According to CoinGecko, the best performing altcoin of the past 30 days is Pepe ( PEPE ). The meteoric meme token has gained 106% in the past 30 days and is trading at $0.00001103 at the time of writing, just shy of its recent all-time high price.
Pepe has made significant progress as its passionate community has shared viral content featuring the project’s iconic frog mascot, which first became popular on the 4chan message board. While the coin has indeed performed very well this month, some analysts have warned that the coin may be overheated.
Pepe’s relative strength index (RSI) is currently at 73. This indicator is sometimes used to determine if a coin is overvalued, and a reading of 73 is often considered a sign that the bull run PEPE has seen may be due for a correction.
With this in mind, traders can likely expect PEPE to see volatile price action in the near future.
What are the top 5 performing altcoins this month?
Pepe isn’t the only altcoin to gain momentum this month. Here are some of the altcoins with the most potential, listed in order of price growth between mid-April and mid-May 2024.
Arweave (AR) has seen a 46% price increase over the last month and is currently trading at over $38 with a market cap of $2.5 billion. Arweave has had a volatile week with prices ranging between $37 and $44 but has shown a strong uptrend since mid-April.
Hedera ( HBAR ) is showing strong price activity, with a 34% price increase in 30 days. HBAR’s price has doubled in the last year as the project that positions itself as the successor to blockchain technology continues to gain popularity.
Rendering (RNDR) continues to climb after a 445% price increase last year and a 31% increase in 30 days. The project positions itself as the first decentralized GPU rendering platform, aiming to provide GPU computing power to its users.
Near Protocol (NEAR) has grown by 30.9% in the past 30 days. Currently, Near Protocol ranks#19in the crypto.news rankings with a market cap of over $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?
In addition to the 5 coins listed above, here are 10 more noteworthy altcoins that have seen impressive gains since mid-April.
Tron (TRX) is next with a market cap of $10.9 billion and a 12% price increase over the past 30 days. Over the past 12 months, TRX is up 79%.
Optimism (OP) ranks seventh on our list with an 11.9% price increase this month. Optimism is an Ethereum layer 2 protocol that aims to make Ethereum more scalable. Interestingly, while Optimism’s OP token is the biggest gainer this month, the token’s price is actually trending down overall this year.
Monero (XMR) remains popular as the world’s largest privacy coin project, with a price increase of 11.8% this month. However, the coin is down 13% over the last year and has failed to show the same long-term performance as some of the other coins on this list.
Dogwifwat (WIF) is the second meme coin to make the list, up 11% over the past 30 days. The WIF token is up about 129% this year, demonstrating the power of meme culture in the crypto community.
The Graph (GRT) has also grown 129% this year and 11% this month. The Graph is taking on the task of indexing blockchain network data in order to make it easily searchable by more casual users.
Another meme coin, Shiba Inu ( SHIB ), is up 7.3% this month and 163% for the year. SHIB is one of the most prominent meme coins in the space, with a market cap of over $13 billion.
Despite the various legal issues that BNB faced last year, the price of Binance Coin (BNB) continues to grow strongly. The coin, which allows users to trade on Binance at a discount, has a market capitalization of $89.1 billion and is up 3.8% this month.
Toncoin (TON), a project affiliated with the Telegram messaging service, is up 3.6% this month. Ripple (XRP) is up 3.2% in 30 days and is up 17% last year. Finally, Ethereum competitor Solana (SOL) is up 2.3% last month and is up an impressive 588% last year.
Is it altcoin season now?
The fabled altcoin season is on everyone’s mind as the father of cryptocurrencies, Bitcoin (BTC), remains close to its all-time high. After the recent Bitcoin halving, altcoins have been trending downwards, with a sharp drop on May 1, followed by some recovery, but still a loss of $109 billion in 30 days.
While the altcoins with the greatest potential tend to shine in multiple types of market conditions, some markets are more favorable than others.
Altcoins 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 the hope that the price will rise. Meanwhile, bearish traders who speculate that the Bitcoin price will fall may tend to cash out the cryptocurrency entirely and wait for any possible price drop.
Crypto markets tend to be volatile after halvings, and this one is no exception. While the altcoin season doesn’t seem to be in full swing just yet, it’s clear that some altcoins are well-positioned to see very healthy gains, as evidenced by today’s top-ranked coins.
While traders are busy figuring 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 past 30 days will not necessarily continue to rise over the next month. When evaluating the viability of a cryptocurrency investment, traders often look at trends in trading volume, price growth, volatility, and general news related to the project.
