Which altcoins are considered strong candidates to benefit from the growth of Ethereum?
Ethereum's growth has led to a surge in the value of USD Coin (USDC), one of the top 7 altcoins on Ethereum, which is pegged to the US dollar and functions as a stablecoin.
Tether (USDT), another stablecoin and the leading altcoin by market capitalization, is also built on the Ethereum blockchain.
Shiba Inu (SHIB), a meme coin that has gained popularity due to its innovative use case and strong community, is the third-largest altcoin on Ethereum.
ChainLink (LINK) is an altcoin that provides real-world data to smart contracts on the Ethereum blockchain, enabling a wide range of decentralized applications (DApps).
Wrapped Bitcoin (WBTC) is a protocol that allows users to convert Bitcoin (BTC) into an Ethereum-based ERC-20 token, expanding the use cases of Bitcoin within the Ethereum ecosystem.
Decentraland (MANA) is an altcoin that powers a virtual reality platform where users can create, experience, and monetize content and applications.
Binance Coin (BNB), one of the top 7 altcoins on Ethereum, is the native token of the Binance cryptocurrency exchange, and is used for trading fees, listing fees, and other functions within the Binance ecosystem.
Ethereum's market capitalization has grown to over $2 trillion, making it the largest altcoin in the market.
The growth of decentralized finance (DeFi) and non-fungible tokens (NFTs) have been key drivers of Ethereum's and its altcoins' rise in value.
Ethereum-based altcoins have the potential for strong returns in the future, due to their innovative use cases, strong communities, and the increasing demand for DeFi and NFTs.
The total market capitalization of crypto assets is over $2.5 trillion, and Ethereum represents over 38% of that total.
The annual gain for Ethereum has been close to 300% in the past year, surging from $700 in December 2020 to over $3600 as of April 2024.
Decentralized Finance (DeFi) remains a powerhouse in the crypto space and altcoins facilitating various DeFi services are gaining prominence.
Other tokens related to the Ethereum landscape, such as MATIC and OP, have also surged in value in the past 24 hours as the community anticipates that the SEC will greenlight spot Ethereum ETFs.
The rise of Ethereum and its altcoins has been driven by several factors, including the growing adoption of DeFi, the increasing demand for NFTs, and the increasing use of smart contracts.