3 Altcoins to Buy for the Next Bull Run: March 2024

Investors may be second-guessing investing in altcoins to buy. With the crypto market losing billions in value following Bitcoin’s (BTC-USD) recent correction, it’s not hard to see why investors are cautious. 

There are varying opinions about the current volatility in the crypto market. Nevertheless, one thing is certain: the long-term bull case for the crypto space remains firmly intact regardless of the recent instability. Additionally, the upcoming halving event in April should help support crypto prices going forward. Also, many analysts feel that much of the drop in BTC’s value at this time is due to profit-taking on the part of short-term investors.

Moreover, with investing gurus such as Cathie Wood calling Bitcoin a ‘financial super highway,’ it would be imprudent to be skeptical of the market’s long-term prospects. With that said, here are three top altcoins to buy that you should add to your crypto portfolios along with Bitcoin.

Altcoins to Buy: Dogecoin (DOGE-USD)

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Dogecoin (DOGE-USD) is a dog-inspired crypto that is perhaps the original meme token. True to its reputation, it has been one of the most volatile yet rewarding crypto investments. In line with the broader market uptrend, DOGE is up a striking 85% year-to-date (YTD) and over 170% in the past six months alone.

Over the years, DOGE has been criticized for offering little real-world utility, an unlimited supply, and a centralized holder base. Though it is tough to debate these criticisms, DOGE has continued to gain ground in network usage over the past year. On top of that, it’s tough to deny the massive community support, a wildcard that has kept it alive to this day.  Moreover, with the support of industry bigwigs such as Elon Musk, I don’t see DOGE going anywhere anytime soon.

Ethereum (ETH-USD)

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Ethereum (ETH-USD) is the second-largest crypto by market cap and arguably the one holding the most real-world utility. In the last six months, ETH has witnessed an impressive 108% increase, mirroring the broader market trends and buoyed by the news of a potential Ethereum ETF following the approval of a Bitcoin ETF.

However, as my fellow InvestorPlace contributor Chris MacDonald discusses in a recent article, the chances of an Ethereum spot ETF approval in May are slim. Nevertheless, the SEC is delaying the inevitable, and approval will likely inject new energy into the project. 

Moreover, you also have the Dencun upgrade, featuring proto-dank sharding and other improvements that aim to reduce transaction fees and boost transactions per second. Proto-dank sharding simplifies the process of data storage for Ethereum, enabling efficient transaction processing at lower costs by breaking data into smaller pieces, making the network remarkably more efficient. Lastly, Ethereum remains a key player in the Web3 space, effectively pioneering smart contracts while hosting a massive share of the total value locked in decentralized finance (DeFi).

Solana (SOL-USD)

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Solana (SOL-USD) is often deemed an Ethereum killer due to its robust throughput and low transaction costs. It’s the fifth most valuable cryptocurrency, boasting a market cap exceeding $75 million at the time of writing. Solana has been incredibly popular in the NFT and DeFi realms, boasting $2.5 billion in total value locked (TVL) in the platform recently.

Moreover, its NFT ecosystem reached new milestones with more than 3.8 million transactions and a whopping $5 billion in all-time sales volume. Furthermore, Solana remains one of the most active platforms, with 3,300 active developers contributing over 40.7 million user transactions daily.

As we advance, Solana is poised for further expansion, with a planned token extension launch for intricate tokenomics, the debut of Firedancer to boost throughput, and the development of Runtime v2 to enhance network performance.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines