Cryptocurrency aficionados, degens, developers, investors, and industry newbies are happy to welcome the month of May.
We all need to come together with one, loud, jubilant ullulation. Another month represents another moment to commemorate the gainers and losers of the previous month. And at the same time, open up our minds to new possibilities.
Related: Top 10 Cryptocurrencies Of April 2024
Blockchain technology has evolved so much in the previous quarter, and as we end it, we cannot help but celebrate the wild Bitcoin surge to $70K, Ethereum’s big upgrade, the launch of ETFs, the successful halving event, and the launch of Runes.
May brings alot of promise to the ecosystem, as Ethereum anticipates a decision for its ETF from the SEC. We are also yet to see the full impact of the halving event on Bitcoin price trends. Since we want to continue building long-term portfolios and sustainable investments every month, the HODL FM presents you with the top 10 cryptocurrencies and altcoins of May 2024.
Bitcoin
Bitcoin has not recorded the highest figures when it comes to price and market volumes for the month of April. However, onchain activity has surged throughout the month with the blockchain marking two important milestones: the halving event and the launch of Runes Protocol.
The halving event slashed the reward for confirming blocks to 3.125, thereby forcing miners to either adapt or exit the blockchain. Transaction fees went high to better compensate miners and cushion them against the event. However, there are many questions about the long-term viability of increasing fees and whether they could end up making the BTC market weaker. Meanwhile, one of the advantages of halving the reward is reducing sell pressure among miners.
Runes protocol which launched on halving day accounted for 57.7% of all transaction activity on Bitcoin. Thereby underlining the role of the protocol in the coming days as a platform for launching altcoins on Bitcoin. Runes has already sparked debate after its announcement in 2023, and its distinct structure compared to BRC-20 tokens has left room for more speculation. Meanwhile, the greed and fear index is pointing towards, signifying the market’s affinity to buying the dip after the price drop near the $61,000 level.
Core
Core (CORE) is an Ethereum Virtual Machine (EVM) compatible L1 chain for executing smart contracts and deploying decentralized applications. The project’s mainnet kicked off in January 2023 and since then, its token has surged by 39%. In addition, the Core token has increased by 98.78% in the last 30-days.
At the beginning of April, CORE/USD was trading at $1.1813, and as of this writing towards the start of a new month, the price has already hit $2.13. This project’s goal is to create an infrastructure at the core of decentralization and come up with innovations that can solve the scalability trilemma.
Core has a market capitalization of $1.89 billion, as per data by CoinMa=rketCap, and a maximum supply of 2.1 billion Core tokens.
Sugar Kingdom Odyssey (SKO)
Sugar Kingdom Odyssey is a gaming token that has increased in price by 23066% in the previous 30 days. The gaming platform behind SKO is an innovative way to bring adoption and utility for BRC-20 tokens and support quality integration with projects that may want to deploy on a gaming infrastructure.
SKO has pioneered a gaming platform where players need not to play and earn but can collect weekly tokens through a circular economy that aims to compensate players using fees from the tournament pools. Through this approach, stakers of the $SKO token also receive weekly rewards from a diverse range of low-cap cryptocurrencies.
Over the last 1 month, $SKO has increased from $0.0001334 to $0.03 and even touched a monthly high of $0.14 on April 3rd.
SPECTRE AI
SPECTRE AI is one of the most promising artificial intelligence projects for degens, thanks to its short-term price analysis and forecast tools. The utility token that powers the platform, $SPECTRE has increased by 144% in the last 30 days, from a price of $0.719 to the press time of $1.76.
The good thing about SPECTRE AI is its capped supply of 10,000,000 tokens, which means only that amount of tokens will ever exist. With such a capped supply, there is no limit to where the price of $SPECTRE could go, but it remains one of the most promising tokens of May. As per data by CoinMarketCap, SPECTRE AI has a market capitalization of $15,990,796.
Alpha AI
Another cryptocurrency on our top 10 list of the hottest cryptocurrencies in May is an Artificial Intelligence project called Alpha AI.
The project is poised to innovate smart contract auditing by seamlessly integrating cryptographic tokens and AI algorithms to set new standards for quality transparency, accessibility, and security in the blockchain industry.
$ALPHA AI is the token that powers the Alpha AI ecosystem, and its price has recorded a significant increase of 196.8% in the last 1-month. As per data from CoinMarketCap, the market capitalization as of this writing is $1.33 million.
Toncoin
Toncoin is one of this year’s best-performing cryptocurrency with a 147% surge over the last 1-year from a price of $2.143 to $5.346. The crypto powers The Open Network (TON), an L1 blockchain developed and open-sourced by the messaging platform Telegram.
$TON has witnessed a price increase of 10% in the last 30 days and currently trades at $5.33, as per data from CoinMarketCap. In recent months, Telegram announced plans to roll out an advertisement infrastructure on its messaging platform that would run on top of TON and have Toncoin as the utility token. There are also more developments to look out for on Telegram such as the recently launched Telegram crypto wallet.
Propy
Propy is an innovative real estate marketplace and its native coin $PRO is one of the emerging tokens in the Real World Assets (RWAs) tokenization space that aims to implement smart contracts in connecting buyers, brokers, sellers, and title agents. By doing so, the project hopes to solve challenges affecting transactions in the global property marketplace.
$PRO, the token that powers the Propy ecosystem rose by 21% in the previous 30 days, and is currently trading at $2.67.
Ethena (ENA)
Ethena is the latest cryptocurrency on this list. The project launched on Binance towards the end of last month with the aim of providing a synthetic dollar on top of Ethereum. Ethena’s native utility token $ENA kicked off with a price of $0.6345 and increased to $1.4, however, the price has long corrected downwards to the present value of $0.80.
FrogSwap
FrogSwap is a cloud service infrastructure for public blockchains that aims to gamify an economic model for driving the growth and development of large traffic chains. FrogSwap’s native utility token $FROG has risen by a staggering 3,541,938,356,712,703 % in the last 1-month from $0.00000 0000000002002 to the press time price of $0.067. See the chart below for more data:
Considering the project’s performance in recent weeks, FrogSwap holds a lot of promise in the upcoming month of May.
Inheritance Art
Inheritance Art aims to innovate and revolutionize business across art, real estate, and artificial intelligence. According to CoinMarketCap, Inheritance Art is the Christies and Sotheby of the future. As per price data, the native utility token of the project increased by 120.85% and is currently exchanging hands at $0.9801.
We have come to the conclusion of our list of top 10 cryptocurrencies of May 2024. We hope your portfolio gets the shine it deserves. The information we provide here is based on fundamental analysis and a technical overview of past perfomance. As we have always emphasized, it is crucial you conduct your own due diligence and perhaps you might end up discovering other high-potential altcoins. Have a blessed month ahead, ensure you create educated investment strategies, and finally, cheers to a profitable 31-days.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
