Bitcoin returns as a king: value doubles, triggering a bull market. Who can compete with altcoins?

Bitcoin is not only the oldest cryptocurrency in the world, but also the largest cryptocurrency by market capitalization. It is officially recognized by many major governments, including the United States, and is used as legal tender in countries such as El Salvador. Recently, the U.S. Securities and Exchange Commission approved the first spot Bitcoin ETF, allowing Bitcoin to be traded on a stock exchange.

Bitcoin has been driving the cryptocurrency market’s bull run over the past year, more than doubling in value in 12 months and far outpacing major altcoins such as Ethereum.

Ethereum is the second largest smart contract platform, with an expanding ecosystem

Ethereum is the world's second largest cryptocurrency and the most widely used blockchain network designed for decentralized application (dApp) development. It was the first project to introduce smart contracts since its launch in 2015. Ethereum successfully transitioned from a proof-of-work mechanism to a proof-of-stake mechanism in 2022.

Ethereum remains the most popular blockchain network for developers, and most of the crypto world's activity happens here, including newly launched games, new crypto games, and progress in DeFi. As the Ethereum ecosystem continues to grow, the demand and value of ETH are also rising.

XRP is the official cryptocurrency of the Ripple payment network, which aims to make international payments faster and cheaper. XRP recently emerged victorious from a legal battle with the U.S. Securities and Exchange Commission (SEC), which had claimed that XRP was an unregistered security. XRP is now the seventh-largest cryptocurrency by market capitalization.

Thanks to the SEC lawsuit victory, the uncertainty has disappeared, clearing the way for major banks to try out Ripple's payment network using XRP. Major XRP partners include Bank of America, PNC Bank, and Santander, among others. Since last summer's court victory, XRP prices have risen only slightly, and many analysts believe it is undervalued. Future interest in XRP could cause its price to rise significantly.

Solana's rapid rise: Ethereum's rival, on-chain development boom

Solana is a fast and cheap blockchain that is considered a challenger to Ethereum. In the past 12 months, Solana's value has risen by more than 620%, becoming one of the most successful crypto tokens in the resurgent cryptocurrency bull market. Solana is now the fifth largest cryptocurrency in the world by market capitalization.

Although Solana has faced questions over its links to FTX founder Sam Bankman-Fried, it has proven itself to be resilient. Currently, Solana is performing impressively and developer interest is surging. While Solana may not be able to challenge Ethereum’s dominance in the dApp space, it remains one of the most noteworthy cryptocurrencies.

The avalanche is back: ultrafast blockchain, AVAX is ready to go

Avalanche is a superfast blockchain launched in 2020 as a competitor to Ethereum. It uses smart contracts and proof-of-stake validation mechanisms to provide greater scalability for dApp developers. Avalanche's native token AVAX is currently the 11th largest cryptocurrency by market cap.

Avalanche has seen strong momentum, with its value almost doubling in the past five months. Strong fundamentals and the influx of more developers make Avalanche one of Ethereum’s strongest competitors and it is expected to be a standout token in the next 12 months.