9 Best Bitcoin Alternatives to Buy in 2024

Best Bitcoin Alternatives

There are thousands of cryptocurrencies on the market, and uncovering which are the best Bitcoin alternatives to buy right now can be a mountain of a task.

Here, we’ll cover some of the most hyped and promising Bitcoin alternatives, how we ranked them, and more.

Best Bitcoin Alternatives to Buy in 2024

Below is a summary of the top 9 best Bitcoin alternatives to buy this year.

  1. Bitcoin Minetrix – Earn tokenize Bitcoin cloud mining credits by staking $BTCMTX tokens on Ethereum, currently at the presale stage.
  2. Meme Kombat – Stake-to-earn and bet on AI-generated battles between meme token characters.
  3. Green Bitcoin – A sustainable, Ethereum-based Bitcoin alternative offering an eco-friendly “Gamified Green Staking” with up to 100% bonuses.
  4. XRP – Fast, low-cost Bitcoin alternative, using a private interledger for quick transactions.
  5. Cardano – A UTxO-based, 3rd generation blockchain created by a cofounder of Ethereum.
  6. Kaspa – A decentralized distributed ledger combining proof-of-work mining with direct acrylic graph technology to create a scalable blockchain with fast transaction confirmations.
  7. Avalanche – A popular and open source blockchain platform that utilizes a 3-chain system, with each chain optimized for a different purpose.
  8. Ethereum – Second most popular cryptocurrency by market cap and the top smart contracting platform.
  9. IOTA – Designed for the Internet-of-Things (IoT) and based on its own Tangle protocol, IOTA uses direct acrylic graph technology to transfer data and value quickly and cost-effectively.

Top 9 Bitcoin Alternatives with 10x Upside Potential – Full Analysis

Here we dive deeper into these Bitcoin alternatives and what they’re all about.

1. Bitcoin Minetrix ($BTCMTX) – An ERC20 Token with a Stake-to-Mine-Bitcoin Model

As an ERC20 token, Bitcoin Minetrix is built on top of the Ethereum network. It takes advantage of its smart contracting capabilities to offer holders the ability to stake tokens to earn Bitcoin cloud mining credits.

At its inception, Bitcoin could be mined with a simple laptop; now it takes dedicated mining rigs and copious amounts of energy to mine Bitcoin—leaving mining the world’s biggest cryptocurrency out of reach of the average person. Bitcoin Minetrix aims to change that with its stake-to-mine cloud mining model as a Bitcoin mining alternative.

Bitcoin Minetrix is currently in presale, with up to 77.5% of the tokens allocated to presale to raise funds for Bitcoin mining credits.

Bitcoin Minetrix, Accessing Bitcoin Mining

Holders of Bitcoin Minetrix stake their tokens to a smart contract on Ethereum to earn non-transferable Bitcoin cloud mining credits. These non-transferable tokens can only be obtained by staking $BTCMTX to this contract. These Ethereum-based, non-transferable cloud mining credits can then be burned in exchange for designated cloud mining time or a percentage of cloud mining yields.

Bitcoin Minetrix is currently in presale, with tokens priced at $0.013. This price will rise steadily throughout the presale, to $0.0148, as milestones are reached. Currently, over $9m has been raised in ETH and USDT out of a target of $9.9m.

Learn more about Bitcoin Minetrix by visiting their Twitter, joining their community on Telegram or Discord, or reading the Bitcoin Minetrix whitepaper.

Hard Cap $33 Million
Total Tokens 4 Billion
Tokens available in presale 2.8 Billion
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase $10
Purchase with USDT, ETH, BNB

2. Meme Kombat ($MK) – A Stake-to-Earn Token Where Owners can Wager on Meme Battles

Meme Kombat is an ERC20 token and gaming platform currently in the presale stage. The token has numerous utilities in the Meme Kombat ecosystem.

Automated battles take place in a battle arena between characters representing various meme coins in the cryptocurrency ecosystem. Holders of $MK can wager their tokens on these battles and win prizes in $MK.

Additionally, with its stake-to-earn model, $MK holders can stake and lock their tokens for passive earnings denoted in $MK tokens.

Meme Kombat Explainer and Presale

Users bet $MK on their favorite meme character, such as Doge or Pepe, to win their battle, and earn $MK tokens as prizes—30% of $MK tokens are set aside for staking and battle rewards. Until the meme battle arena is developed, owners of $MK token can stake their tokens to earn an APY, currently at 514%. Tokens that are staked can still be bet on the battles in the battle arena once it’s launched.

The Meme Kombat presale is almost over, with over $7.2m of the $8m goal already raised, meaning this is the last time buyers can guarantee presale prices for the tokens they purchase.

Read the Meme Kombat whitepaper to learn more, join the Telegram group to ask any questions, and follow @Meme_Kombat on Twitter to keep up-to-date on progress after the presale has ended.

Hard Cap $10,000,000
Total Tokens 120,000,000
Tokens available in presale 60,000,000
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase $5
Purchase with USDT, ETH, BNB

3. Green Bitcoin ($GBTC) – Trending New Bitcoin Alternative With High Staking Rewards

Green Bitcoin is a trending new alternative that blends Bitcoin’s core principles with Ethereum’s environmentally sustainable blockchain. 

It offers a unique “Gamified Green Staking” system to generate passive income through staking. Users can earn more revenue by predicting Green Bitcoin’s price movements.

Using Ethereum’s PoS mechanism, Green Bitcoin significantly reduces the energy consumption often associated with Bitcoin’s PoW model. The staking process is eco-friendly, rewarding precise forecasts in a “green zone” with additional staking bonuses.

What is Green Bitcoin?

In terms of rewards, Green Bitcoin’s staking system is innovative, offering up to 100% token bonuses with a gamified staking approach. 

It has set aside 5.8 million $GBTC tokens (27.50% of the total supply of 21 million) for a two-year reward pool, incentivizing price-prediction-based staking to create network stability and growth.

Staking rewards vary by duration:

  • Daily Stakers: Earn a fixed proportion of rewards based on stake size.
  • Weekly Stakers: Gain an extra 5% on daily rewards.
  • Monthly Stakers: Receive a 10% bonus.
  • Six-Month Stakers: Get a 15% incentive.

Interested users can enter the Green Bitcoin Telegram channel for the latest updates.

4. XRP – Promising Bitcoin Alternative With A Quick Transaction Speed

XRP, developed by Ripple, is a promising alternative to Bitcoin with its unique features and use cases. Unlike Bitcoin’s decentralized model, XRP operates on a privately owned interledger protocol, offering faster and cheaper transaction capabilities. 

XRP transactions are exceptionally quick, taking about 3-5 seconds to confirm, compared to Bitcoin’s average of 10 minutes. The cost per transaction is also significantly lower, making XRP an efficient option for crypto users.

In terms of circulation, XRP’s release is managed through a smart contract, with plans to release up to 1 billion XRP monthly, and any unused tokens are returned to an escrow account. This contrasts with Bitcoin’s mining-based release mechanism. Ripple initially held 80 billion XRP, of which a significant portion is in escrow, to be released into the market gradually.

XRP Chart

XRP’s design integrates existing financial systems, especially for cross-border payments, making it appealing to banks and financial institutions. This contrasts Bitcoin’s principles of operating outside traditional financial systems. 

Ripple’s development was backed by notable investors like Andreessen Horowitz and Google Ventures, highlighting its potential appeal to the traditional finance sector.

However, XRP has faced its share of controversies, including a legal battle with the SEC over its classification and concerns about security compared to Bitcoin’s more established model. Despite these challenges, XRP has shown resilience and growth potential.

Cryptocurrency XRP
Ticker Symbol XRP
Rank #6
Price $0.5388
Market Cap $29,279,787,475
Circulating Supply 54,339,837,528
Max Supply 100,000,000,000
All Time High $3.40
All Time Low $0.002686

5. Cardano ($ADA) – 3rd Generation Blockchain, Created by a Cofounder of Ethereum

As a staple member of the top 10 on CoinMarketCap throughout history, Cardano is, by many, considered to be the best alternative to Bitcoin. It is a layer 1 cryptocurrency, founded by Charles Hoskinson, a co-founder of Ethereum, and developed by his blockchain development company IOHK.

After launching in 2017, Cardano has evolved along a predetermined roadmap that includes smart contracting capabilities, decentralization through a revolutionary proof-of-stake consensus mechanism, improvements in scaling (which are still ongoing), and finally, the current stage, decentralized governance.

Cardano All-Time Price Chart

Cardano is based on the same UTxO model as Bitcoin, and its design solves many of the problems top blockchains face today.

More can be learnt about Cardano by visiting the Cardano website or the Cardano Foundation, and reading the official documentation, and by joining extensive Cardano community on Twitter. To ask any questions or to keep up with development updates for Cardano you can join the IOHK Technical Discord and follow them, @InputOutputHK, on Twitter.

Cryptocurrency Cardano
Ticker Symbol ADA
Rank #8
Price $0.3706
Market Cap $13,078,809,654
Circulating Supply 35,288,437,267 ADA
Max Supply 45,000,000,000 ADA
All Time High $3.10
All Time Low $0.01735

6. Kaspa ($KAS) – Fully Decentralized Blockchain Solution Using Bitcoin’s Proof-of-Work Model

Kaspa was released in November 2021 but really made its entrance in November 2023 when its token price rocketed 166% in 2 weeks—totaling gains of 81,654% over its lifetime. Like Bitcoin, Kaspa has no centralized governance or development team, runs using a proof-of-work consensus algorithm, allowing for alternative crypto mining, and was issued through a fair launch process.

Kaspa All-Time Price History Chart

The Kaspa network mints 1 block every second and boasts an average transaction confirmation time of 10 seconds—with aims to increase block times to 32 blocks per second and significantly reduce transaction confirmation times.

Kaspa is yet to have smart contracting capabilities, but these are coming after a rewrite of the protocol’s codebase in Rust is completed and implemented.

To learn more about Kaspa you can read the Kaspa documentation, join the welcoming Kaspa Community Discord to ask any questions, and follow the Kaspa Twitter account.

Cryptocurrency Kaspa
Ticker Symbol KAS
Rank #28
Price $0.1279
Market Cap $2,766,076,862
Circulating Supply 21,629,575,889 KAS
Max Supply 28,700,000,000 KAS
All Time High $0.154
All Time Low $0.0001699

7. Avalanche ($AVAX) – Open Source Protocol Consisting of 3 Different, Purpose-Built Chains

Avalanche was developed by researchers from Cornell University, and it often receives acclaim for its consensus algorithm, Avalanche Consensus—which, while being complex, facilitates sub-3 second transaction finality.

Avalanche All-Time Price Chart

Its three chains, P, C, and X, are all optimized for different purposes:

  • P-Chain – Can be used to create “subnet blockchains” capable of up to 4,500TPS.
  • C-Chain – Allows for the easy porting of EVM-based dApps to the Avalanche network.
  • X-Chain – Designed for the fast transfer of AVAX with rapid finality and very low fees of 0.001 AVAX.

Avalanche is an open source project creating a secure, scalable, and interoperable ecosystem. It is also currently being used by J.P. Morgan in a portfolio automation experiment using blockchain technology.

To learn more about Avalanche and the Avalanche protocol read the numerous whitepapers. You can also follow @avax and @AvaLabs to keep up with updates around Avalanche and the growing Avalanche ecosystem.

Cryptocurrency Avalanche
Ticker Symbol AVAX
Rank #13
Price $19.95
Market Cap $7,093,962,088
Circulating Supply 355,634,937 AVAX
Max Supply 720,000,000 AVAX
All Time High $146.22
All Time Low $2.79

8. Ethereum ($ETH) – 2nd Most Popular Crypto, Offering Smart Contracting Capabilities

Like Bitcoin, Ethereum has been used as the basis for many other cryptocurrencies on the market today. It is a proof-of-stake cryptocurrency, that migrated from a proof-of-work consensus mechanism in September 2022. It has long been considered a Bitcoin alternative investment; however, with so many other layer 1 blockchains now out there, some think Ethereum has reached its limits.

Ethereum All-Time Price Chart

Ethereum offers smart contracting capabilities and hosts some of the world’s biggest and most famous dApps. However, its 14-minute transaction confirmation times are what keep many, who believe Ethereum cannot become quick enough in a decentralized manner, looking over the fence to greener (faster) pastures elsewhere.

To learn more about Ethereum you can read the Ethereum whitepaper, checkout the Ethereum Learn Hub, and follow the Ethereum Foundation on Twitter.

Cryptocurrency Ethereum
Ticker Symbol ETH
Rank #2
Price $2,038.12
Market Cap $245,081,434,581
Circulating Supply 120,249,015 ETH
Max Supply
All Time High $4,891.70
All Time Low $0.4209

9. IOTA ($IOTA) – A Distributed Ledger Based on Direct Acrylic Graph Technology

Designed to service the growing Internet of Things (IoT), the IOTA protocol uses Direct Acrylic Graph (DAG) technology to deliver a decentralized ledger that is feeless and allows for the fast exchange of data and value.

When you send a transaction on IOTA, you must first confirm two other transactions, and this feature is what allows the network to overcome the cost and scalability limitations of blockchains.

IOTA All-Time Price Chart

Being constructed on DAG technology allows IOTA to offer a highly scalable network with zero transaction fees and transaction finality within seconds. This is all achieved on a low energy, low memory network that allows users to secure it using mobile phones, sensors, and the like.

To discover more about IOTA you can join the official IOTA Discord, visit the IOTA Foundation’s website, and follow the IOTA Foundation on Twitter @iota.

Cryptocurrency IOTA
Ticker Symbol IOTA
Rank #81
Price $0.1737
Market Cap $524,548,455
Circulating Supply 3,018,990,414 IOTA
Max Supply 4,600,000,000 IOTA
All Time High $5.69
All Time Low $0.07962

What is a Bitcoin Alternative?

Alternatives to Bitcoin come in all guises. Every other cryptocurrency on the market is considered a Bitcoin alternative, and they are typically labeled as altcoins. There are numerous ways Bitcoin alternatives can be divided up, and the main ones are:

  • Price – Does the BTC alternative offer the same amount of gains that BTC has seen in its lifetime?
  • Technology – Are these alternatives to Bitcoin built on the same or different, better or worse, technology?
  • Utility – What is the utility of these Bitcoin alternatives, and how does it square up to Bitcoin’s “digital gold” utility?

Tokens vs Coins

While these terms seem very similar, they mean two different things.

  • Coins – A coin is the native currency of an independent blockchain, e.g., Cardano, Kaspa, Ethereum, Bitcoin, etc.
  • Tokens – Digital assets created on top of an existing blockchain, such as the token of a specific dApp, e.g., $UNI (Uniswap).

As Bitcoin is an independent blockchain some think that tokens are not Bitcoin alternative coins. However, others argue they can offer the same price appreciation, utility, and even technology as Bitcoin.

Why Invest in BTC Alternatives?

With Bitcoin’s familiarity and history of significant returns, many might be skeptical when thinking of investing in Bitcoin alternatives—but there are multiple reasons why doing so is a good idea.

Diversify Your Portfolio

A portfolio based on a single asset is exceptionally vulnerable to any factors affecting that particular asset, and if that asset flops, so does that portfolio and all the money invested in it.

By adding a Bitcoin alternative investment to their portfolio, investors can ensure that their financial position is guarded against anything that might have a major negative impact on the price of Bitcoin.

Earlier Point of Entry

Bitcoin was launched in 2009. However, the vast majority of altcoins have been launched in the past 5 years. This means that an investor could get in earlier on an altcoin, increasing the potential size of the upsides should the altcoin they choose follow the same trajectory as Bitcoin.

Greater Utility

One of the biggest critiques leveled against Bitcoin is that it lacks the utility brought by the majority of altcoins, e.g., Ethereum, Cardano, and Avalanche, which all offer smart contracting capabilities.

If cryptocurrency adoption and Bitcoin development continue at their relative pace, it is impossible to think that the Bitcoin network will be able to support the people who will want to use it. Bitcoin alternatives will plug these gaping expanses.

Bitcoin was 1st

First-mover advantage is often touted as a benefit. However, history tells us that it is usually what comes after—the 2.0 version—that tends to dominate the market.

By investing in Bitcoin alternatives, investors can ensure that they’re not left out when the market turns to the alternatives because they’re more appealing than the first version.

How We Ranked the Best Bitcoin Alternatives in 2024

When searching through the markets for the best Bitcoin alternatives to buy, there are many points to consider, each of which will rank differently depending on the investor’s outlook. These are some of the most common ones we used when ranking these Bitcoin alternatives.

  • Decentralization: One of Bitcoin’s main selling points is that it is a decentralized solution, and any alternative to Bitcoin should also be considered through this lens.
  • Scalability: If considering other layer 1 blockchains, can they scale to meet the demand that the global adoption of cryptocurrencies would require? Those that do will survive adoption.
  • Utility: Bitcoin is described as digital gold, and this use case is what many say gives it its valuation. But, Bitcoin alternatives are often designed to fulfill particular or multiple functions. Is its utility a necessary and viable one? And how well-used might it become?
  • Technology: Bitcoin pioneered mainstream blockchain technology, and many iterations have been deployed since. Are these Bitcoin alternatives built on a solid technological basis? If so, how does this compare to Bitcoin and its altcoin competitors?
  • Room for Growth: Newer coins will have far more room for price appreciation than already established coins. This is a big consideration for many investors looking to build highly profitable portfolios.
  • Popularity: This plays a role in room for growth, as the more popular a BTC alternative, the less room for growth there might be. Conversely, the backing of a strong community can help an altcoin to stabilize and climb even higher up the price charts.

Potential Risks of Investing in BTC Alternatives

All investing involves risks, and you should never invest more than you can afford to lose. The below points focus on the potential risks of investing in Bitcoin alternatives.

Lack of Regulation

In many places around the world, cryptocurrencies are unregulated. When regulation does come, they could look at some cryptocurrencies unfavorably, such as the SEC in the USA, which has already called some altcoins unregistered securities and is suing some exchanges for selling them.

It is generally expected that Bitcoin, with its anonymous creator, will escape some or many of the punishments that regulators might issue to the coins that emerged in its wake.

Volatility and Low Liquidity

There is a lot of speculation in the cryptocurrency markets, leading to a lot of wild price swings in the price of lesser-known cryptocurrencies. Some of these lesser-known cryptocurrencies can also suffer from low liquidity on the markets, meaning that it might be difficult to exit a position should liquidity dry up.

Potential Scams

With a lack of regulation, the crypto world is very much like the Wild West, and scams are trying to lure investors in at every corner. The only way to mitigate these is to Do Your Own Research (DYOR) and know that if something sounds too good to be true, then it probably is.

Conclusion

It used to be asked, is Bitcoin an alternative investment? The answer to this was, and still is, yes. However, crypto has grown so big that the alternative investment now has its own alternative investments!

One of the best Bitcoin alternatives today is the Bitcoin Minetrix, and investors can get it at one of the lowest prices possible by entering the Bitcoin Minetrix presale. It offers a unique stake-to-mine model and offers passive income-earning opportunities.

References

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Ben Beddow

Ben has been a freelance writer for almost a decade and started writing in the cryptocurrency space in 2019. Since then he has produced both technical and promotional content for layer 2 protocols (Milkomeda), blockchain development companies (dcSpark and Emurgo), and written content for his own ecosystem mapping website.