It’s Not Too Late To Buy These 3 Top Performing Cryptos
While a full resurgence of the 2021 bull market is unlikely, the recent rebound in Bitcoin (BTC-USD) above $25,000 boosted gains in other cryptocurrencies in the early months of 2023. This presented crypto enthusiasts with an opportunity to build positions in various top-performing cryptos ahead of the next Bitcoin halving event the following year.
Besides Bitcoin’s performance, there are many other catalysts for these top performing cryptos that investors should consider. Each has their unique models and supports real-world use cases that create value for their communities.
I think these three top performing cryptos are worth considering right now.
After a bearish start in May, Arbitration (ARB-USD) has seen a remarkable 13% increase over the past week. On-chain data analysis reveals a notable presence of influential crypto whales, potentially influencing the bullish price outlook for Arbitrum.
Despite a significant price drop of 35% in Arbitrum between April 14 and May 11, a noticeable trend emerged as large investors holding between one million and 10 million ARB tokens actively bought the drop. These influential whales nearly doubled their holdings in that time frame, racking up an additional 158 million ARB tokens. This chart shows their increased stake, from a total balance of 222 million tokens on April 13 to 380 million on May 16.
Besides the notable bullish whale activity, the Arbitrum network has been widely adopted by users. If the bullish price prediction for Arbitrum materializes, ARB could potentially rise towards $1.35 before encountering significant downside pressure.
Solana (SOL-USD) had a remarkable turnaround in 2023, defying all odds after a tumultuous 2022. With triple-digit returns, Solana’s value has more than doubled, currently trading at $22.35, showing its strong performance this year.
In 2023, Solana developers recognized the critical issue of blockchain instability and committed to solving it. Additionally, Solana has managed to capture a significant share of the Web 3.0 market, particularly in the non-fungible token (NFT) space, currently holding a 14% market share by volume. With expectations of a market rebound, Solana’s market share is ready to grow as Ethereum’s network congestion during gatherings presents an opportunity for Solana to attract more users. As the go-to choice for developers exiting Ethereum, Solana’s popularity is expected to remain strong during the next market upswing.
Solana is currently trading at $21.02 with a 24-hour trading volume of $197 million. It saw a slight increase of 0.67% in value over the past 24 hours.
In other SOL news, Solana Labs has opened a 25,000 square foot community office space in Lower Manhattan. This collaborative hub will support Solana project participants and host Solana-related events. The cost of setting up the office remains undisclosed, underscoring Solana Labs’ commitment to fostering innovation and collaboration within the Solana community.
Ghost (FTM-USD) is a sharing-based Layer 1 protocol known for its fast and cheap transactions, making it a popular choice among developers and investors. With its scalability and user-friendly environment for dapps and smart contracts, Fantom stands out as a solid investment option.
Fantom has faced a significant downturn since April 19, 2023, with a 30% loss, which has weakened market sentiment. However, recent minor upward moves suggest a possible move towards a uptrend as the buying pressure builds and the bulls regain control of the price.
FTM’s recent bullish momentum has resulted in a notable price surge, with an increase of 5.09% in the last 24 hours, taking the value of the token to $0.3885.
Fantom presents an attractive long-term investment opportunity thanks to its dedicated development team, strategic partnerships, and bright future it holds within the blockchain industry.
As of the date of publication, Chris MacDonald holds a position with the SOL. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.