May 2024: Here are the best performing altcoins this month

by

As a researcher, I have closely analyzed the performance of the top 15 altcoins by ROI (Return on Investment) in May 2024. Based on my findings, Pepe (PEPE) has emerged as the top performer with an impressive 106% gain in the last 30 days. However, some analysts caution that this meteoric meme coin could be overheated due to its high RSI (Relative Strength Index) of 73.

We checked the performance of the top 15 altcoins by ROI in May 2024.

May 2024: Here are the best performing altcoins this month

Based on CoinGecko’s data, Pepe (PEPE) ranks as the most profitable altcoin over the past 30 days with a stunning gain of 106%. At present, it is priced at $0.00001103, approaching its all-time high.

Pepe the Frog has experienced significant growth, largely driven by its dedicated fanbase spreading viral content showcasing the project’s beloved frog symbol. This meme currency took off initially on the 4chan discussion platform. Although Pepe has achieved impressive returns this month, some financial experts issue warnings that the coin could be experiencing a bubble.

The Pepe’s Relative Strength Index (RSI) stands at 73 now. This metric is often employed to identify potential overvaluation in cryptocurrencies, and a reading of 73 for PEPE might suggest that its recent price surge could be followed by a market correction.

Considering this, traders may encounter price fluctuations in PEPE over the coming days.

What are the top 5 best-performing altcoins this month?

Pepe isn’t the sole altcoin experiencing price increases in May 2024. Instead, consider checking out these other notable altcoins and their respective price surges from mid-April to mid-May:

Over the past month, Arweave (AR) has experienced a significant price increase of approximately 46%, currently trading above $38. The cryptocurrency now boasts a market capitalization of around $2.5 billion. Although there were fluctuations during the week, with prices ranging from $37 to $44, Arweave has displayed a robust upward trend since mid-April.

Hedera Hashgraph, represented by the symbol HBAR, is experiencing robust price growth with a 34% surge over the past thirty days. Over the past year, the value of HBAR has more than doubled, reflecting surging interest in this project, which positions itself as the next-generation successor to traditional blockchain technology.

As a crypto investor, I’ve noticed that Render (RNDR) has been on an impressive run, with prices soaring by over 445% in the past year alone. In just the last month, the price has risen by an additional 31%. This decentralized GPU rendering platform is making waves as the first of its kind and is dedicated to offering users access to powerful GPU computing resources.

As a crypto investor, I’ve observed some impressive growth with Near Protocol (NEAR) over the past 30 days, boasting a 30.9% price increase. Currently, NEAR ranks 19th on crypto.news, and its market capitalization surpasses $7 billion. What sets Near Protocol apart is its commitment to creating an energy-efficient and scalable infrastructure for developing decentralized applications within the Web3 ecosystem.

What are the top 15 altcoins this month?

Following the five cryptocurrencies mentioned earlier, keep an eye on the next ten altcoins that have experienced significant price increases since mid-April.

Tron (TRX) is coming up next with a substantial market capitalization of $10.9 billion and a noteworthy increase in price by 12% over the last month. The value of TRX has risen by an impressive 79% during the previous year.

Seventh on our list is Optimism (OP), which experienced a 11.9% increase in price this month. Optimism is an Ethereum layer-2 protocol designed to enhance Ethereum’s scalability. Notably, despite the OP token being among the top monthly gainers, its price has generally decreased throughout the year.

Monero (XMR) continues to be in high demand as the leading privacy coin, with a price increase of 11.8% recorded this month. Yet, over the past year, its value has dropped by 13%, making it underperform compared to other tokens on this list in terms of long-term growth.

Meme coin DogeWithIf (WIF) has seen a 11% increase in value over the past month. This digital currency’s token has experienced a remarkable surge, boasting a gain of approximately 129% throughout the year. The vibrant meme culture within the crypto sphere is evidently fueling WIF’s success.

This year, The Graph (GRT) has experienced a significant growth of 129%, in addition to achieving an 11% increase during the past month. The Graph is devoted to the mission of simplifying the process of searching for data on blockchain networks by serving as an index.

The meme coin Shiba Inu (SHIB) has experienced a 7.3% price increase this month and an impressive 163% surge in value during the year. With a market capitalization surpassing $13 billion, SHIB is among the more notable meme coins presently in the crypto sphere.

As a researcher studying the cryptocurrency market, I’ve observed that Binance Coin (BNB) has exhibited robust price growth in spite of the regulatory challenges confronting the Binance exchange throughout the past year. With a market capitalization of $89.1 billion, this coin offers users discounted trading fees on Binance. In the current month, BNB recorded a more subdued increase of 3.8%.

The Toncoin (TON) initiative linked to Telegram witnessed a growth of 3.6% during the past month. In contrast, Ripple (XRP) experienced a price increase of 3.2% over the last 30 days and a significant surge of 17% throughout the previous year. Moreover, Solana (SOL), a rival to Ethereum, saw a monthly gain of 2.3%, while its value skyrocketed by an impressive 588% in the last 12 months.

Is it altcoin season yet?

The much-discussed altcoin rally is top of mind as Bitcoin (BTC), the pioneer cryptocurrency, hovers close to its record-breaking price. Following Bitcoin’s halving event, altcoins have taken a hit, experiencing a significant decline on May 1 and then rebounding but still losing approximately $109 billion in market value over the past month.

In various market scenarios, certain altcoins with great prospects are likely to outperform, but specific market environments can be particularly advantageous for their growth.

The prices of alternative cryptocurrencies, or altcoins, often decrease leading up to predicted Bitcoin (BTC) events, such as the halving, due to traders selling off their altcoin holdings to purchase more Bitcoin in preparation for a potential price surge. Conversely, pessimistic investors expecting a decline in BTC may choose to exit the crypto market entirely and stay on the sidelines during potential price downturns.

The crypto market following a halving event can be unpredictable, and this latest episode proved no different. Although the signs of an “altcoin season” aren’t evident yet, certain altcoins have shown impressive potential for substantial growth as indicated by the coins leading the charts today.

In the bustle of choosing which altcoins to put money into, it’s crucial to keep in mind that the altcoin market is notoriously unpredictable, especially under present market circumstances. A coin that has shown impressive price gains over the past 30 days may not continue its upward trend in the coming month. Traders usually examine trends in trading volume, price development, volatility, and project-specific news to evaluate the potential of a crypto investment.

Read More

2024-05-14 18:39