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January’s top gainers had to navigate a turbulent crypto market.
The month kicked off with a raging bull market only for the approval of spot Bitcoin ETFs (exchange-traded funds) just 10 days into the year to trigger a sharp selloff that was followed in the past week by a strong comeback.
While the S&P Cryptocurrency Broad Digital Market Index shows the outcome was a meager 1.5% rise for crypto markets overall in January, there were nonetheless some standout performers.
January’s Top Gainers
Here are the five top gainers among the top 100 cryptos by market capitalisation, as measured by CoinMarketCap, at around noon EST:
Pendle (PENDLE) led the charge by surging more than 126% to $2.72, reflecting growing confidence among traders in its potential for yield optimization in DeFi. It secured a partnership during the month with Ondo Finance, a Coinbase protocol.
Not far behind was Sui (SUI), which soared about 99% to reach $1.60. Sui’s pump can be attributed at least in part to the launch of fiat-to-SUI ramps by Banxa.
Fiat on-ramps for Sui are coming thanks to @BanxaOfficial!
Banxa will be adding the SUI token to its platform and @Mysten_Labs’ Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa’s on-ramp. https://t.co/1jIOMYjK7r
— Sui (@SuiNetwork) January 29, 2024
In third place is Ronin (RON), an ecosystem token that underpins the Ronin blockchain. It’s tailored for decentralized applications, especially in the gaming sector, and jumped 54% to $2.83. Ronin has become a token of choice for investors looking for exposure to the burgeoning blockchain gaming industry.
The next best performer was Manta Network (MANTA), with an almost 39% rise to $3.15. Its Total Value Locked (TVL) surged during the month, amassing $50M in TVL over the past 15 days.
Completing the top five was Celestia (TIA), which climbed more than 37% to $17.12.
Snap | Source: CoinMarketCap
Future Top Gainers
That’s the past, but what about the future? Many crypto analysts point to presales as having the best potential for exponential gains. While it’s notoriously difficult to predict the direction of cryptocurrencies, these following four ICOs are ranked by some analysts as among the most likely tokens to offer turbocharged gains in coming months:
With Bitcoin finding its feet again after a sharp fall, and the April halving now looming, analysts say cloud mining project Bitcoin Minetrix might be a great way to play an incoming Bitcoin bull run. The project aims to make cloud mining more accessible by reducing entrance barriers and start-up expenses.
Embarking on an exciting journey into cloud mining with #BTCMTX! 🚀
Users gather staking credits, monitoring their mining capabilities.#Ethereum network's smart contracts guarantee seamless, decentralized distributions, ensuring a secure and dependable mining experience. 🔗💻 pic.twitter.com/l1NXxe2XRz
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
Those not too fainthearted to consider meme coin investments might look no further than SpongeV2, an upgraded version of Sponge ($SPONGE). Analysts note that it’s up 636% in the past year and that it exploded 100x after listing last year. As if that wasn’t enough, Sponge got a high-profile endorsement from Tron founder Justin Sun, who holds Sponge worth about $90k.
Another meme coin that’s attracting analyst attention is Meme Kombat, a gaming platform that enables players in the MK community to face off in an arena while represented by a meme persona of their choosing.
Last but not least is a very unusual presale called eTukTuk that’s seen having 10x growth potential. Its grand aim is to introduce electric, three-wheel tuk tuks and charging stations into regions including South Asia and Africa.
It’s starting in Sri Lanka and the funds raised by its presale have surged to more than $700K already.
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