Mt Gox, Germany And More Reasons For BTC Selling Pressure – Best Bitcoin Alternatives

Bitcoin, the largest cryptocurrency by market capitalization, has experienced a significant price dip recently, sparking discussion about a potential deeper market crash. As a result, many crypto investors have begun to seek cryptocurrencies that will serve as an alternative investment to Bitcoin.

In this guide, we have listed 5 different cryptocurrencies that are the best Bitcoin alternatives right now. We also review each of the listed cryptocurrencies to help make the best possible choice. 

Best Bitcoin Alternatives in 2024 – Top 5 List

Here is our top 5 list of the best Bitcoin alternatives in 2024.

1. 99Bitcoins (99BTC) – A Revolutionary Learn-to-Earn Token

2. Ethereum – Second Largest Cryptocurrency by Market Capitalization 

3. Base Dawgz (DAWGZ) – A Unique Multichain Meme Coin 

4. WienerAI (WAI) – The First-World AI Trading Consumer Bot

5. PlayDoge (PLAY) – Best P2E Doge Companion Game

Best Bitcoin Alternatives in 2024 Reviewed

In this section, you can read our detailed review of each cryptocurrency, including its most essential features and what distinguishes it from other numerous cryptocurrencies. 

99Bitcoins – A Revolutionary Learn-to-EarnToken

First on the list of the best Bitcoin alternatives in 2024 is 99Bitcoins, a platform that has been the most extensive online resource for cryptocurrency education since 2013. Recently, the 99Bitcoins team launched its new learn-to-earn token, which is currently in its presale stage and has been tagged as the future of learn-to-earn.

By tokenizing its platform and enabling its users to profit while learning, 99Bitcoins has ushered in the true Web3 age. Its token is both an access and rewards token, meaning users will benefit both from the knowledge gained on 99Bitcoins and from 99BTC token rewards.

Essentially, 99Bitcoins’ token was created to reward people who learn about cryptocurrencies. The traditional 99Bitcoins platform is partnering with BRC-20 to pioneer the L2E concept on the Bitcoin network. 

The BRC-20 standard enables the minting and transferring of fungible tokens on Bitcoin, and the 99Bitcoins platform aims to leverage BRC-20 to create a synchronous learn-to-earn platform that rewards users for learning about crypto. 

In terms of token allocation – 10.50% of the token is allocated to the presale, ensuring that early adopters get a share of the token. Additionally, 14% of the tokens are set aside for staking, and 27.50% of the tokens are meant for project funds. 

A further 17% of the token is allocated to community rewards, an additional 8% of the token is allocated to liquidity, and the remaining 23% to marketing. Over the next two years, 14% of the token supply allocated to staking will be distributed amongst staking participants. At the time of writing, a total of 1,542,545,831 $9BTC has been staked.

Overall, 99Bitcoins strives to be the best educational hub and incentive environment for all cryptocurrency investors. Additionally, investors and users can stake the 99Bitcoins token to earn more $99BTC at a dynamic rate as rewards are paid out on every Ethereum block. 

As a $99BTC investor, you can enjoy certain privileges, like access to exclusive training courses and unlocking additional modules, quizzes, and tutorials to make your learning engaging and enjoyable. 99Bitcoins caters to all learning needs and is for everyone, be it a visual learner or someone who prefers hands-on activities.

This standout attribute of the project has raised the expectations for the 99BTC token, with some analysts believing it has 10x potential. 

99BTC has a total supply of 99,000,000,000 tokens. The token is currently trading at $0.00112 and can be purchased in exchange for ETH, USDT, BNB, or directly through bank cards. 

Buy 99Bitcoins

Ethereum – Second Largest Cryptocurrency by Market Capitalization

Next on the list is Ethereum, the second biggest crypto after Bitcoin. Not surprisingly, ETH is one of the best Bitcoin alternatives, although, much like BTC, Ethereum’s price fell over the past few days. Even so, Ethereum is one of the best coins to buy as an alternative to Bitcoin. 

Ethereum is a community-driven technology that powers the cryptocurrency ether (ETH) and hundreds of decentralized apps. It is a revolutionary technology that supports digital money, worldwide payments, and apps. 

Over the years, the Ethereum community has created a thriving online marketplace, innovative new avenues for producers to make money, and much more. Anyone can access it from anywhere in the globe as long as they have access to the internet.

Many believe that Ethereum is more than simply a digital currency; it is known as the Internet of Assets. Everything one possesses can be represented, traded, and used as non-fungible tokens (NFTs). 

Users can also tokenize their artwork and receive royalties automatically whenever it is resold. Alternatively, they can take out a loan with a token representing anything they possess. The possibilities are increasing constantly in the ETH network.

In the past 12 months, ETH soared by over 63%, with key news and developments contributing to the price surge. Primarily, the recent approval of spot Ethereum exchange-traded funds by the SEC has had a major impact on ETH price.

In addition to that, Ethereum is set for another upgrade this year – Ethereum’s Pectra upgrade – which is expected in Q4 and is likely to provide major improvements in the ETH network’s scalability, security, and usability. 

Considering the above, Ethereum continues to become one of the best alternatives for BTC, particularly when the ETH price is still far from its all-time high of $4878.26. 

Base Dawgz – A Unique Multichain Meme Coin

Base Dawgz is a meme coin that draws inspiration from the culture of Shiba Inu memes and base jumping. The coin, which is in its presale stage, is intended for individuals who strongly desire creativity and adventure, as it strives to provide a distinctive multi-chain experience.

Base Dawgz recently launched the presale of its token $DAWGZ and investors can interact with its ecosystem on Base, Ethereum, Avalanche, Solana, or BSC. To do so, investors should link their wallets to the presale widget provided and use ETH, BNB, AVAX, SOL, or USDT to secure their $DAWGZ tokens.

Once the presale is completed, they will be able to claim their $DAWGZ tokens before its first DEX listing. One $DAWGZ currently trades for 0.00581 USD and can be bought in exchange for ETH, BNB, AVAX, SOL, or USDT. It is also possible to buy through debit or credit bank cards. 

Crucially, the $DAWGZ token has its main landing zone on the Base Chain. And its ability to leap across blockchains is what makes it a real gripper. Investors can claim, store, and trade their $DAWGZ tokens seamlessly on Ethereum, Solana, BSC, and Avalanche. 

The presale accounts for 20% of the allocation, so $DAGWZ can be shared even among investors who hopped on the project earlier. Another 20% of the token accounts for staking, 20% of the token accounts for liquidity, also an additional 15% of the token accounts for marketing, a further 15% accounts for $Dawgz rewards, and lastly, 10% accounts for listing. 

So far, the Base Dawgz project has raised close to $2.4 million, which raised analysts’ expectations for growth potential.

Best of all, Base Dawgz enables users to get rewards for their activity. Users can jump into action and be social for airdrop as the project rewards users’ creativity and social engagement. To get rewards, participants have to connect their X accounts and then create and share memes and other content about Base Dawgz. 

For each piece of content they share about Base Dawgz, they earn points, and once the presale is complete, they can redeem these points for $DAWGZ tokens. 

All in all, Base Dawgz certainly seems to be one of the most promising crypto projects right now. And as BTC prices fall, it can be a great alternative to Bitcoin. 

Buy Base Dawgz

WienerAI – The First-World AI Trading Consumer Bot

Fourth on this list is WienerAI, which claims to be the most advanced consumer AI trading bot in the market. According to the team, the WienerAI token is the most powerful cybernetic being in the cosmos, as well as the first Sausage/Dog/Artificial Intelligence. 

This project also aims for “top dog” status on the charts, and despite its amusing sausage-like appearance, WienerAI represents the pinnacle of AI trading technology. 

Practically, WienerAI is a crypto trading partner powered by artificial intelligence that aims to provide consumers with the edge they’ve been seeking. Thanks to WienerAI’s predictive technology and user-friendly AI interface, users can quickly search the cryptocurrency market for those hidden jewels. It also features an AI-enhanced trading interface that is quick, predictive, and user-friendly. 

WienerAI ($WAI) is currently in the private presale stage, raising more than $7.2 million. The WienerAI presale enables customers to obtain WAI tokens at significantly lower prices. There are multiple phases, each lasting two days. The price will grow at each stage until the presale ends.

WienerAI has a total token supply of 69,000,000,000, and 30% of this token supply is allocated to the presale, allowing early adopters to get a share of the token. 

Additionally, 20% of the token is set aside for staking, another 20% is allocated to community rewards, a further 10% is allocated to DEX/CEX liquidity, and the remaining 20% is set aside for marketing WienerAI.

The combination of these attributes, according to famous crypto YouTube channel, Cryptonews, makes WienerAI one of the leading AI meme coins to watch closely this year.

To participate in this presale, simply connect MetaMask or any other wallet to WinerAI’s website via the widget at the top of the page. From there, investors can quickly purchase $WAI tokens at the current market rate of $0.000726. in exchange for ETH, BNB, MATIC, USDT, or by using bank cards.

Buy WienerAI

PlayDoge – Best P2E Doge Companion Game

Last on the list is PlayDoge, which is a mobile game that mixes the popular Tamagotchi virtual pet experience with the cutting-edge digital economics of cryptocurrencies. With PlayDoge, users can nurture their PlayDoge by feeding, entertaining, training, and ensuring it gets enough sleep to dive into the classic 8-bit side-scrolling adventures, reliving the ’90s nostalgia and also earning crypto while at it. 

Owners must provide the essentials to keep their PlayDoges alive and complete game levels to form a strong bond with their companion – while earning $PLAY tokens.

PlayDoge is the best P2E Doge companion game and the top mobile play-to-earn (P2E) game that transforms the popular Doge meme into a Tamagotchi-style virtual pet. Investors can secure their $PLAY tokens in the presale to earn crypto while playing nostalgic 2D retro game adventures.

PlayDoge will soon be available to download on the Google Play Store and Apple App Store. 

The $PLAY token serves as the main in-game currency for transactions and unlocking special features. It can be acquired by interacting with pets and achieving success in the P2E game. $PLAY also holds value as a rewards token within the P2E game design and as a tradable asset in the crypto market.

Another feature of the platform is the platform’s competition. Holders of the PLAY token engaging with the PlayDoge app will gain access to the Leaderboard, where players accumulate XP by tending to their Doge’s needs and completing mini-game levels. The Leaderboard’s top XP earners will win additional $PLAY tokens as well as exclusive goodies that are only available to $PLAY token holders.

Buy PlayDoge

Bitcoin Market Overview – July 2024

Bitcoin, which is the largest cryptocurrency by market capitalization, experienced a tumultuous first half of 2024, rising from $44k to its peak of $73,135 on March 13. The massive uptrend, according to experts, was fueled by the approval of Bitcoin ETFs in the United States. 

The regulatory breakthrough alongside the most recent halving event sets the stage for a period of consolidation, making it possible for the Bitcoin price to maintain $60k to $70k levels till May. 

However, the Bitcoin price has retreated somewhat since then. According to CoinGecho, BTC has been down by 17.8% in the last 30 days and currently trades at $55,651. Also, the total crypto market cap has fallen from $2.6T to $2.2T. 

Several factors have contributed to this decline, including the ongoing Bitcoin selling spree by the German government, economic uncertainty in the United States, and heavy Bitcoin ETF outflows amongst others. 

This downtrend mirrors the broader cryptocurrency market, with some other leading cryptocurrencies also seeing significant declines. 

However, despite the current market downturn, institutional interest in crypto remains robust. Major financial institutions and corporations have continued to explore blockchain technology and cryptocurrency investments, which signals long-term confidence in the market.

Most importantly, the U.S. Securities and Exchange Commission (SEC) recently approved spot ETH ETFs. However, trading is yet to commence as issuers still need the SEC to approve their individual ETF registration statements. 

4 Reasons For Bitcoin Selling Pressure 

Here are four key reasons contributing to the recent selling pressure on Bitcoin:

1. Bitcoin ETF Outflows

One major factor contributing to the selling pressure and eventual fall in Bitcoin price is the de-risking strategy undertaken by most spot Bitcoin exchange-traded fund (ETF) traders in late June. During this period, U.S-based spot Bitcoin ETFs recorded huge net outflows of $37.3 million. 

The outflow continued into the new month as investors withdrew $13.7 million and $20.5 million on July 2 and July 3 respectively. This development, according to Farside Investors data, brought the net ETF reserves to $14.62 billion. 

Additionally, the heavy Bitcoin ETF outflows coincide with the increased long liquidations that have ravaged the derivatives market. The accelerated long liquidations overwhelmed the short ones, thereby causing the dip in the price of Bitcoin and the broader crypto market at large.  

2. Economic Uncertainty in the United States

The recent comment from the Federal Reserve chair, Jerome Powell, downplaying the possibility of rate cuts in 2024 has also contributed to the prolonged downturn in the market. 

In a statement, Powell says the Fed needs more reliable data to know if it’s the right time to cut interest rates. Reuters quoted the Fed Chair saying the apex financial institution in the U.S wants to

“understand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation.” 

However, investors are hopeful that the Fed will slash interest rates on two or more occasions before the end of the year. Generally, rising interest rates make traditional financial instruments more attractive compared to high-risk assets like cryptocurrencies. With the chair recently stating just one rate cut until the end of the year, investors’ capital flows into the equity markets. 

This can often trigger a sell-off in Bitcoin and other leading cryptocurrencies since digital assets do not provide annual income in terms of dividends or interest rates. 

3. Ongoing Bitcoin Selling Spree by the German Government & Mt.Gox Reimbursement Plan

The transfer of a large volume of seized Bitcoin into multiple exchanges by the German government has decreased market confidence and triggered sell-offs. 

Arkham data shows that the government, through a wallet controlled by its Federal Criminal Police Office, has transferred 1,250 BTCs to Kraken, 2,050 BTCs to Coinbase, 2,350 BTCs to Bitstamp, and 5,200 to Flow Traders.

The intense sell-off has caught the attention of Tron founder, Justin Sun, who recently expressed willingness to negotiate with the German government so as to purchase all its BTC off-market, thereby minimizing the impact on the market. 

I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024

Also, contributing to the selling spree is the news that Mt.Gox has started repaying creditors. In a statement by the Trustee, Mt. Gox will pay compensation to affected users using BTC and BCH. 

4. Increased Competition and Market Saturation

Lastly, the cryptocurrency market is becoming increasingly crowded, with a multitude of new coins and tokens entering the market. This increased competition can divert investment away from Bitcoin as investors seek opportunities in other promising cryptocurrencies. 

Additionally, the growing popularity of decentralized finance (DeFi) projects and non-fungible tokens (NFTs) has led to a diversification of investments within the crypto space. As funds flow into these emerging sectors, the demand for Bitcoin may decrease, leading to price declines.

Conclusion 

Bitcoin and the cryptocurrency market continue to be extremely volatile, and investors need to stay informed and adapt their strategies to navigate the ever-changing landscape. The recent selling pressure on Bitcoin is attributed to a combination of several factors, including heavy Bitcoin ETF outflows, economic uncertainty, and increased competition in the cryptocurrency market. 

As such, investors looking for a Bitcoin alternative that’s not only promising but also cheap may consider 99Bitcoins.

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Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.