Technology

Altcoins To Stake Without Hesitation As Bitcoin Goes Burst – Crypto News

Published

1 year ago

July 5, 2024

Dripp

The cryptocurrency landscape is experiencing a shift. As Bitcoin shows a downturn, currently staying above $56,000, investors are focusing on alternatives. Ethereum, Cardano, Polygon, and BNB emerge as strong candidates for top staking. These altcoins to Stake have the potential to generate passive income and enhance blockchain network stability.

1. Altcoins To Stake – Ethereum (ETH)

Ethereum (ETH), a prominent player in the Proof-of-Stake blockchain sector, is renowned for its advanced smart contract capabilities. A significant uptick in decentralized finance (DeFi) activities on its network has pushed these protocols’ total value locked (TVL) to new highs.

Ethereum price chart

Currently, a staggering 32 million ETH is staked across 1 million validators, with an annual percentage return of 3.2%. To become a validator, one must deposit 32 ETH.

In recent trading, Ethereum price stood at $2,985. Although it dipped by 4% since yesterday, its trading volume reached $359 billion over the last 24 hours. Despite a monthly drop of 21% in its value, Ethereum has surged by 56% over the past year.

ETH has a strong market cap of $358 billion and maintains its position as the second-ranked cryptocurrency on CoinMarketCap. Recent analyses highlight that as Bitcoin faces volatility, Ethereum emerges as a solid choice for staking.

2. Cardano (ADA)

Cardano (ADA), a leading third-generation blockchain, is noted for its proof-of-stake (PoS) model. This technology enhances energy efficiency compared to the older proof-of-work (PoW) frameworks.

Over the past year, Cardano price has increased 23%. However, it recorded a 24% decline over the previous month. The blockchain’s Total Value Locked (TVL), tracked by Defi Llama, reflects its rising popularity, indicating increased adoption and investment.

Cardano is priced at $0.3507, reflecting a 7% decrease in the last day alone. It ranks as the 10th largest cryptocurrency, with a market capitalization of $12.54 million. Cardano’s native coin, ADA, is pivotal for staking and is among the top cryptocurrencies by market cap.

3. Polygon (MATIC)

Polygon (MATIC) is a dynamic framework bolsters Ethereum by providing scalability and interoperability solutions. It achieves this through many sidechains that enhance Ethereum’s performance capabilities. This adjustment does not modify Ethereum’s primary structure but optimizes its efficiency and reduces transaction costs.

Recently, MATIC has seen a significant dip in its market value, with a strong 40% decrease over the month year. Polygon price is currently at $0.4619, following a 7% drop within the last day. The cryptocurrency ranks as the 21st largest by market cap and is valued at $4.5 billion. The total amount of MATIC staked is 3 billion, amounting to $1.7 billion.

4. Binance Coin (BNB)

Binance Coin (BNB), the native cryptocurrency of the Binance network, functions on two platforms: the Binance Chain (BEP-2) and the Binance Smart Chain (BEP-20). Its significance is highlighted by its foundational role in these dual chains. BNB Chain, as the primary platform, hosts numerous leading decentralized applications.

4 Altcoins To Stake Without Hesitation As Bitcoin Goes Burst — BNB price chart

Currently, BNB is trading at $495, marking a 5% decline in its market value. However, over the last year, BNB’s price has significantly risen 108%, demonstrating strong market resilience amid fluctuations. The total amount of BNB staked is 30 trillion, underscoring the token’s robust engagement in staking activities.

Bottom Line

Amid Bitcoin’s current bearish phase, staking Ethereum, Cardano, Polygon, and BNB could be a wise strategy. This approach supports blockchain technology and secures a passive income stream, making it an attractive option for cryptocurrency enthusiasts.