popularity as the ecosystem of choice and many projects are exploring Ethereum-compatible Blockchains as a way to mitigate these limitations whilst still leveraging on Ethereum’s thriving ecosystem.
This is where Polygon seeks to improve user experience. Polygon is a highly scalable Layer 2 Network for Ethereum that drastically reduces transaction fees for users looking to transfer cryptocurrencies and uses an extra Blockchain that works alongside Ethereum to improve its speed, called a sidechain, to process transactions quickly. Eventually, Polygon aims to help various platforms work seamlessly together by introducing specialized frameworks and to reduce ecosystem fragmentations. In addition to side chains, Polygon aims to be a scaling hub for Ethereum by offering side-chain, off-chain, ZK rollup, Optimistic rollup and Plasma scaling solutions for developers to choose from, making it easy for new Dapps to scale.
Through an improvement in transfer times and transfer fees, Polygon has the potential to solve the current and expected future congestion on the Ethereum network, which would inevitably lead to greater importance and immense potential for growth in the near future.
Click here to purchase MATIC on Binance.
3. OCTION (OCTI)
OCTION is the world’s first Centralized and Decentralized (CeDeFi) options trading platform built on the Binance Smart Chain. Through a democratic framework on the Blockchain, OCTION will allow their users to trade options with no middlemen, no centralized organizations, lower fees, more option types and zero data or market manipulation. More importantly — the prediction markets category is a segment of the DeFi realm that is sorely underdeveloped
Prior to the launch of OCTION, existing options trading platforms have previously been built on the Ethereum network, which is commonly faced with slow transaction times and high gas fees. A lot of times, it becomes difficult for traders to trade profitably as high gas fees have sometimes resulted in transaction costs that were higher than the actual cost of the options contract being purchased.
OCTION aims to solve this problem by building on the Binance Smart Chain. The higher transaction times result in smoother and faster transactions, whilst the low gas fees allow for users to trade more profitably. OCTION has also included upgrades to traditional options trading platforms by introducing the OCTION Positional Shield, which is an insurance function that allows for users to cash out on their options contracts early should they feel that the market is going in the opposite direction of what they desire. The OCTION Liquidity Pool will also be developed, where contributors will act as collective Writers that will take on all options contracts purchased (by Holders) on the OCTION platform on a pro-rata basis based on individual contributions to the liquidity pool.
As with all projects, partnerships are incredibly important. As part of its development, OCTION has collaborated with several Blockchain-based solutions to grow the OCTION ecosystem. This includes BSCPAD for their Initial Dex Offering, Ferrum Network for the launch of staking pools, Umbrella Network for pricing of options contracts and data feeds through a decentralized oracle service and Hashgreed/Krosscoin to develop options on NFTs.
OCTION is one of the most sophisticated options trading platforms built on the Binance Smart Chain that has sought to overcome the flaws of existing options trading platforms on other Blockchain networks. The platform is expected to be launched by late June 2021 and we can expect the value of OCTI to rise as more users make the switch over to the OCTION ecosystem.
Click here to purchase OCTI on Pancakeswap.
Invest for the Long Term
Cryptocurrencies are volatile investments, as the past few months have shown. These are new and relatively untested markets, which means there is a risk you could lose everything.
The information above gives you a taste of three coins that are worth watching in June 2021 and beyond. However, it is also important to do your own research, only invest money you can afford to lose, and watch for cryptocurrencies you believe will perform well in the long term!
