Ethereum alternatives have crashed. Here are the best ones to collect
Ethereum and Ethereum-killers have slumped sharply in the past 24 hours. Data compiled by Coingecko shows that ETH has dropped by more than 8% in the past 24 hours. Other coins like Polygon, Avalanche, Fantom, Cardano, and Solana have done even worse.
While this downward trend is set to continue, there is a likelihood that this drop presents a good buying opportunity. Here are some of the top Ethereum alternatives to collect.
Solana (SOL) is a leading alternative to Ethereum that prides itself for offering a better platform than most chains. It solves some of the biggest challenges that Ethereum faces like fast speed, high interoperability, and lower costs.
Today, Solana is widely used in leading blockchain industries like the metaverse, decentralized finance (DeFi), and non-fungible tokens (NFT). According to DeFi Llama, it has billions of dollars in total value locked (TVL) and the number of NFTs in its ecosystem has been rising.
More so, the developers have millions of dollars in their balance sheet that they will use to fund growth. Therefore, there is a likelihood that the Solana price will bounce back in the coming months.
Polygon (MATIC) is a layer-2 platform whose goal is to optimize applications built using Ethereum’s technology. Using its network, Ethereum developers can easily optimize their applications in a bid to reduce costs and increase their efficiency. They achieve all this while taking advantage of Ethereum’s technology.
In the past few months, the number of applications moving to Polygon has been rising. These apps include Aave, Uniswap, and Curve Finance. In total, there are thousands of more projects in the ecosystem. Therefore, if altcoins rebound, there is a possibility that Polygon will do well.
Avalanche (AVAX) is a leading Ethereum-killer that prides itself on its blazingly fast speeds. The network has features that ensure that transactions are faster and more reliable than those in other chains. It has the capacity to process in excess of 4,500 transactions per minutes (tps).
In the past, many developers have moved to its platform. Some of the biggest projects built in Avalanche are Trader Joe, Aave, Benqi, Platypus Finance, and Alpha Finance among others.
Therefore, with activity in Avalanche’s network rising, there is a likelihood that the coin’s price will rebound in the coming months.
In addition to these three, other Ethereum-killers that are likely to bounce back in the coming months are Polkadot, Fantom, and Harmony.