Top 8 Bitcoin Alternatives You Can Check Out in 2023

Introduction

Ethereum

Source: Tradingview

The Ethereum price has been trading within a decisive symmetrical triangle, approaching the edge with less volatility and volume, making it face its resistance at $16,000 for a while now. After encountering a bearish pullback during the initial two weeks of July, the price of the asset underwent a distinct decline. This decline led the price to remain confined within a relatively tight range up to the present moment. It’s worth noting that the price had initiated its trading for the month with a downward movement, reflecting a bearish sentiment. Despite this, there was a temporary alleviation from the bearish trend at some point.

However, the recent trajectory of the price has once again aligned with the bearish zone it previously inhabited. This can be seen as a continuation of the overall bearish sentiment that has characterized the price movement recently. Over the past several days, there has been an almost equal interplay of bullish and bearish forces, signifying a certain level of market uncertainty and indecision.

Given this recent price behavior and the equilibrium between opposing market forces, it is conceivable that a significant price shift might be in the offing in the upcoming days. Investors and observers might anticipate notable price action, potentially heralding a shift in the prevailing trend. As market dynamics unfold, it will be intriguing to observe whether the balance between bullish and bearish pressures will tip in one direction, thus shaping the near-future trajectory of the asset’s price.

Read More: Top Ethereum ERC-20 Tokens

Bitcoin Cash

Bitcoin Cash emerged as a result of a deliberate split, or fork, from the foundational Bitcoin blockchain. This divergence was driven by a desire to address specific challenges that had emerged in the Bitcoin network, particularly related to its scalability and the speed at which transactions could be processed.

One of the primary goals of Bitcoin Cash is to enhance the blockchain’s scalability. This is achieved through the implementation of larger block sizes compared to those in the original Bitcoin network. By doing so, Bitcoin Cash aims to accommodate a greater number of transactions within each block, consequently increasing the overall throughput of the network. This scalability enhancement is intended to mitigate the concerns of congestion and slow transaction processing that have arisen with the growing popularity of Bitcoin.

Did you know? Bitcoin Cash went through a major upgrade on May 15, 2023. This enables support for CashTokens, future-proof multipart vaults, and other technical improvements for transaction validation. CashTokens are tokens with similar properties as BCH and can be created by anyone.

In addition to improved scalability, Bitcoin Cash strongly emphasizes transaction speed. Recognizing that swift and efficient transaction are crucial for its adoption as a practical digital currency, the Bitcoin Cash blockchain aims to process transactions with a higher degree of speed compared to the original Bitcoin network. This ambition aligns with the vision of Bitcoin Cash as a viable solution for day-to-day financial transactions, positioning it as a potential alternative to traditional fiat currencies.

The pivotal element enabling these improvements is the larger block size, which allows more transactions to be included in each block. By doing so, Bitcoin Cash facilitates smoother and quicker transactions, making it a more user-friendly option for individual users and businesses seeking a seamless digital payment method.

Through its concerted focus on both scalability and transaction speed, Bitcoin Cash strives to distinguish itself as a practical and efficient digital cash solution. By addressing the limitations that hindered the original Bitcoin network’s ability to serve as an everyday medium of exchange, Bitcoin Cash aims to establish itself as a robust contender in the realm of digital currencies, capable of supporting a wide array of financial activities in a swift and convenient manner.

Source: Tradingview

Following the 30% upswing in its value back in June of 2023, BCH’s price has seen sustenance above the $100 mark, making it the second alternate option for Bitcoin after Ethereum. The token is still experiencing a minor pullback from its current value standpoint.

According to the EMA analysis, it has been observed that the price of Bitcoin Cash (BCH) faced difficulties in maintaining a position above the 50 Exponential Moving Average (EMA). This particular trend suggests that there is a scarcity of buyers willing to engage at lower price levels. Despite this, the current price of BCH is still trading above the 200 EMA, which could potentially be the final opportunity for buyers to enter the market and potentially drive the price upwards once again.

As of the time when this report was released, the Relative Strength Index (RSI) value for the BCH token stands at 27.33. Concurrently, the Simple Moving Average (SMA) line’s RSI value is slightly higher at 36.85. The decreasing RSI values and their rejections from the SMA line signify a weakening condition within the market.

A notable event within this market context is the occurrence of a bearish crossover in the Moving Average Convergence Divergence (MACD) lines. This crossover further accentuates the negative sentiment. Adding to this, the Histogram bars are manifesting beneath the mean line and are growing in height. This particular pattern suggests that bears currently hold a dominant position within the market, indicating a prevailing downward pressure on the BCH price.

Additional Read: Top Bitcoin Ecosystem Tokens 2023

Solana

With the first-ever Web3 mobile under their belt, Solana comes in as our next option for a Bitcoin alternative.

Solana stands as a prominent open-source initiative that harnesses the inherent decentralization of blockchain technology to offer a suite of DeFi (Decentralized Finance) solutions that are characterized by their remarkable emphasis on rapid transaction speeds and economical processes. Although the foundational groundwork for Solana commenced in the year 2017, it wasn’t until the official launch by the Solana Foundation in March 2020 that the wider crypto community was granted its first comprehensive insight into the platform.

The architecture of the Solana protocol is thoughtfully constructed to facilitate the development of decentralized applications, commonly referred to as DApps, through the deployment of intelligent contracts directly onto its blockchain infrastructure. Solana’s central objective revolves around the enhancement of scalability, a feat achieved by introducing a unique combination of consensus mechanisms. The protocol melds the innovative Proof-of-History (PoH) consensus mechanism with the underlying foundation of Proof-of-Stake (PoS) consensus inherent to the blockchain.

Solana has successfully addressed one of the most prevalent challenges within the crypto space – swift transaction validation and affordability. The Solana blockchain facilitates the verification of transactions within mere seconds, and the associated transaction cost averages a negligible $0.00025. This particular attribute functions as the unique selling proposition (USP) that distinguishes Solana from its counterparts, as many of the challenges encountered within the crypto realm pertain to transaction fees and transaction speed.

Solana’s innovative hybrid consensus model stands as a testament to its commitment to inclusivity. This model ensures that both individual, small-scale traders and large institutional players can fully engage with the platform on equal footing. A pivotal objective for the Solana Foundation is to democratize decentralized finance, ensuring that this innovative financial approach is accessible to a diverse range of users on a broader scale.

Source: Tradingview

Since breaking the $30 level back in July 2023, the SOL price has been consolidating within the $25 mark. With its current trend, it can reach the $21 mark by the end of the day or by the end of this week. With the ongoing bear market, SOL’s position is still salvageable as per the price performance.

On the daily chart, Solana is currently showing a positive trend. The 50-day moving average is moving upwards and is currently positioned above the current price of Solana. This could pose as a barrier if the price approaches it again, potentially causing resistance.

Additionally, Solana’s 200-day moving average has been consistently rising since July 25, 2023, indicating a strong overall trend. Right now, this 200-day moving average is situated below the current price. This suggests that if the price were to come in contact with this moving average again, it might act as a potential support, helping to sustain the ongoing positive trend.

Considering these factors on the daily timeframe, if we were to make a prediction about Solana’s price, it would lean towards a negative trend because of the contrasting directions of the bullish 50-day and 200-day moving averages.

Read On: Top Solana Ecosystem Tokens

Ripple

In 2011, the developers behind the creation of Bitcoin began to observe the environmental impact and resource waste resulting from the process of mining the crypto. This awareness prompted the developers of XRP to initiate efforts towards the development of a decentralized ledger system aimed at addressing the core limitations of Bitcoin. In the early stages, Ripple, the project associated with XRP, garnered the moniker of “Bitcoin without Mining” due to its approach.

Delving deeper into this context, XRP serves as the native digital currency native to the XRP Ledger, a publicly accessible blockchain. This currency is intended to underpin a suite of products crafted by Ripple Labs. A noteworthy aspect is that all XRP coins were generated in a process referred to as pre-mining. This signifies that the entire supply of 100 billion XRP tokens was generated upfront, and no further tokens will ever be mined. Consequently, the scarcity and deflationary aspects of XRP are influenced solely by transaction fees and instances where tokens are sent to accounts lacking associated cryptographic keys.

Differing from the conventional consensus mechanisms like Proof of Work and Proof of Stake, Ripple employs its proprietary consensus protocol known as the XRP Ledger Consensus Protocol. This mechanism aims to ensure the prevention of double spending within the network.

Validation of transactions within the blockchain is carried out by a set of nodes, collectively known as the Unique Node List. These nodes are designed to operate independently, avoiding collusion with one another. When a majority consensus among these nodes is reached regarding a specific state of the network, that particular state is adopted and subsequently integrated into the historical records of the XRP Ledger.

Source: Tradingview

On the 1-day timeframe for XRP, things look positive. The 50-day moving average is rising above the current XRP price, which might act as a barrier if XRP approaches it again. The 200-day moving average has been on an upward slope since July 25, 2023, suggesting a strong trend. Currently, this 200-day moving average is below the price. If the price touches it again, it could potentially support the trend. The 1-day timeframe suggests a bearish price prediction due to the bullish trends of the 50-day and 200-day moving averages.

Right now, the RSI falls within the 30-70 range, indicating a neutral price trend. This neutrality could persist for some time. Looking at the last 14 price movements, there are no clear signals for either a bearish or bullish reversal from the current levels.

Also Read: Top 10 Cryptos in 2023

Binance Coin

Established in July of 2017, Binance has rapidly emerged as the preeminent leader in the realm of crypto exchanges, a position it has achieved by virtue of its remarkable daily trading volume. The core aspiration driving Binance is to propel crypto exchanges into the vanguard of global financial activities, effecting a paradigm shift in the world’s financial landscape. This intention is encapsulated in the name “Binance,” a fusion of “Binary Finance,” signifying the innovative financial model the platform seeks to champion.

Beyond its status as the foremost global crypto exchange, Binance has taken ambitious strides in constructing an entire ecosystem with many features designed to cater to its user base. Several components seamlessly interact within the expansive Binance network to create a comprehensive financial environment. The roster includes the Binance Chain, a purpose-built blockchain; the Binance Smart Chain, enabling smart contract capabilities; Binance Academy, an educational platform; Trust Wallet, a secure crypto wallet solution; and various research initiatives aimed at advancing blockchain technology. These facets synergistically harness the potential of blockchain to usher in a new era of financial systems.

Integral to the functionality of numerous sub-projects within the Binance ecosystem is the Binance Coin (BNB). Its pivotal role cannot be overstated, as it underpins and facilitates the seamless operation of various aspects of the platform’s ventures. This further underscores the significance of Binance not only as a pioneering crypto exchange but also as a driving force behind the evolution of modern finance.

Source: Tradingview

On the daily chart, BNB is currently showing a bearish trend. The 50-day moving average is sloping downward and is above the current BNB price. This could potentially act as a barrier when BNB’s price interacts with it next, causing resistance.

The 200-day moving average for BNB is also sloped downward since July 25, 2023, indicating a weak trend. Currently, the 200-day moving average is positioned above the price. This means that if the price interacts with this average again, it might face resistance, continuing the existing trend.

Looking at the one-day timeframe, if we were to make a prediction about BNB’s price movement, it would be bearish due to the downward trends of both the 50-day and 200-day moving averages.

Now, focusing on the Relative Strength Index (RSI), it currently falls within the 30 to 70 range, which is considered a neutral zone. This suggests that the price is moving neutrally, and this state might persist for some time.

In the last 14 price candles, there isn’t any clear indication of either bearish or bullish divergence. This lack of divergence signals that there’s currently no sign of a price reversal from the current levels.

Read On: Top Binance Smart Chain Projects in 2023

Litecoin

With a significant step achievement under its belt, the Litecoin halving that took place this month, LTC is another deserving candidate for the blog about BTC alternatives.

Litecoin (LTC) stands as a remarkable peer-to-peer crypto and open-source software initiative that emerged with its codebase distributed under the MIT/X11 license. At its core, Litecoin serves as a cryptographic currency meticulously crafted to facilitate swifter, highly secure, and economically efficient transactions, all by harnessing the distinctive attributes inherent to blockchain technology. From its inception, the overarching objective of Litecoin was to establish itself as the digital equivalent of silver in relation to Bitcoin’s role as digital gold. However, in its pursuit of this vision, Litecoin managed to address and overcome certain perceived limitations that were apparent within the Bitcoin network.

The fundamental design of Litecoin revolves around optimizing the process of conducting financial transactions, especially concerning merchants, who can now accept payments using LTC in a significantly streamlined manner. This streamlined nature is most evident in the expedited transaction times Litecoin boasts compared to the Bitcoin blockchain. Through its innovative approach and tailored features, Litecoin has effectively positioned itself as a solution that embraces decentralized digital currency and tackles the challenges posed by scalability and transaction speed, which are often associated with its predecessor, Bitcoin.

Source: Tradingview

In the span of one day, Litecoin is showing a downward trend. The 50-day moving average is sloping down and positioned above the current Litecoin price. This setup might act as a resistance when the price interacts with it next.

The 200-day moving average of Litecoin is also sloping downward since July 25, 2023. This indicates a weak trend. Right now, the 200-day moving average is above the price. So, if the price interacts with it again, it could potentially act as a resistance and further continue the current trend.

Looking at the one-day timeframe, a Litecoin price prediction leans towards a bearish outlook due to the downward trends of both the 50-day and 200-day moving averages.

Turning to the Relative Strength Index (RSI), it is currently below the neutral zone of 30-70. This suggests that the price is in an oversold state, and this condition might persist for some time.

Currently, there is no indication of a bearish or bullish divergence within the last 14 price movements. This lack of divergence implies that there’s no signal suggesting a reversal of the price trend from its current levels.

Read More: Top Cryptos with Lowest Transaction Fees

Cardano

Established by one of Ethereum’s co-founders, Cardano stands as a sophisticated multi-layered blockchain that operates on the foundation of the Proof-of-Stake consensus mechanism to validate and verify transactions. At the heart of Cardano’s consensus protocol lies the Ouroboros algorithm, meticulously designed to amalgamate a heightened level of security with exceptional efficiency.

Distinguished as a third-generation blockchain, following in the footsteps of pioneers like Bitcoin and Ethereum, Cardano’s principal focus revolves around three critical aspects: scalability, interoperability, and sustainability. The platform commits itself to addressing pressing concerns such as ballooning costs, energy-intensive operations, and prolonged transaction times.

Merely slightly over a month ago, the developers from IOHK (Input Output Hong Kong) achieved a significant milestone by successfully executing a hard fork on the Cardano testnet through the implementation of the Vasil upgrade. This strategic maneuver, known as the Vasil Hard Fork, constitutes a pivotal phase in Cardano’s strategic roadmap to augment the network’s speed and scalability. Consequently, this leap brings Cardano closer to challenging the prominence of Ethereum, which currently holds the mantle as the preeminent smart contract and decentralized finance (DeFi) platform.

With this latest Vasil upgrade, Cardano’s development team aspires to enhance the operational efficiency of smart contracts, with the ultimate aim of rendering Cardano more cost-effective and expeditious for users, thus cementing its position as a formidable competitor in the blockchain realm.

Source: Tradingview

Looking at the 1-day timeframe for Cardano, things don’t seem positive. The 50-day moving average is sloping down and is above the current Cardano price. This setup might act as a barrier if the price approaches it again. The 200-day moving average is also sloping downward since July 25, 2023, indicating a weak trend. Right now, this average is higher than the price. This means that if the price meets this average in the future, it could act as a resistance, possibly continuing the trend of decline. Overall, on the 1-day timeframe, the Cardano price prediction leans towards a bearish outlook due to how the 50-day and 200-day moving averages behave.

The RSI, which tells us about the price’s momentum, is currently in the 30-70 range, showing a neutral trend. This suggests that the price might stay in this state for some time. The last 14 data points show no clear indication of a price reversal happening soon. So, there’s no signal suggesting a change from the current price trend.

Dogecoin

In the year 2013, a unique digital currency known as Dogecoin was brought into existence through the collaborative efforts of two software engineers, namely Billy Markus and Jackson Palmer. Their intention was to create a crypto that would serve as a satirical commentary on the rapidly growing crypto industry at the time.

The name and logo of Dogecoin drew inspiration from the popular ‘doge’ internet meme, which humorously featured a Shiba Inu dog accompanied by captions written in a playful, intentionally misspelled style. This amusing connection between the meme and the crypto’s identity added a distinctive touch to Dogecoin’s branding.

What sets Dogecoin apart from many other meme-inspired cryptos is its utilization of a dedicated, independent blockchain. This blockchain technology carries forward some of its underlying attributes from a previous crypto called Luckycoin. Additionally, it incorporates elements from two well-known cryptos: Litecoin and the original Bitcoin (often referred to as OG Bitcoin), with Litecoin originating as a Bitcoin fork.

Operating as a decentralized digital currency, Dogecoin functions on a blockchain that relies on the Proof of Work consensus mechanism. The primary objective of Dogecoin is ambitious—to surpass the prominence of Bitcoin. It aims to achieve this by providing a swift and economical method of payment that can be effortlessly adopted worldwide. This pursuit of being a practical and accessible digital payment option stands in contrast to its initial lighthearted origins.

Observing how what began as a light-hearted and whimsical jest has evolved over time is fascinating. Dogecoin’s popularity has grown exponentially, leading it to secure a place among the top 10 cryptos based on market capitalization. This unexpected transformation from a humorous concept into a significant player in the crypto market is indeed a noteworthy phenomenon.

Source: Tradingview

In the short-term (1-day timeframe), Dogecoin’s trend is currently pointing downwards. The 50-day moving average is sloping downward and is positioned above the current Dogecoin price. If the price approaches it again, This setup could act as a barrier (resistance).

The longer-term trend, represented by the 200-day moving average, has also been sloping downward since July 25, 2023. This indicates a relatively weak trend. The 200-day moving average is currently positioned above the price. This means that if the price interacts with it again, it might face resistance, which could continue the ongoing trend.

Considering the way both the 50-day and 200-day moving averages are trending, the price prediction for Dogecoin on the 1-day timeframe leans towards a bearish outlook.

Looking at the Relative Strength Index (RSI), it’s currently within the range of 30 to 70, which is considered the neutral zone. This suggests that the price is trending neutrally, and this state might persist for some time.

As for recent price movements, there’s no clear indication of either bearish or bullish divergence in the last 14 price data points (candles). This lack of divergence implies that there’s no signal for a potential price reversal from the current price levels.

Conclusion

Amid the shifting digital currency landscape, Bitcoin has maintained its pioneering status, captivating with revolutionary potential. Yet, crypto’s evolution introduces myriad alternatives, each brimming with distinct promises. Our journey through 2023’s compelling Bitcoin alternatives reveals a diverse array, from Ethereum’s innovation to Dogecoin’s charm.

These choices, like brushstrokes on the crypto canvas, exhibit unique attributes and remarkable potential, appealing to investors and enthusiasts alike. Remember, the digital currency realm is rich with diversity and possibilities, whether technological sophistication, privacy focus, or eco-conscious ethos.

Stay informed and open-minded in this dynamic crypto landscape. As the saga continues, watch for shifts, innovations, and stories shaping finance’s future. Embrace the journey, for it’s the transformative path we tread together.

Additional Read: Bitcoin Halving 2024