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With the month of May already unfolding, the cryptocurrency market is trading in a relatively choppy trend, taking the cue from the flagship decentralized finance (DeFi) asset – Bitcoin (BTC) – and some altcoins are performing better than others.
In this context, Finbold has analyzed the recent performance and developments around these top altcoins on the market to deliver a list of five altcoins that crypto traders and investors should pay particular attention to during the fifth month of 2023.
Pepe (PEPE)
A new sensation in the crypto space, Pepe (PEPE) has witnessed massive success, surging over 120% on May 1, to become the world’s third largest meme coin, entering the company of the meme cryptocurrency ‘greats’ and outpacing the likes of Floki (FLOKI) and Baby Doge Coin (BABYDOGE).
On top of that, PEPE was recently listed on OKX, which has helped its price grow a massive 329.18% over the last week and an even more impressive 1,503.11% in a single month, despite its gains being slightly offset by the 19.97% loss in the last 24 hours, as per CoinMarketCap data retrieved on May 3.
Render Token (RNDR)
The recent surprise in the sector is Render Token (RNDR), which has caught the attention of the crypto community with an impressive price climb upon its listing on Coinbase earlier this year, one of the largest crypto exchanges in the world, in what is a clear example of the ‘Coinbase effect.’
Adding up to the 285% surge in just a few short months and promising more is to come, Render Token is currently changing hands at the price of $2.15, up 2.76% on the day, 6.33% in the previous seven days, as well as 68.08% over the past month, currently trading at 0.0000009266, according to the latest charts.
MultiversX (EGLD)
Speaking of the positive effects that listings on crypto exchanges have on digital assets, the Upbit listing of MultiversX (EGLD), formerly known as Elrond, has led to its significant price rally, similar to what earlier happened to the meme coin Floki (FLOKI) upon its listing on Binance.US, the American branch of Binance.
At press time, MultiversX was trading at the price of 40.07%, down 0.65% over the previous day and 2.14% in the last month, but gaining 3.40% across the past seven days, as the most recent chart data, accessed on May 3, indicates.
VeChain (VET)
Despite its not-so-glorious performance in recent weeks, the price of VeChain (VET) has a chance to turn the page in May, as it capitalizes on the digital asset’s team launching a VechainThor mobile crypto wallet upgrade on May 4, as earlier announced on the ecosystem’s Twitter page.
However, VeChain is presently changing hands at the price of $0.02, recording decreases on all its charts, including 2.47% on the day, 9.13% across the week, and 11.50% in the last month but growing 28.44% since the year’s turn.
Stacks (STX)
Meanwhile, Stacks (STX) has been witnessing gains after Binance announced it was supporting its upcoming Layer 2 upgrade for the Bitcoin network, which is scheduled to take place at the blockchain height of 787,651, as the announcement specified.
Specifically, at the time of publication, it was changing hands at the price of $0.81, up 17.27% in the last 24 hours and 8.75% across the week, as it continues trying to offset the decline of 7.91% accrued in the previous 30 days.
Conclusion
Although the crypto market can sometimes surprise an unsuspecting onlooker, crypto trading expert Michaël van de Poppe has earlier predicted that altcoins would continue to move up, particularly if Bitcoin manages to break above $30,000 and the rest of the market follows suit.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.