Altcoins
Here are the best performing altcoins this month
We checked the performance of the top 15 altcoins based on ROI in May 2024.
Best Performing Altcoin by ROI from April 14 to May 14, 2024 | Source: CoinGecko
According to CoinGecko, the best performing altcoin in the last 30 days is Pepe (PEPPER). This meteoric meme coin has gained 106% in the last 30 days and at the time of writing is trading at $0.00001103, just a little below its recent all-time high price.
Pepe has seen major revenue thanks to its enthusiastic community sharing viral content featuring the project’s iconic frog mascot, first popularized on the 4chan messaging board. Although the currency has been performing very well over the course of the month, some analysts warn that it could overheat.
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 generally considered a sign that the bull run seen by PEPE may be due to a correction.
With this in mind, it is possible that traders can expect volatile price action for PEPE in the near future.
What are the 5 best performing altcoins this month?
Pepe is not the only altcoin to post 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 (AR) has seen price growth of 46% over the past month, now trading above $38 with a market capitalization of $2.5 billion. Arweave has had a choppy week, with prices ranging between $37 and $44, but showing a strong upward trend since mid-April.
Ivy (HBAR) is showing strong price activity with a price increase of 34% in 30 days. HBAR’s price has doubled in the past year as the project that bills itself as a successor to blockchain technology continues to gain popularity.
Rendering (RNDR) continues to rise after a 445% price growth over the past year and a 31% increase in 30 days. The project bills itself as the first decentralized GPU rendering platform and aims to provide its users with access to GPU computing power.
Close to the protocol (NEAR) has recorded growth of 30.9% in the last 30 days. Near Protocol now holds the 19th position in the crypto.news ranking with a market capitalization of more than $7 billion. Near Protocol aims to create a scalable and energy-efficient platform for building decentralized applications in the Web3 ecosystem.
What are the 15 best altcoins this month?
After the 5 tokens listed above, there are 10 more altcoins to keep an eye on that have seen impressive gains since mid-April.
Tron (TRX) is next with a notable market cap of $10.9 billion and price gains over the past 30 days of 12%. The price of TRX has grown by 79% in the last 12 months.
Optimism (OPERATION) enters our list in 7th place, with a price up 11.9% this month. Optimism is a layer 2 Ethereum protocol aimed at making Ethereum more scalable. Interestingly, although Optimism’s OP token posted the largest gains for the month, the price of the token has actually been trending downward overall this year.
Currency (XMR) remains popular as the largest privacy coin project in the world, gaining 11.8% this month. However, over the past year, the token has fallen by 13%, failing to show the same long-term performance as some of the other tokens on this list.
dogwifwat (WIFE) is the second meme coin to make the cut, gaining 11% over the past 30 days. The WIF token has grown by approximately 129% over the year, demonstrating the power of meme culture within the crypto community.
The graph (GRT) is up 129% this year, also posting gains of 11% for the month. The Graph is taking on the task of indexing blockchain network data with the goal of making blockchain networks easily searchable for more casual users.
Shiba Inu (SHIB), another meme coin, saw price growth of 7.3% this month and gains of 163% for the year. SHIB is one of the most prominent meme coins in the industry with a market capitalization of more than $13 billion.
Binance Coin (BNB) continues to show strong price growth despite the various legal issues faced by the Binance exchange over the past year. The coin, which allows users to trade Binance at a discounted rate, it has a market capitalization of $89.1 billion and has gained a more modest 3.8% this month.
Toncoin (TONNE), the project affiliated with the Telegram messaging service, rose 3.6% this month. Waviness (XRP) is up 3.2% in 30 days and 17% over the past year. Finally, Ethereum competitor Solana (SOL) is up 2.3% over the past month and a more impressive 588% over the past year.
Is it altcoin season yet?
The legendary altcoin season is on everyone’s mind as the godfather of cryptocurrencies, Bitcoin (Bitcoin), remains quite close to its all-time high. After the recent Bitcoin halvingaltcoins have been on a downward trend, dropping sharply on May 1 before recovering but still losing $109 billion in 30 days.
While altcoins with the most potential will tend to shine in many types of market conditions, some markets are more favorable than others.
Altcoins can tend to fall around expected BTC price events such as the Bitcoin halving as traders tend to cash out of altcoins to purchase more Bitcoin in anticipation of a rise. Meanwhile, bearish traders speculating on a drop in BTC price may tend to cash out of cryptocurrencies altogether and wait for any price drops.
The post-halving cryptocurrency market is often volatile, and this time was no exception. While it doesn’t look like 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 at the top of today’s list.
While traders are trying to figure out which altcoins to invest in, it is important to remember that the altcoin market is highly volatile, particularly under current market conditions. A coin that has performed well in the last 30 days is not necessarily on track to continue rising in price next month. Traders typically look at trends in trading volume, price growth, volatility, and general project-related news when evaluating the viability of a cryptocurrency investment.
For more information, you can consult our recent complete guide to altcoins item.
Disclosure: This article does not constitute investment advice. The contents and materials on this page are for educational purposes only.