Altcoins
Here are the best performing altcoins this month
We checked the performance of the top 15 altcoins by ROI in May 2024.
Top Performing Altcoins by ROI from April 14 to May 14, 2024 | Source: CoinGecko
According to CoinGecko, the best performing altcoin over the last 30 days is Pepe (PEPE). This meteoric meme coin has gained 106% over the past 30 days and is trading at $0.00001103 at the time of writing, just a bit below its recent all-time high price.
Pepe has seen major gains thanks to its enthusiastic community sharing viral content featuring the project’s iconic frog mascot, which was first popularized on the messaging forum 4chan. Although the coin is indeed performing very well for the month, some analysts are warning that the coin could be overheated.
Pepe’s Relative Strength Index (RSI) is now 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 could be due to a correction.
With this in mind, it is possible that traders are expecting PEPE price volatility 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 its prices rise 46% over the past month, now trading above $38 with a market cap of $2.5 billion. Arweave has had a choppy week, with prices ranging from $37 to $44, but showing a strong upward trend since mid-April.
Hedera (HBAR) is showing strong price activity with a 34% price increase over 30 days. The price of HBAR has doubled over the past year as the project that bills itself as the successor to blockchain technology continues to gain popularity.
Give back (RNDR) continues to climb after 445% price growth last year and a 31% increase in 30 days. The project presents itself as the first decentralized GPU rendering platform and aims to provide access to GPU computing power to its users.
Close protocol (CLOSE) has grown by 30.9% over the past 30 days. Near Protocol now occupies the 19th position in the crypto.news rankings with a market capitalization above $7 billion. Near Protocol aims to create an energy-efficient and scalable platform for building decentralized applications in the Web3 ecosystem.
What are the top 15 altcoins this month?
After the 5 tokens listed above, there are 10 more altcoins to watch that have seen impressive gains since mid-April.
Tron (TRX) comes next with a strong market capitalization of $10.9 billion and price increases of 12% over the last 30 days. TRX price has increased by 79% over the past 12 months.
Optimism (P.O.) arrives on our list in 7th place, with the price up 11.9% this month. Optimism is an Ethereum layer 2 protocol aimed at making Ethereum more scalable. Interestingly, even though Optimism’s OP token is one of the biggest gainers of the month, the token’s price is actually trending downward overall this year.
Monero (XMR) remains popular as the world’s largest privacy coin project, with the price up 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.
dog woman (Wireless) is the second successful meme coin, gaining 11% over the past 30 days. The WIF token is up approximately 129% for the year, demonstrating the power of meme culture within the crypto community.
The graphic (GRT) is also up 129% this year, also posting gains of 11% for the month. The Graph is responsible for indexing blockchain network data with the aim of making blockchain networks easily searchable for more casual users.
Shiba InuSHIB), another meme coin, saw price growth of 7.3% this month and gains of 163% for the year. SHIB is one of the largest meme coins in the industry with a market capitalization of over $13 billion.
Binance Coin (BNB) continues to show strong price growth despite the various legal issues faced by the Binance exchange over the last year. The coin, which allows users to trade on Binance at a reduced rate, has a market capitalization of $89.1 billion and gained a more modest 3.8% this month.
Toncoin (TONNE), the project affiliated with the Telegram messaging service, grew by 3.6% this month. Ripple (XRP) increased its price by 3.2% over 30 days and 17% in the last year. Finally, Ethereum competitor Solana (GROUND) rose 2.3% last month and a more impressive 588% last year.
Is it altcoin season already?
The legendary altcoin season is on everyone’s minds as the godfather of cryptocurrencies, Bitcoin (BTC), remains somewhat close to its all-time high. After the recent Bitcoin reduce by halfaltcoins followed a downward trend, falling sharply on May 1 before recovering but still losing $109 billion over 30 days.
Although altcoins with the most potential will tend to shine in many types of market conditions, some markets are more favorable than others.
Altcoins may tend to fall near expected BTC price events, such as the Bitcoin halving, as traders tend to cash out altcoins to buy more Bitcoin in anticipation of a surge. Meanwhile, bearish traders speculating on a drop in BTC price might tend to withdraw from the crypto altogether and wait for any possible price drop.
The post-halving crypto market is often volatile, and this time is no exception. While it doesn’t appear that altcoin season is in full swing at the moment, it’s clear that some altcoins are more than capable of making very healthy gains, as evidenced by today’s top coins .
As traders scramble to determine which altcoins to invest in, it is important to remember that the altcoin market is very volatile, especially in current market conditions. A coin that has performed well over the past 30 days is not necessarily on track to continue rising in price next month. Traders typically look at trading volume trends, price growth, volatility, and general project-related news when assessing 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 intended for educational purposes only.