Market optimism subsided in January, but some tokens are rising, contrary to the general trend. What are the top 5 fastest growing cryptocurrencies this month?
Despite its characteristics, the digital coin market is considered a potentially lucrative investment vehicle. The tokens listed below have maintained their market positions and experienced rapid growth despite unpredictable market conditions.
SIX
Sei Network is an independent blockchain built on software solutions from the Cosmos ecosystem. Developers have positioned it as a network for high-frequency trading applications with high transaction processing speeds. In April 2023, the project raised $30 million from Jump Crypto, Multicoin Capital, and Flow Traders at a valuation of $800 million.
The Sei Network blockchain project launched its own SEI token in August 2023, organizing a partial sale through the Binance Launchpool platform and distributing it in the form of airdrops to active users who participated in testing the project in the early stages.
Since its launch, the token has surged 7622%, reaching a price of $0.617. In January, its price rose 51.76% since the beginning of the year, making it one of the fastest-growing cryptocurrencies. Meanwhile, there is no apparent reason for SEI to grow in January 2024, as the project has not yet announced any fundamental changes.
PENDLE
Pendle is a protocol that allows tokenization and trading of future earnings. By creating a new AMM that supports time-depreciating assets, Pendle gives users more control over their future returns by providing options and the ability to leverage them. This makes traders’ strategies more flexible.
Starting in August 2023, the PENDLE price experienced a rapid rise. Its rise has accelerated significantly over the past four weeks, hitting a multi-year high of $2.47 and a 110% gain, earning it the title of the fastest-growing coin in the cryptocurrency market. However, the token was trading below its all-time high of $3.83 on November 16, 2021.
Significant activity from the project team may explain the token’s rapid growth in recent weeks. Over the past month, Pendle has launched several initiatives, including the launch of Kelp DAO’s rsETH.
ASTR
Astar Network is a multichain that acts as a hub for decentralized applications (dapps). According to the developer’s plans, the Astar network could become a hub for smart contracts in the Polkadot ecosystem. The project provides users with well-developed tools for scaling blockchain and decentralized applications. Astar positions itself as the premier hub for everything powered by decentralized technology. It is a tool for scaling applications across different blockchains.
Examining the list of sponsors and partners, it is clear that there is a trend towards widespread adoption of multichain technology for smart contracts across various platforms and blockchains. Universality is considered a key strategy to achieve scalability and improve profitability of decentralized platforms.
Over the past month, the ASTR project’s native token has surged nearly 60%, reaching a value of $0.1725. Several important announcements contribute to the current status of ASTR, one of the fastest growing cryptocurrencies.
Recently, Astar Network revealed plans to release tokennomics, zkEVM, and other updates within the next two months. Project founder Sota Watanabe announced that the launch of the Astar zkEVM leading network is scheduled for early 2024.
Maker (MKR)
MakerDAO is an Ethereum-based contract platform that can issue stablecoin Dai for cryptocurrency and real assets. The name of the platform comes from the term “market maker”. The project operates and develops in a completely decentralized manner with the help of the DAO. MakerDAO’s governance token is Maker (MKR).
The token has shown steady growth over the past year, with MKR price rising along a steep upward support line since June last year. This line was tested for strength in August, after which the token resumed its growth.
In January, the coin broke the $2,000 threshold, increasing its price by more than 45% in a month and making it one of the top three fastest-growing altcoins in January, according to CoinMarketCap.
Sui (SUI)
Sui Network is a relatively new blockchain project launched on May 3, 2023 to solve problems related to the centralization of digital assets. The Sui Network team is confident that if it achieves this goal, it will become one of the best platforms in the world.
Last January, the Sui Foundation, in collaboration with Mysten Labs, announced the first global conference, Sui Basecamp, in Paris in April. This event will bring together developers and partners from around the world as the web3 community gathers for Paris Blockchain Week.
Since its launch in early May 2023, SUI’s price has fallen 30%, hitting an all-time low on October 19, 2023. However, by the end of the year, the token had gradually recovered, rising in price from $0.3643 in October. At the time of writing, it ranges from $19 to $1.20. Over the past month, the token has confidently demonstrated an upward trend with its price rising by 42%.
Fastest growing cryptocurrencies this week
The top three cryptocurrency gainers this week included cryptocurrencies related to blockchain.
The leader of the week from January 22nd to 26th was Manta Network (MANTA). The price of MANTA has been rising along the rising support line since the coin was listed on Binance on January 18th. During this period, it remained below the horizontal resistance area at $2.65. After breaking out of the trendline on January 23, the token accelerated its growth rate and bullishly broke this horizontal area the following day. The coin is currently trading at $3.09, with its price up 40% over the course of the week.
Close behind is Chiliz (CHZ), a project that helps sports fans participate in the lives of their favorite teams using CHZ fan tokens. The token began to recover from its downward trend, reaching a price of $0.11, up 27% over the past week.
Pyth Network (PYTH) rounds out the top three, up nearly 23% over the past week. The coin price rose to $0.40. One of the growth drivers was the news that network staking had reached a new peak with 110,000 wallets.
Pyth Network is built on the idea that financial data is valuable and doesn’t always come free. Instead of approximate data, Pyth uses first-party financial data to contribute directly to the blockchain.
summation
When analyzing the profitability of cryptocurrencies, it is important to consider the significant growth rate of cryptocurrency movers. Don’t give in to FOMO and evaluate whether you’re entering a particular coin too late. The value of a cryptocurrency is determined by supply and demand on major digital currency trading platforms. A variety of factors can affect cryptocurrency prices, including current market sentiment, news events, important announcements, and changes in regulatory approaches. Considering these factors, the value of cryptocurrency can fluctuate over a short period of time, making it a highly volatile investment.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
Frequently Asked Questions
femaleHAT is the fastest growing cryptocurrency.?
At the time of writing, the fastest growing cryptocurrency currently is the token of the Pendle project. Since the beginning of the year, the coin has experienced an incredible price surge of over 110%, with trading volume and market capitalization steadily increasing.
femaleHAT is the next cryptocurrency that will boom?
It is difficult to predict with certainty. Many experts believe that Bitcoin (BTC) has significant potential for future growth. The approval of the spot Bitcoin ETF and the scheduled halving event in 2024 contribute to the positive forecast for the first cryptocurrency rate. Historical data suggests that halvings have historically pushed Bitcoin to new highs. Additionally, the introduction of spot Bitcoin ETFs in the U.S. could attract capital into the market from institutional investors.
femalehich crypto recovers fastest?
Although it is impossible to make definitive predictions, many experts believe that Ethereum (ETH) is positioned for a quick recovery. The coin has received more attention in recent weeks due to the excitement surrounding the Ethereum spot ETF in the US. Expectations of positive developments could potentially push ETH to new heights.
femaleInvest in the fastest growing cryptocurrency?
Determining your ideal fastest-growing cryptocurrency will depend on a variety of factors, including your investment strategy, risk tolerance, and financial goals. There is no right answer that applies in all cases. For example, for a long-term accumulation strategy, key options to consider include BTC, Ethereum (ETH), or BNB on Binance. It is important to conduct thorough research and tailor your choices to your specific investment goals.