January’s top gainers are navigating a volatile cryptocurrency market.
The month started with a frenzy, but approval of a spot bitcoin ETF (exchange-traded fund) triggered a sharp sell-off within 10 days of the start of the year, followed by a strong recovery over the past week.
While the S&P Crypto Composite Index shows that the overall cryptocurrency market has gained just 1.51Tpd in January, there are still some star performers.
Top gainers in January
Here are the five top gainers among the top 100 cryptocurrencies by market cap as measured by CoinMarketCap as of around noon ET:
Pendle (PENDLE)
The surge to $2.72 with over 1,26% reflects traders’ growing confidence in its potential for yield optimization in the decentralized finance space. The project struck a partnership with Coinbase protocol Ondo Finance this month.
Sui (SUI) followed closely behind, rising by about 99% to $1.60. Sui’s rise can be attributed at least in part to Banxa’s launch of a fiat-to-SUI exchange channel.
Fiat exchange for SUI coming soon, thanks to @BanxaOfficial!
Banxa will add the SUI token to its platform, and @Mysten_Labs' Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa's fiat exchange channel.
In third place was Ronin (RON), an ecosystem token that underpins the Ronin blockchain. It is tailored for decentralized applications, especially in the gaming industry, and rose 54% to $2.83.
Ronin has become the token of choice for investors looking to participate in the booming blockchain gaming industry.
The next best performer was Manta Network (MANTA), which gained nearly 39% to $3.15. Its total value locked surged to $50 million in the past 15 days.
Completing the top five was Celestia (TIA), which gained more than 37% to $17.12.
Snap | Source: CoinMarketCap
Future Highest Gainers
What’s past is past, what’s future? Many cryptocurrency analysts point to pre-sales as having the greatest potential for exponential growth. While it’s extremely difficult to predict the direction of cryptocurrencies, the following four ICOs have been ranked by some analysts as the tokens most likely to generate highs in the coming months:
As Bitcoin recovers after a sharp drop and the April halving is approaching, analysts say cloud mining project Bitcoin Minetrix could be a good way to play the upcoming Bitcoin bull run. The project aims to make cloud mining more accessible by lowering the barriers to entry and startup fees.
Embark on an exciting cloud mining journey with #BTCMTX!
Users can accumulate staking credit and monitor their mining power.
The Ethereum network’s smart contracts ensure seamless, decentralized distribution, ensuring a safe and secure mining experience.
pic.twitter.com/l1NXxe2XRz
— Bitcoinminetrix (@bitcoinminetrix)
January 30, 2024
Those who are not too timid about pursuing memecoin investments may be interested in SpongeV2, an upgraded version of Sponge ($SPONGE). Analysts point out that it has risen 636% in the past year, a 100-fold increase after listing last year. What's more, Sponge is highly recognized by Tron founder Justin Sun, who holds about $90,000 worth of Sponge.
Another memecoin that has caught the attention of analysts is Meme Kombat, a gaming platform that allows players from the MK community to fight in an arena as meme characters of their choice.
Finally, there is a very unusual pre-sale project called eTukTuk, which is said to have a 10x growth potential.
Its grand goal is to bring electric three-wheelers and charging stations to regions such as South Asia and Africa. It will start in Sri Lanka, where funds raised from its pre-sale have already ballooned to more than $7 million.
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