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As green candles grow, altcoins are emerging as prime investment options. However, selecting the most promising altcoin for your portfolio demands careful attention and research. This article aims to streamline the process by spotlighting several standout altcoins worthy of investor consideration in the current market.
6 Best Altcoins to Invest in Right Now
The market is moving towards a bull, and attention has shifted to specific tokens offering investment potential. Pendle, Tezos, and Solana are emerging as standout altcoins with distinctive attributes and promising prospects. Looking at happenings in the new world, Binance Web3 Wallet recently launched a Bitcoin inscriptions marketplace.
1. Internet Computer (ICP)
ICP and DataPond have announced a collaboration to revolutionize AI data management within the blockchain domain. This partnership signifies a significant step in utilizing AI and blockchain technologies. In addition, it’s poised to enhance transparency and efficiency in AI utilization.
Moreover, ICP is showing promise with recent positive trends in the market. Along this line, current data indicates a surge in trading volume. As such, ICP’s value has rallied to $12.56 after an impressive 11% intraday rally. Demonstrating resilience, ICP continues to trade above its 200-day SMA after hitting a 110% increase in price over the past year.
Furthermore, ICP’s market sentiment remains bullish, and a Greed score of 63 backs this projection. With a positive performance relative to its token sale price, Internet Protocol boasts high liquidity based on market capitalization. ICP has outperformed 78 of the top 100 tokens in the past year, including leading cryptocurrencies like Bitcoin and Ethereum.
1/6#ICP builders keep reaching milestones, while strategic partnerships continue to form, enhancing the ecosystem's momentum 💡
Here are the 5 Big Things from last week 🧵 pic.twitter.com/cbjGz1k4lG
— DFINITY (@dfinity) January 29, 2024
Therefore, analysts predict that ICP’s potential collaborations with other networks could drive its price to surpass the $21.65 mark by 2024. Moreover, in a bullish crypto market scenario, the coin price could hover around $19.60 by the same year.
2. Pendle (PENDLE)
Pendle is staging a resurgence and continues to surpass expectations with its bullish trajectory. Pendle’s 7.78% intraday surge pushed its price to an all-time high of $2.85. Moreover, this impressive surge follows Pendle’s solid growth path, with its price rallying 3,282% over the past year. Similarly, the Fear & Greed Index surged to 63, indicating constant trading activity.
Furthermore, Pendle’s trading volume over the past 24 hours stands at a robust $155.11 million, placing the dominance at 0.04%. The project has outperformed 99% of the top 100 crypto assets over the past year, surpassing Bitcoin and Ethereum. In addition, technical analysis reveals that Pendle trades above its 200-day SMA, with 15 out of the last 30 days demonstrating positive price action.
Experience the smooth ride of ezETH by @RenzoProtocol on the Pendle LRT 🚄
Boosted for ezPoints, one-click zap to deposit ETH regardless of EigenLayer LST caps, irresistible yields to be earned…
Restaking has never been so #ez 🏖️ pic.twitter.com/KJ8aWFnEMf
— Pendle (@pendle_fi) January 31, 2024
Also, with a market cap of $678.55 million, Pendle enjoys high liquidity, rendering it an attractive option for investors. Hence, Pendle’s market trends and dedicated support position it for further growth. Likewise, collaborations with other networks could propel Pendle’s price to surpass $4.93 by 2024. Meanwhile, the average price is anticipated to stabilize around $4.40 if the current bullish trend in the crypto market persists.
3. Tezos (XTZ)
In 2023, the Tezos blockchain boasted 371 active bakers, which continued to grow. Notably, January witnessed a 7.5% increase. Furthermore, the top 20 bakers managed 66.3% of the total tez in the Tezos network. In addition, the top 10 largest public bakers attracted 98K delegators, marking a 12.9% rise from the previous year. This represents a rising adoption of the Tezos token.
Furthermore, the Tezos ecosystem experienced a significant surge in NFT sales. This rise was fueled by events like the Tezos NFT Creator Competition and the 2023 Tezos NFT Summit. Similarly, Tezos witnessed robust blockchain growth, drawing nearly one million new users and transactions exceeding 50 million.
Nonetheless, this positive trend has continued into the current year, with the Tezos price prediction sentiment currently bullish. Likewise, investors are actively trading XTZ as a Greed score of 63 signifies.
Regarding market cap, Tezos currently ranks #14 in the Proof-of-Stake Coins sector, #1 in the Tezos Network sector, and #37 in the Layer 1 sector. Moreover, it trades above the 200-day SMA, indicating high liquidity based on its market cap.
In 2023, the Tezos blockchain had 371 active bakers – and in fact, that number is growing. January saw a 7.5% increase. The top 20 bakers delegated 66.3% of the total tez in the Tezos network. The Tezos ecosystem’s top 10 largest public bakers attracted 98K delegators, up 12.9%… pic.twitter.com/jhwUYOxsFW
— Tezos (@tezos) February 1, 2024
As such, if the Tezos project announces collaborations with other networks, experts expect XTZ to surpass $3.89 by 2024. However, assuming the current bullish trend in the crypto market persists, the average price will be around $3.52 by 2024.
4. Sponge V2 ($SPONGE V2)
Since its inception, the Sponge V2 token has been on a steady growth path. Initially valued at $1 million, it peaked at a market capitalization of over $100 million in 2023. Presently, it stands at $16 million, drawing in a community of more than 11,500 holders.
Staking update! 🚀🧽
We now have over 6,589,653,557 $SPONGE tokens staked with a value of $3,308,731.05. 🤯
Make sure to stake your tokens before the #SpongeV2 transition on February 5th!
Enjoy our impressive current APY of up to 245%. 💪#Sponge #Memecoin #Crypto #Binance pic.twitter.com/Klp7VLQFIo
— $SPONGE (@spongeoneth) February 1, 2024
Moreover, one of Sponge V2’s new offerings is the introduction of the Stake-to-Bridge model. This feature aims to streamline the transition for $SPONGE holders to V2 by incentivizing and retaining existing holders through staking mechanisms.
Furthermore, the project’s roadmap includes plans for primary exchange listings. In addition, it has garnered support from a sizable community of 30,000 members. These developments position the $SPONGE V2 project for potential growth, attracting interest from prospective investors in the cryptocurrency market.
5. Solana (SOL)
Solana is gaining momentum in crypto, overtaking Ethereum in on-chain activity. Daily active addresses on Solana now surpass those on Ethereum, indicating a preference for Solana among traders. Moreover, Solana’s decentralized exchange (DEX) volume exceeds Ethereum’s, signaling increased trading activity on the Solana network.
Major tokens like Bitcoin and Ethereum are showing positive signs this week. Similarly, altcoins are performing well, with Solana leading the pack. Hence, SOL’s price is on the verge of hitting $100, suggesting a strong bullish trend.
Given its current momentum, market experts speculate whether SOL could reach $1000 soon. However, it’s crucial to consider potential scenarios. If the support level at $80 fails, it could trigger a significant price correction, potentially dropping to $50.
High throughput 🤝 low costs 🤝 advanced token functionality
With token extensions, its easier than ever for developers & businesses to build advanced use cases quickly on Solana.
Get started with token extensions today: https://t.co/zNw9qWfXu2 pic.twitter.com/MmXqWvHpTP
— Solana (@solana) January 29, 2024
The current situation allows traders to capitalize on SOL’s price levels and benefit from the anticipated market surge. Nonetheless, it’s important to remain vigilant and consider various factors before investing in the volatile crypto market.
6. Akash Network (AKT)
Recent updates in the AKT Coin market indicate a promising trajectory, aligning with expected goals. After establishing solid support at $2.50, AKT is on an upward trend, trading at $2.87 with a significant 5.41% increase in the past 24 hours. This surge places AKT above its 200-day simple moving average, signaling a positive sentiment among traders and investors.
Furthermore, key metrics underscore AKT’s potential. Akash Network has surged over 656% in the past year, which bettered 95% of the top 100 tokens. Also, the Fear/Greed Index stands at 63, indicating prevailing market greed, which bodes well for AKT compared to its token sale price.
Akash is perfect for running clusters for AI training, fine-tuning, and inference.
This is made possible with an open-source framework called Ray, which is also used by OpenAI and others.
Learn how Ray was used to train a foundation AI model on Akash.https://t.co/ZsNqSSs0iY
— Akash Network (@akashnet_) January 28, 2024
Therefore, analysis indicates that AKT’s robust fundamentals and current market trends position it for further growth. Moreover, anticipation mounts as the project hints at potential collaborations with other networks. Should these partnerships materialize, AKT’s price could be expected to surpass $4.08 by 2024.
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