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The crypto market is heating up with a number of altcoins following in Bitcoin’s footsteps after the leading cryptocurrency reached a yearly high earlier this week. Bitcoin is now up around 68% compared to last year, and BTC dominance is such that its growth has dragged many other projects up with it.
Cardano (ADA), El Hippo (HIPP), and Fantom (FTM) are three very different projects with different investment angles, all of which have seen increased trading activity in the last few weeks.
Cardano (ADA) Price Analysis
Cardano has reached a price of $0.291, spiking above $0.30 on October 31, a monthly high. Ranked at #8 by market cap throughout the crypto industry, the project has been a major earner with a huge market cap above $10 billion at the moment. Cardano is a blockchain platform known for its scientific approach, close collaboration with academic researchers, and dedication to carbon neutrality even during the NFT craze which saw networks like Ethereum criticized for environmental pollution.
The project has a strong use case as a Web3 decentralized application protocol, and a possible contender for the Ethereum throne. ADA price has been trending steadily upwards for the past month, an attractive candidate for traders with technical analysis skills can take a closer look at. It’s worth noting that Cardano’s number of inactive holders has now reached an 18 month high.
El Hippo (HIPP) Price Analysis
El Hippo is a three-month old meme coin with significant activity developing on social media. The project has been funding and organizing regular hippo-themed meme contests, including a biweekly $700 giveaway and a $10,000 airdrop ending on November 3.
Meme coins are driven largely by social media activity, and it’s likely that the increasingly large presence online has helped drive price. HIPP price is 10% higher now than at the start of the month, with the kind of choppy, volatile trading activity commonly seen in low-cap coins. El HIppo has a market cap of just $3.67, and while the potential for outsized gains for such projects can be high, they tend to be riskier than “blue chip” projects like ADA.
However, the volatile price action has presented plenty of opportunity for swing traders over the last 30 days, and the ongoing airdrops and rewards programs being funded by the project could well serve as the price catalyst needed for HIPP to gather the kind of upward momentum for which the meme coin industry is famous. Again, would-be investors would do well to be cautious when dealing in low-cap coins with volatile price action.
Fantom (FTM) Price Analysis
Fantom is technically a competitor to Cardano, a decentralized application hosting platform focused on Web3 development. The projects differ as much as they overlap, with Fantom targeting faster transactions and scalability as well as a more rapid approach to actual development, while Cardano has been famously slow and steady in rolling out network updates backed by academic research.
Fantom has a market cap of $666 million, and is currently up 21% on the month with a current price of $0.245. While the project has a long way to go before challenging competitors like Cardano and Ethereum, it has nevertheless been given a firm vote of confidence by the market with a market cap ranked at #62 at $72 million in 24 hour trading volume. Price over the last 24 hours dipped before returning to a daily high.
Crypto markets surge in early November
With a strong start to the month in terms of price action, the market appears to be shaking off a period of relative inactivity or downward price trends. While there are no guarantees in crypto, it seems likely that many projects will continue to exhibit volatile, and perhaps upward, price momentum.
As always, investors would be wise to do their research and never invest more than they can afford to lose in any asset, including volatile assets like cryptocurrencies.