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The cryptocurrency market has seen a generally bullish year, but certain crypto assets such as Shiba Inu (SHIB), XRP, Mina Protocol (MINA), Toncoin (TON) and Cronos (CRO) have caught the eye due to their impressive metrics and potential for growth.
The Crypto Basic carried out an evaluation of these cryptocurrencies, considering their price movements this year, tokenomics, technology, and social bearing. These factors appear to bode well for the crypto assets in question, eliciting their inclusion in our list of top 5 altcoins to watch.
Shiba Inu
Shiba Inu might not be the largest asset in the memecoin category, but it appears to command the largest community. Launched in August 2020 by the pseudonymous “Ryoshi,” the crypto token is gradually transitioning from a memecoin to a decentralized ecosystem.
This ecosystem, championed by lead developer Shytoshi Kusama and a team of others, involves multiple projects, including the Shiba Inu Metaverse, ShibaSwap, Shibarium and Shib Name Service.
The ongoing development of the Shiba Inu ecosystem is poised to introduce greater demand and adoption for the SHIB token. The ecosystem also contributes to token burns. These contributions have triggered renewed interest in Shiba Inu, making it one of the hot choices for the future.
SHIB currently trades for $0.00001053, having retained a foothold above $0.00001. SHIB’s technicals are mainly bullish, with a robust support stationed at $0.00001023.
SHIB has maintained a 14-day RSI of 55.85 despite the latest uptrend, with a 71% bullish sentiment. The token faces possible resistance at $0.00001088.
XRP
Being the native token of the XRP Ledger (XRPL) comes with its perks, and XRP has continued to welcome these advantages. XRP was originally designed to power the XRPL, but it has grown to become one of the most attractive investment options for crypto enthusiasts.
The token became the subject of a lengthy litigation between the U.S. SEC and Ripple from December 2020 until recently. A pivotal ruling determined that it is not a security, as alleged by the SEC.
This decision positions XRP as the only altcoin with legal clarity in the U.S., making it a unique investment choice. XRP has underperformed since the start of the latest market-wide uptrend, but this pattern preceded a substantial upsurge for the asset in 2017.
Historical precedence has kept optimism in XRP alive, with market participants banking on its legal and regulatory clarity. XRP’s fear and greed index currently stands at 65, indicating greed, as investors remain confident in the asset’s future trajectory.
XRP boasts 18 green days over the past month. Sentiment surrounding the asset is 54% bullish, as it changes hands at $0.6249. XRP trades slightly above its 50-day EMA ($0.6224) and way above its 200-day EMA ($0.5546).
Mina Protocol
Mina Protocol stands out as a minimal “succinct blockchain” with a focus on privacy and accessibility. Utilizing zero-knowledge proofs, it allows users to interact with decentralized applications (dApps) without compromising personal data.
The team behind the project has continued to push for more innovation, making MINA its native token an attractive asset for the future. One of these innovations is the Mina-Ethereum Bridge, which enhances cross-chain communication.
MINA, the native token, plays a crucial role in securing the network and enabling access to dApps. Its notable price performance has caught the eye, as it recently clinched a 19-month high of $1.48. Investor confidence is high, with technicals presenting a bullish setup.
Currently, MINA trades for $1.439 with a market cap of $1,478,288,672, MINA has rallied 8% over the past 24 hours, breaking into the top 60 among the largest crypto assets, as it retains the 56th position. 24-hour trade volume currently sits at $177,451,497.
Toncoin (TON)
Toncoin, native to The Open Network (TON), boasts features like speed, compatibility, and flexibility. Originally manned by Telegram, the social media platform abandoned the project following regulatory issues with U.S. authorities.
A group of independent developers took over the Open Network, and has continued to push for its development. The project’s roadmap includes the launch of initiatives like TON Bridge and TON Swap. The Toncoin Incentive Program, a collaboration with Blockchain.com, further encourages user engagement.
TON, the token driving the network, has demonstrated impressive price performance, currently trading for $2.40 amid a 5.79% rise in the last 24 hours. The ongoing development of the network has positioned TON as a potential contender in the next bull market.
Cronos (CRO)
Cronos Chain, developed by Crypto.com, distinguishes itself through scalability and speed. Key developments such as the Cronos-Ethereum Bridge and Cronos Rollups, signify its commitment to advancing blockchain technology.
CRO, the native token, facilitates network security and access to a variety of applications. The token has demonstrated impressive price performances in the past, rallying to the all-time high of $0.9698 in November 2021.
Cronos was one of the biggest beneficiaries of the 2021 bull market. As a result, some market watchers project it to perform well in the upcoming bull run, as Crypto.com continues to command more user participation.
The crypto token has consolidated for most of the month, but this consolidation comes after a massive 94% surge in October. CRO currently commands bullish sentiments, with its FGI currently at 65.