Market optimism subsided in January, but some tokens are rising contrary to general trends. Which coins have become the top five fastest-growing cryptocurrencies this month?
The digital coin market, despite its peculiarities, is considered a potentially profitable investment instrument. The tokens listed below have managed to maintain their market positions and experience rapid growth despite the unpredictable market situation.
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Sei (SEI)
Sei Network is an independent blockchain built on software solutions from the Cosmos ecosystem. The developers position it as a network for high-frequency trading applications with high transaction processing speed. 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 released its own SEI token in August 2023, organizing its partial sale through the Binance Launchpool platform and distribution in the form of an airdrop to active users who took part in testing the project at an early stage.
Since its launch, the token has surged by 7622%, reaching a price of $0.617. It became one of the fastest-growing cryptocurrencies in January, with a 51.76% increase in price since the beginning of the year. Meanwhile, there are no apparent reasons for SEI to grow in January 2024, as the project has yet to announce any fundamental changes.
Pendle (PENDLE)
Pendle is a protocol that allows tokenization and trading of future returns. By creating a new AMM that supports time-decay assets, Pendle gives users more control over future returns by providing optionality and the ability to leverage it. This allows the trader’s strategy to be more flexible.
Since August 2023, the price of PENDLE has experienced rapid growth. The rise has significantly accelerated in the last four weeks, resulting in a multi-year high of $2.47 and a 110% increase, earning it the title of the fastest-growing coin in the crypto market. However, the token was trading below its all-time high of $3.83 on November 16, 2021.
The project team’s significant activity can explain the token’s rapid growth in recent weeks. Over the past month, Pendle has launched several initiatives, including the launch of rsETH from Kelp DAO.
Astar (ASTR)
Astar Network is a multichain that acts as a hub for decentralized applications (dapps). According to the developers’ plans, the Astar network can become a hub for smart contracts in the Polkadot ecosystem. This project offers users well-developed tools for scaling blockchains and decentralized applications. Astar positions itself as the premier hub for everything powered by decentralized technology. This is a tool for scaling applications across different blockchains.
Examining the list of sponsors and partners reveals a clear trend toward the widespread adoption of multichain technology for smart contracts across various platforms and blockchains. Universality is seen as a key strategy for achieving scalability and enhancing the profitability of decentralized platforms.
Over the past month, the native token of the ASTR project has surged by nearly 60%, reaching a value of $0.1725. Several important announcements contribute to the current status of ASTR as one of the highest-growing cryptocurrencies.
Recently, Astar Network revealed its plans to release tokenomics, zkEVM, and other updates within the next two months. The founder of the project, 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 allows you to issue the stablecoin Dai against cryptocurrencies and real assets. The name of the platform comes from the term “market maker”. The project operates and develops in an utterly decentralized manner with the help of DAO. The governance token of MakerDAO is Maker (MKR).
The token has seen steady growth over the past year, with the 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 critical mark of $2,000, rising in price by more than 45% in a month and becoming one of the top three fastest-growing altcoins for January, according to CoinMarketCap.
Sui (SUI)
The Sui Network is a relatively new blockchain project launched on May 3, 2023, to address issues related to the centralization of digital assets. The Sui Network team is confident that achieving this goal will propel them to become one of the leading platforms in the world.
In January, the Sui Foundation, in collaboration with Mysten Labs, announced Sui Basecamp, the first global conference scheduled in Paris in April. The event will bring together developers and partners worldwide as the web3 community gathers for Paris Blockchain Week.
Since its launch in early May 2023, SUI has dropped in price by 30%, recording an all-time low on October 19, 2023. However, by the end of the year, the token gradually recovered, rising in price from $0.3643 on October 19 to $1.20 at the time of writing. Over the past month, the token has confidently demonstrated an upward trend, rising in price by 42%.
Fastest-growing crypto this week
This week’s top 3 crypto gainers included cryptocurrencies associated with blockchains.
The apparent leader of the week from Jan. 22 to 26 was Manta Network (MANTA). The price of MANTA has been rising along an ascending support line since the coin was listed on Binance on Jan. 18th. It remained below the horizontal resistance area at $2.65 during this time. After bouncing off the trend line on Jan. 23, the token accelerated its growth rate and made a bullish breakout of this horizontal area the next day. The coin is currently trading at $3.09, having risen in price by 40% over the week.
Following closely 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 the downtrend and reached a price of $0.11, having risen by 27% over the past week.
The Pyth Network (PYTH) closed the top three, with an increase of almost 23% over the past week. The coin rose in price to $0.40. One of the growth drivers was the news that network staking reached new heights with 110,000 wallets.
The Pyth Network is built on the idea that financial data is valuable and not always available for free. Instead of approximate data, Pyth uses first-party financial data to contribute directly to the blockchain.
Summing up
When analyzing the profitability of cryptocurrencies, it’s crucial to consider the significant growth rate of crypto movers. Resist succumbing to FOMO and assess whether you might be entering a particular coin too late. The value of a cryptocurrency is determined by supply and demand on leading digital currency trading platforms. Various factors can influence 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 short periods, making it a highly volatile investment.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
FAQs
What is the fastest-growing cryptocurrency?
As of the current writing, the fastest-growing cryptocurrency right now is the Pendle project’s token. Since the start of the year, the coin has experienced a remarkable price surge of over 110%, accompanied by a steady increase in trading volumes and market capitalization.
What is the next cryptocurrency to boom?
It’s challenging to predict it with certainty. Many experts believe that Bitcoin (BTC) has significant potential for future growth. The approval of spot Bitcoin ETFs and the upcoming halving event in 2024 contribute to a positive forecast for the first cryptocurrency’s rate. Historical data suggests that halving has historically propelled Bitcoin to new highs. Additionally, the introduction of a spot Bitcoin ETF in the U.S. may attract capital from institutional investors to the market.
Which crypto will recover the fastest?
While it’s impossible to make definitive predictions, many experts believe that Ethereum (ETH) is positioned for a swift recovery. The coin has garnered increased attention in recent weeks, fueled by excitement surrounding Ethereum spot ETFs in the U.S. Expectations of positive developments could potentially propel ETH to new heights.
Which fastest-growing cryptocurrency to invest in?
Determining the ideal fastest-growing cryptocurrency depends on various factors, such as your investment strategy, risk tolerance, and financial goals. There’s no one-size-fits-all answer. For example, for a long-term accumulation strategy, prominent options to consider include BTC, Ethereum (ETH), or BNB from Binance. It’s crucial to conduct thorough research and align your choices with your specific investment objectives.