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The crypto market is seeing some traces of bullish trends this weekend. The most notable move happened yesterday when BTC broke and pushed into the $60k range, reaching as high as $65k before its retracement. The price action validates the speculation that the market may see a further recovery in the coming days.
Moreover, the improving market performance also resonates with the trends among major altcoins. Prices of altcoins are rising rapidly, and we’ve compiled a list of 5 best altcoins to watch.
5 Best Altcoins to Watch
The list comprises LayerZero, Ordi, Sei, and a handful of other cryptocurrencies. Their market data today shows they have the prospect of better performance in the coming week.
With the prospect of reaching higher prices in the coming week. Also included in the post is the overview of The Meme Games, which is one of the top-performing presale crypto tokens.
1. LayerZero (ZRO)
Interoperability is the backbone of blockchain’s future. Security challenges have been a major barrier to the growth and development of the sector.
A recent project that’s tackling the Interoperability problem is the LayerZero. It was launched with a focus on providing an enabling environment for seamless transfer of data and communication between Blockchain-based networks.
Since its inception, LayerZero has received excellent reception from various networks across the market. It has equally recorded extensive use cases. It’s also secured partnerships that’ll be instrumental to future growth.
In the last 24 hours, ZRO has seen over 10% price increase, bringing its 7-day gains to over 30%. Similarly, the token’s trading volume is up by over 43% intra-day. Other facts suggest that the token is witnessing growing demand.
LayerZero is included in @conduitxyz's marketplace!
Conduit rollups interested in unlocking omnichain interoperability, along with other services, can now make a request from a single, integrated platform. https://t.co/yJhDGZGajJ
— LayerZero Foundation (@LayerZero_Fndn) August 22, 2024
Conversely, ZRO’s outstanding performance is not without its drawdowns. While it’s had a significant price run in the short term, certain factors may contribute to a retracement in the future.
First is the token’s circulating supply. LayerZero has only 10% of its proposed 1 billion total supply in circulation. What it implies is that as further allocations are released in the future, the dilution may contend with the asset’s price and market cap.
Nonetheless, investors should closely watch the project’s short-term trends. It has the potential to unlock future value and reach for more upside.
2. Ordi (ORDI)
Ordi is associated with ordinal protocol and is one of the fastest-growing projects in the NFT space. Recently, the Nonfungible token (NFTs) market has seen a major drawdown as investors’ interests are primarily focused on Altcoins and BTC.
Nevertheless, ORDI performs relatively better than expected, thanks to the Bitcoins effect. Since the start of BTC’s price surge, the price of ORDI has been on the rise. It has maintained a steady upward trend for the past seven days, outperforming several cryptocurrencies by a wide margin.
The price of the token today is up by nearly 12%, which accounts for its presence on the top gainers list on the coin market cap. In addition, the token’s trading volume has increased by 77%, indicating that investors are responding positively to the token’s growing value.
What these data suggest is that the project has a potential for more upside. Despite the dip in the NFTs market, ORDI still stands a chance in the ongoing market recovery. Early investors in the assets had over 1100% returns. If the NFT market recovers in the long run, newer participants may earn even more returns. Hence, BTC ecosystem investors should include ORDI in their watchlist.
3. The Meme Games (MGMES)
The Meme Games is an Olympic-themed crypto token that’s recently caught crypto investors’ attention across the globe. The timing of the project gives it an undeniable appeal. It features a lineup of meme-related crypto projects at an Olympic-style event.
Consequently, investors have a chance to back their favorite crypto token. In the lineup are PEPE, BRETT, DOGE, and several other major and upcoming crypto tokens. The winning meme coin earns the investors backing them a 25% bonus.
According to the project’s website, over 200 participants have received the bonus. However, the offer is restricted to presale participants as the MGMES token is still on presale. The opportunity to join the presale is open to all.
Interestingly, it comes with a discount offer that will last for about 17 hours from the time of writing. The project’s details and guide related to the benefits of purchasing on presale are provided on the presale page.
4. Stacks (STX)
Stacks is the native crypto token of the Stacks blockchain. The project holds a reputation as one of the scalability solutions built on the Bitcoin chain. It provides smart contract capability to the Bitcoins chain while preserving its security integrity.
The STX is used in various capacities within the STacks network. It serves as the means of exchange within the chain. Projects leveraging Stack features would make payments in the platform’s native cryptocurrencies. Furthermore, STX allows holders to participate in trading, which helps increase the value of their holdings. It also powers the consensus mechanism within the network. The platform operates through consensus, and STX holders are saddled with the responsibility of preserving the network’s security.
STX’s vast utility helps sustain the value of the cryptocurrency. Despite being one of the oldest cryptocurrencies in the crypto market, it continues to outperform many newer contenders. As the prices of assets increase across the board, STX records increased prices. In the last 24 hours, the cost of the token has increased by 7%. Its trading volume saw a 20% increase. The gains have also resulted in further liquidity flow into the token, giving it a market cap valuation of $2.7 billion today. Investors watching the BTC ecosystem should keep an eye on the STX token as its potential for further upside is relatively high.
5. Sei (SEI)
Sei is described as the first Layer One blockchain that specializes in providing exchanges with unfair advantage. The project focuses on providing a scalable platform for trading and financial services. According to its CoinMarketCap page, it is optimized to give higher throughput and low latency. In other words, it allows trading platforms to work much faster and provide reliable transactions to crypto traders at low cost.
SEI token has been on the decline for a few weeks now. SEI is the native cryptocurrency of the SEI platform. It serves as the means of transaction within the network. It is used for fee payments and other network-related activity.
The token’s price has increased by 10% in the last 24 hours following the BTC’s price recovery. However, it has maintained a consistent uptrend over the past seven days, as is evident in its price chart. At the current pace, the token’s market cap may reach the $1.5 billion market within the quarter or over the coming quarter.
Spotlighting another key member of the Liquidity Alliance: @Auros_global, a leader in strategic market making and liquidity solutions.
Auros brings cutting-edge technology and a distinctive approach to liquidity provision that’s set to elevate the Sei ecosystem. Their expertise… pic.twitter.com/M7yFiq9U3D
— Sei 🔴💨 (@SeiNetwork) August 23, 2024
Furthermore, investors are optimistic about the return of the DeFi season. They anticipate a potential pump in the value of assets in the sector. Evidently, Aave and CRV, which are some of the top-performing assets in the industry, have been on the rise for quite a few days now. Hence, key assets, such as SEI, will also see further increases in the coming days.
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