The cryptocurrency market is full of rumors about whether the altcoin season is coming back or it's ending. With this lack of certainty, few altcoins are making headlines. Today, we will bring to light the five top altcoins at the moment: KangaMoon (KANG), Ethena (ENA), Solana (SOL), Arbitrum (ARB) and NEAR Protocol (NEAR).
The first place on our best altcoin list belongs to KangaMoon (KANG). This rising presale star has already obtained over $6.4M and may reach $7M before May 2024 ends. KangaMoon also boasts over 20,000 registered community members and over 6,000 KANG holders. As altcoin season begins heating up, KANG could be among the best to watch.
According to Yahoo Finance, the Play-to-Earn (P2E) gaming market may reach a value of $885M by 2028. KangaMoon aims to capitalize on this growth by creating a P2E game. Players can use the KANG altcoin to buy in-game items and upgrade their characters in this game.
The innovative SocialFi features, unique to KangaMoon, are what set it apart. Just before the official launch, KangaMoon gave free KANG tokens to the most active users. This development has caused a frenzy among traders as they rush to like, share and comment on KangaMoon's social media posts.
KANG is now priced at just $0.0196 in Stage 5 of its presale; however, it already displays an impressive 290% growth from its initial price of $0.005. But this is only the starting point—further price hikes should follow with the achievement of project development milestones. Experts predict this altcoin's price could jump by 50x once listed on a Tier-1 CEX in Q2 2024.
Next, Ethena (ENA) is another altcoin that has been making waves. Ethena uses the power of its unique stablecoin, USDe, to create an artificial dollar that can be easily incorporated into different DeFi apps. With altcoin season potentially starting, Ethena could be considered one of the best thanks to its forward-thinking roadmap.
The Ethena price rose from $0.63 to $0.75 in the past 30 days alone and the market cap rose from $824M to $1.07B. Additionally, three technical indicators for this altcoin are now in the green. Thus, analysts have made a bullish Ethena price prediction. They forecast a rise to $1.11 for ENA within Q2 of 2024.
Solana (SOL) has established itself as a strong player by providing high throughput and scalability for dApps and smart contracts. Furthermore, with more projects being developed every day, this cryptocurrency continues to catch the eye of traders. Solana's growth potential makes it one of the best altcoins during altseason.
The price of SOL has increased from $22.26 to $120 in the past year alone and its market cap jumped from $8.78B in that period to $53.91B. Moreover, the Solana crypto is now trading above its 50—and 100-day EMAs. Therefore, experts foresee a rise to $183 before Q2 of 2024 ends in their Solana price predictions.
Another altcoin to watch is Arbitrum (ARB), the L2 scaling solution for Ethereum. With the increasing requirement for scalable DeFi alternatives, Arbitrum is expected to live up to expectations and bring profits during this altcoin season.
Recently, the Arbitrum price fluctuated between $1.18 and $0.99 on the 1-week chart. The Arbitrum market cap moved between $3.17B and $2.63B in that time. However, the technical analysis for this altcoin shows a bullish future. For example, ARB is trading above its 50-day EMA. As a result, market analysts predict a potential rise to $1.52 within Q2 of 2024.
NEAR Protocol (NEAR) is last on our promising altcoin list. It is becoming well-known because of its easy platform for developers to use. NEAR has various projects since it puts a lot of effort into community-based development. Considering that an altcoin season may start, NEAR can be considered one of the best altcoins at the moment.
Regarding the price of NEAR, it rose from $1.83 to $5.90 in the past year alone. The NEAR Protocol market cap surged from $1.65B to $6.29B during that period. Additionally, the NEAR Protocol coin now trades above its 50 and 100-day EMAs. Thanks to 10 technical indicators in the green, experts predict a jump to $9 for this altcoin before Q2 of 2024 ends.
Any digital currency developed since the birth of Bitcoin (BTC) is an altcoin. Many of them are designed for plenty of different reasons, such as powering smart contracts, as a medium of exchange, etc.
There are a few things to consider when deciding whether or not to buy altcoins and you must balance the potential rewards against the risks. Here are some of the reasons why people might want to buy altcoins.
Greater Returns Expected: When compared with Bitcoin or traditional assets, certain altcoins have greater earning potential.
Innovative Technologies: Just like Bitcoin, many other alternative currencies offer creative technologies and use cases.
Diversification: A wide range of cryptocurrencies can help diversify an investment portfolio by spreading across different assets, reducing overall risks.
Altcoin season seems poised to make a comeback and many cryptos may soar. KangaMoon, Ethena, Solana, Arbitrum and NEAR Protocol stand out among them. However, one has a major advantage - KangaMoon's low market cap of $19.6M. This means it needs far less new funds for its price to rise. Therefore, KANG is one of the best altcoins to invest in.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.