Over the past week, market volatility has shown that most tokens have not achieved the double-digit price increases we’ve seen in previous weeks. While $30,000 appears to be the next level of resistance for Bitcoin, analysts are generally optimistic about the market’s prospects over the next few months. Especially for some altcoins with bullish potential in May. Crypto analyst Rahul Nambiampurath shares 5 altcoins to watch and analyst Selena shares 3 altcoins.
Keep your eyes peeled for these altcoins!
BitTorrent (BTT)
BitTorrent price is up more than 6%, possibly due to crypto exchange MDEX listing the token. The team behind the project is asking developers to submit their dApps and websites to be deployed on Awesome BTFS (BitTorrent File System), a decentralized file storage system. This move bodes well for the network as it increases the number of apps and use cases on it. BTT is currently priced around $0.0000006646. Among altcoins, BTT was changing hands at $0.0000006255 last week.
BTT price / Source: TradingViewZilliqa (ZIL)
Zilliqa is up over 9%, likely due to the imminent launch of the Ethereum Virtual Machine (EVM). Thus, he became one of the top earners last week. This launch will allow smart contracts written in Ethereum’s Solidity programming language to be deployed locally on Zilliqa. EVMs allow building applications on Ethereum and other protocols that implement it. Therefore, this development will lead to more diverse applications on Zilliqa. Among altcoins, ZIL is currently trading at around $0.034, up from $0.031 a week ago.
ZIL price / Source: TradingViewUNUS SED LEO (LEO)
The price of Bitfinex’s UNUS SED LEO (LEO) token has increased by around 5% in the past week, perhaps as the exchange received El Salvador’s first digital asset license. This license allows Bitfinex to issue cryptocurrencies and offer trading within the country. As you follow on Kriptokoin.com, El-Salvadr became the first country to accept Bitcoin as a legal payment instrument. LEO is currently at $3,515, up from $3,387 last week.
LEO price / Source: TradingViewToncoin (TON)
The altcoin price has increased by around 3%, possibly due to various technical developments in the network. Chief among these is that it has launched its own token bridge that allows ERC-20 tokens to be transferred to its network. Token bridges allow tokens built on different networks to operate on other networks. Another major reason for the price increase is probably the announcement that CoinDCX, a major Indian exchange, has listed TON. While the coin was $2.26 last week, it is currently worth around $2.33.
TON price / Source: TradingViewTRON (TRX)
TRX market cap rose 3% from $5.9 billion to $6.07 billion. The most likely reason for this is that TRON’s stablecoin dominance has increased by over 10%, reaching approximately 34% of the overall market. Founder Justin Sun said the goal is to reach a total of $60 billion by the end of the year. Meanwhile, last month, the US Securities and Exchange Commission sued Sun for unregistered sale of securities. TRX is currently changing hands around $0.0668. The price of the token last week was $0.0663.
TRON price / Source: TradingView3 cryptos worth buying in May 2023
Cardano (ADA)
Investors are just starting to show interest in Cardano (ADA). Cardano whales or major holders bet on the coin in April. Thus, it bought over $200 million of ADA. While ADA has dropped 12% in the past week, analysts say the correction could signal a retest of the uptrend before it creates an inverted head and shoulders structure. According to Cardano’s chart, the current $0.387 is a viable opportunity to buy. Because it is possible that ADA will appreciate in the next few weeks.
ADA 4-hour chart / Source: TradingViewPolygon (MATIC)
One of the best known layer-2 Blockchains is Polygon (MATIC). The token is down 38% from its February 2016 peak of $1,542 and down 10% last month. While MATIC’s bearish trend continues, many investors looking to hoard from the top 10 cryptocurrencies are likely to see the current chart as a viable entry point.
MATIC 4-hour chart / Source: TradingViewPhantom (FTM)
The next-generation Layer-1 DeFi platform has made a lot of noise since it announced a new main-net upgrade. It promises to reduce block and P2P transaction speeds by 30% and quickly scale the network for processing files and searching logs. FTM fell 22.8% the previous week. However, despite this, it has gained more than 100% since the beginning of the year. The token is currently trading at $0.4214. A look at the chart reveals that FTM has hit a high of $0.633. This indicates that the price may continue to move in the coming months.
FTM 4-hour chart / Source: TradingView
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