In the short term, the cryptocurrency market is experiencing a prevalent trend of trading in the red zone following the Bitcoin (BTC) halving. Bitcoin, in particular, is at the forefront of uncertainty as it struggles to maintain its price above $60,000.
As May progresses, attention is directed towards whether historical post-halving patterns will manifest. Amidst this uncertainty, Finbold has identified two cryptocurrencies worth monitoring for their potential to stand out.
XRP price analysis chart. Source: TradingView
Furthermore, market participants will closely monitor Ripple XRP token unlocks, which could impact the token’s valuation.
By press time, XRP was trading at $0.50, experiencing a 24-hour loss of over 2%. On the weekly chart, XRP has declined by over 6%.
XRP seven-day price chart. Source: CoinMarketCap
Toncoin (TON)
Despite prevailing bearish market sentiments, Telegram-linked Toncoin (TON) stands out as one of the cryptocurrencies exhibiting significant gains. Recent data from Santiment revealed that Toncoin has achieved the fastest network growth among leading cryptocurrencies over the past six months.
During this period, the network saw a more than doubling of non-zero wallets to 16.8k. In contrast, major cryptocurrencies like Bitcoin and Ethereum (ETH) experienced growth rates of 10% and 11%, respectively.
Cryptocurrencies wallet balances. Source: Santiment
In the short term, TON is trading in a bullish zone, attracting investor attention for May as it seeks to sustain its gains. Notably, TON’s recent upward momentum can be attributed to the increasing popularity of the Telegram game community token, Notcoin (NOT).
The integration of Notcoin into top crypto exchanges like Binance has bolstered its visibility among crypto investors.
Toncoin may continue to rally as May progresses, fueled by growing interest in the Notcoin listing. Many platforms require investors to stake their TON tokens to acquire Notcoin.
At the time of reporting, Toncoin was trading at $6.69, marking a nearly 17% increase over the past seven days.
TON seven-day price chart. Source: CoinMarketCap
However, it’s essential to note that these highlighted cryptocurrencies remain susceptible to overall market sentiment despite these positive fundamentals.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
