Alternatives To Bitcoin

Alternatives to Bitcoin are becoming increasingly popular as the crypto market grows and commentators start to ask: is Bitcoin dead? For traders interested in better alternatives to the world’s largest cryptocurrency by market cap, altcoins, stablecoins and other emerging assets have a lot to offer.

This guide lists the best alternatives to trading Bitcoin, from their respective merits and drawbacks to key considerations for online traders.

Best Brokers With Alternatives To Bitcoin Trading

Click a broker for details
  1. 1
    NinjaTrader

    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    3.5 / 5
    3 / 5
    3.2 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer
    USD
  2. 2
    eToro USA
    Invest $100 and get $10
    https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

    Ratings
    4.3 / 5
    3 / 5
    3.9 / 5
    3.4 / 5
    4 / 5
    3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    $10
    $10
    SEC, FINRA
    Stocks, Options, ETFs, Crypto
    eToro Trading Platform & CopyTrader
    ACH Transfer, Debit Card, PayPal, Wire Transfer
    USD
  3. 3
    OANDA US
    CFDs are not available to residents in the United States.

    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
  4. 4
    IG
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Why Trade Alternatives To Bitcoin?

Launched in 2009 by an anonymous creator known by the pseudonym Satoshi Nakamoto, Bitcoin (BTC) was the first cryptocurrency.

It has grown rapidly to become a popular investment for traders due to its high volatility and increasingly liquid market. For example, on 20 January 2021, the price of BTC jumped from $20,968 at midday to $22,676 at midnight (GMT). Such rapid price swings have provided opportunities for savvy day traders.

Bitcoin is also the cryptocurrency with the largest market capitalization at more than $475 billion in 2023 – more than double that of Ethereum, the second largest.

But while Bitcoin is the most popular cryptocurrency, that doesn’t mean it’s the best option for traders. In fact, there are several reasons why traders and investors may look for Bitcoin alternatives:

So, what are the most promising alternatives to Bitcoin in 2024?

Ethereum

Ethereum (ETH) is the second-largest cryptocurrency by market cap, and one of the best-known alternatives to Bitcoin albeit one that serves a very different purpose.

Launched in 2015, Ethereum was created as an expansive network where ETH holders can learn coding, develop their own decentralized apps and facilitate trading.

Plans are afoot to convert the Ethereum blockchain protocol from an energy-intensive proof-of-work model to a proof-of-stake method that consumes 99% less energy than it currently does, making it a green alternative to Bitcoin.

Solana

Solana (SOL) was first proposed in 2017 and launched in 2020. Since then, it has grown to become a popular cryptocurrency and a viable investment opportunity. In 2023, SOL had a market cap of around $8.5 billion, which is the 11th largest of all cryptos.

Similar to Ethereum, Solana has created an entire network where holders of SOL can create applications for a range of purposes and services.

Additionally, Solana is one of the top low-carbon Bitcoin alternatives. For each SOL transaction, 3,290 joules of energy are consumed, which is 1.5 million times less than the amount required for a single BTC transaction.

Dogecoin

Dogecoin (DOGE) was created as a joke by Jackson Palmer and Billy Markus, but since its launch in 2013, it has grown dramatically, partly thanks to high-profile backers including billionaire Elon Musk and an army of social media meme-makers.

In early 2021 its price rocketed from around $0.004 at the beginning of January to a peak of $0.4243 in April, an increase of around 8500%. In 2023, Dogecoin had a market cap of around $11.5 billion, making it the 10th largest cryptocurrency.

As well as being a surprise competitor to Bitcoin, Dogecoin is also a good option for day traders as one of the most volatile major cryptos on the market. This meme coin’s price can be impacted by news and events which do not affect other assets in quite the same way. A prime example of this was seen on the morning of 18 July 2020 when Elon Musk tweeted about DOGE and its price jumped by almost 20% in less than 90 minutes.

Binance Coin

Binance Coin (BNB) is a dedicated token that offers benefits to users of the Binance Exchange platform. Its current market cap is over $50 billion and it was launched in 2017.

A key reason to invest in BNB as an alternative to Bitcoin is the advantages that come with trading on Binance, one of the world’s most popular crypto exchanges. If you use BNB on the exchange, spot trading fees and margin trading fees are both reduced by 25%. This provides day traders with a more cost-effective way of trading more than 350 Bitcoin alternatives available on the exchange.

Cardano

Cardano (ADA) is another one of the best green, low-energy alternatives to Bitcoin. It was created in 2015 by Charles Hockinson and uses a low-carbon Proof-Of-Stake model called Ouroboros whereby one transaction uses the same amount of power as a few searches on Google.

Additionally, it is a faster transaction method as the network can support up to 1,000 transactions per second whereas Bitcoin is limited to only seven per second. This may help it attract further commercial and industrial uses.

Chia

Chia (XCH) is one of the greenest related alternatives to Bitcoin. While it is relatively small compared to other cryptocurrencies – its market cap was only around $275 million in 2023 – it could be a worthwhile investment. Its high volatility means that there are regular swings to take advantage of. For example, on 20 January 2023, the value of XCH grew from $39.23 at 7 AM to $45.75 at 11 PM.

Furthermore, to help reduce the power consumption for adding blocks to the blockchain, Chia has adopted a crypto-mining alternative called Proof-Of-Space-Time. This method makes use of spare space on hard drives to facilitate blockchain transactions as an alternative to using CPUs as a Bitcoin miner.

Other Alternatives To Bitcoin

Additional alternatives to Bitcoin trading include:

How To Trade Alternatives To Bitcoin

Traders looking for real alternatives to Bitcoin can follow a few easy steps to kickstart their journey:

Final Word On Alternatives To Bitcoin

While Bitcoin may be the most well-known with the largest market cap and value, the top cryptocurrency alternative investments could prove to be just as profitable. Traders may also find real value by trading meme stocks or NFTs, and the availability of Bitcoin alternatives with a low carbon footprint means there are excellent options for conscientious traders.

To get started, head to our ranking of the best brokers that offer alternatives to Bitcoin trading.

FAQ

What Is The Best Alternative To Day Trading Bitcoin?

There are many cryptocurrencies that are suitable for intraday trading and as each investor is different, a particular crypto may suit one trader better than the next. To help you determine which alternative to Bitcoin is the best for you, create a shortlist according to factors such as price, function, accessibility and how green it is. Alternatively, consider the crypto tokens with the most volatility, such as Ethereum, Dogecoin, or Solana.

How Many Alternatives To Bitcoin Are There?

There are thousands of alternatives to Bitcoin for online traders. The top alternatives such as Ethereum and Tether are available from crypto brokers around the world. Generally, the top platforms offer trading on dozens of the best alternatives to Bitcoin. For example, FXOpen facilitates the trading of more than 40 cryptocurrencies.

What Are The Best Ways To Trade Alternatives To Bitcoin?

You can trade alternatives to Bitcoin on a range of sites. However, to avoid the scams and the dangers of untrustworthy online exchanges, crypto brokers are a good option, as they facilitate crypto trading through derivatives and often provide a layer of consumer protection that you won’t find on exchanges claiming to sell crypto gold.

There are various alternatives to Bitcoin, including cryptos known as altcoins, which can serve a number of purposes ranging from facilitating day-to-day transactions to permitting users to access a decentralized network. Other alternatives to Bitcoin include NFTs and meme stocks, which also offer high-risk, high-reward trading opportunities.