Markets
Here are the best performing altcoins this month
We check the performance of the top 15 altcoins by ROI in May 2024.
Top Performing Altcoins by ROI April 14 – May 14, 2024 | Source: CoinGecko
According to CoinGecko, the best performing altcoin of the last 30 days is Pepe (PEPE). This meteoric meme coin has gained 106% in the last 30 days and is trading at $0.00001103 at the time of writing, a bit shy of its recent all-time high price.
Pepe has seen big gains due to its enthusiastic community sharing viral content featuring the project’s iconic frog mascot, which was first popularized on the 4chan message board. Although the currency is performing very well during the month, some analysts warn that the currency may be overheated.
Pepe’s Relative Strength Index (RSI) is now at 73. This indicator is sometimes used to determine whether a coin is overvalued, with a reading of 73 typically being considered a sign that the bull run seen by PEPE may be over. subject to correction.
With this in mind, it is possible that traders can expect volatile price action in PEPE in the near future.
What are the 5 best performing altcoins this month?
Pepe is not the only altcoin making gains this month. Here are some of the altcoins with the most potential, listed in order of price growth from mid-April to mid-May 2024.
Arweave (FROG) has seen 46% price growth over the past month, now trading above $38 with a market cap of $2.5 billion. Arweave has had a busy week, with the price ranging from $37 to $44 but trending strongly upward since mid-April.
Hedera (HBAR) is showing strong price activity, with a 34% price increase in 30 days. The price of HBAR has doubled over the past year as the project marketing itself as a successor to blockchain technology continues to gain popularity.
Render (RNDR) continues to rise after 445% price growth last year and a 31% increase in 30 days. The project calls itself the first decentralized GPU rendering platform and aims to provide access to GPU computing power to its users.
Close protocol (CLOSE) had a growth of 30.9% in the last 30 days. Near Protocol now ranks 19th in the crypto.news ranking with a market cap of over $7 billion. Near Protocol aims to create a scalable and energy-efficient platform for building decentralized applications in the Web3 ecosystem.
What are this month’s top 15 altcoins?
After the 5 tokens listed above, there are 10 more altcoins to watch that have seen impressive gains since mid-April.
Tron (TRX) is next, with a robust market cap of $10.9 billion and price gains of 12% over the past 30 days. TRX price has grown 79% in the last 12 months.
Optimism (OP) appears on our list in 7th place, with prices rising 11.9% this month. Optimism is a layer 2 Ethereum protocol that aims to make Ethereum more scalable. It is interesting to note that although Optimism’s OP token is the biggest gainer for the month, the token’s price has been trending downward overall this year.
Monero (XMR) remains popular as the world’s largest privacy coin project, gaining 11.8% in price this month. However, over the last year, the token has fallen by 13%, failing to deliver the same long-term performance as some of the other tokens on this list.
dogwifwat (WIF) is the second meme coin to make the cut, gaining 11% in the last 30 days. The WIF token is up around 129% year to date, showing the power of meme culture in the crypto community.
The graph (TAB) also grew 129% this year, also recording gains of 11% for the month. The Graph is taking on the task of indexing data from blockchain networks with the goal of making blockchain networks easily searchable for more casual users.
Shiba Inu (SHIB), another meme coin, has seen 7.3% price growth this month and 163% year-to-date gains. SHIB is one of the most prominent meme coins in the space, with a market cap of over $13 billion.
Binance Coin (BNB) continues to show strong price growth despite several legal issues faced by the Binance exchange over the last year. The currency, which allows users to trade Binance at a discount rate, it has a market cap of $89.1 billion and has gained a modest 3.8% this month.
Toncoin (TONNE), a project affiliated with the Telegram messaging service, grew 3.6% this month. Ripple (XRP) increased in price by 3.2% in 30 days and 17% in the last year. Finally, Solana, Ethereum’s competitor (SUN) rose 2.3% in the last month, and a more impressive 588% in the last year.
Is it already altcoin season?
The legendary altcoin season is on everyone’s mind as the godfather of cryptocurrencies, Bitcoin (Bitcoin), remains somewhat close to its all-time high. After the recent Bitcoin reduce by halfaltcoins trended lower, dropping sharply on May 1 before recovering but still losing $109 billion in 30 days.
While altcoins with the most potential tend to shine in many types of market conditions, some markets are more favorable than others.
Altcoins may tend to fall around predicted BTC price events such as the Bitcoin halving, as traders tend to cash out altcoins to buy more Bitcoin in anticipation of a rise. Meanwhile, bearish traders who speculate that the price of BTC will fall may tend to completely profit from the crypto and wait for any possible price drop.
The post-halving crypto market is often volatile and this time was no exception. While it doesn’t appear that the altcoin season is in full swing at the moment, it is still clear that some altcoins are more than capable of making very healthy gains, as evidenced by the coins topping today’s list.
While traders are struggling to figure out which altcoins to invest in, it is important to remember that the altcoin market is highly volatile, especially in current market conditions. A coin that has performed well over the last 30 days is not necessarily on track to continue to grow in price over the next month. Traders typically look at trends in trading volume, price growth, volatility, and general project-related news when evaluating the viability of a crypto investment.
For more information, you can check out our recent complete guide to altcoins article.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.