Bitcoin (BTC-USD) is the king of cryptocurrency. It is so dominant that all other cryptocurrencies are known as altcoins. That strongly suggests that Bitcoin is the number one choice and that all others are alternatives.Â
It’s hard to argue with that assertion, given how strong a force Bitcoin is in determining the prices of all other cryptocurrencies. Anyway, let’s consider those other altcoins, especially those that are lesser known.
Bitcoin is again trading near the $70,000 mark. Prices served from $61,000 at the beginning of March to $73,000 by the middle of the month. Then they corrected back to $61,000 by the 20th and have again surged back to $70,000 at the end of the month.
That bounce back is creating outsized opportunities in volatile altcoins that grow rapidly on such quick swings in BTC price.
Myro (MYRO-USD)Â
Myro (MYRO-USD) is an inexpensive, lesser known altcoin that cryptocurrency investors will want to pay attention to. Like everything else, Myro will benefit if Bitcoin continues to rise.
However, Myro will also benefit due to its association with Solana (SOL-USD) and the Solana network.
Solana has multiplied in value several fold in the past months. The network is exceptionally fast and inexpensive, offering an attractive alternative to Ethereum (ETH-USD) based networks.
It’s clear that Ethereum’s attempts to increase speed and decrease transaction fees has not panned out. That has opened up opportunities for Solana and associated cryptocurrencies that leverage its network.
Investing in altcoins is risky. That’s especially true of fringe altcoins like Myro. Investors are essentially gambling, but the returns are often substantial. Bitcoin is bouncing back pulling up everything — Solana included. In turn, Myro’s association with Solana should pull it higher. Another point to consider is that roughly 95% of Myro’s supply is currently circulating. That suggests that it is less susceptible to deflationary forces moving forward.
Storj (STORJ-USD)
Storj (STORJ-USD) is a unique altcoin to consider and a project that has a pretty straightforward and easy to understand premise. It allows users to rent out surplus storage space on their devices in exchange for STORJ tokens. If you have hard disk space and internet connectivity you can participate in the project. Those who choose to do so will be assigned a node within the network and an equivalent quantity of STORJ.
That makes storage similar to other projects that leverage hard disk space in exchange for tokens. Yet, Storj has advantages over alternatives including Filecoin (FIL-USD) in that they are inflationary. Storj management utilizes token burning mechanisms that result in deflation.
Thus, there are a few logical reasons to invest in Storj aside from the fact that Bitcoin will pull it higher. Personally, I like the fact that the project is easy to understand. It doesn’t require a deep understanding of computer science. That should make it more accessible, leading to greater liquidity.
Pepe (PEPE-USD)
Pepe (PEPE-USD) is a highly speculative meme coin with the potential to provide investors with quick returns. It sounds a lot like many other meme coins including Shiba Inu (SHIB-USD) among others.
There’s really no way to gauge where Pepe and other meme coins will go. They are little more than speculative mechanisms for gambling. Yet, history has shown that speculative plays like Pepe and Shiba Inu have the power to produce incredible gains overnight.
The point here is that Pepe is relatively young, having been introduced in April 2023. It seems to have that rare combination of popularity from memes and attention from the cryptocurrency market. Those factors have made it something of a household name in that niche. For that reason it reminds me a lot of Shiba Inu a few years ago. Although this is nothing more than pure conjecture it does feel like Pepe is poised to break out again in a similar fashion.
On the date of publication, Alex Sirois 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.
