May 2024: Here are the best performing altcoins this month

We checked the performance of the top 15 altcoins by ROI in May 2024.

According to CoinGecko, the top-performing altcoin of the last 30 days is Pepe (PEPE). This meteoric meme coin has gained 106% in the last 30 days and is trading at $0.00001103 at the time of writing, just a little shy of its recent all-time high in price.

Pepe has seen major gains due to its enthusiastic community sharing viral content featuring the project’s iconic frog mascot which was first popularized on the 4chan messaging board. While the coin is performing very well indeed for the month, some analysts caution that the coin may be overheated.

The Relative Strength Index (RSI) for Pepe is now at 73. This indicator is sometimes used to determine whether a coin is overvalued, with a reading of 73 typically being considered one sign that the bull run seen by PEPE could be due a correction.

With that in mind, it’s possible that traders can expect volatile price action for PEPE in the near future.

What are the top 5 best-performing altcoins this month?

Pepe is not the only altcoin posting gains this month. Here are some of the altcoins with most potential, listed in order of price growth from mid-April to mid-May of 2024.

Arweave (AR) has seen 46% price growth over the last month, now trading above $38 with a market cap of $2.5 billion. Arweave had a choppy week, with price ranging from $37 to $44, but showing a strong upward trend since mid-April.

Hedera (HBAR) is showing strong price activity with a 34% price increase over 30 days. HBAR price has doubled over the last year as the project that markets itself as a successor to blockchain technology continues to gain popularity.

Render (RNDR) continues to climb upwards after 445% price growth in the last year and a 31% increase in 30 days. The project styles itself as the first decentralized GPU rendering platform and aims to provide access to GPU computing power to its users.

Near Protocol (NEAR) has seen 30.9% growth over the last 30 days. Near Protocol now holds the 19th position in crypto.news rankings with a market cap above $7 billion. Near Protocol aims to make an energy-efficient and scalable platform for building decentralized applications in the Web3 ecosystem.

What are the top 15 altcoins this month?

After the 5 tokens listed above, there are 10 more altcoins to watch that saw impressive gains since mid-April.

Tron (TRX) is up next with a hefty market cap of $10.9 billion and price gains in the last 30 days at 12%. TRX price has grown 79% over the past 12 months.

Optimism (OP) comes in on our list in 7th place, with price rising 11.9% this month. Optimism is a layer-2 Ethereum protocol aimed at making Ethereum more scalable. It’s interesting to note that while Optimism’s OP token is a top gainer for the month, the token’s price has actually been trending downward overall this year.

Monero (XMR) remains popular as the world’s largest privacy coin project, gaining 11.8% in price this month. However, over the last year, the token has fallen 13%, failing to show the same long-term performance as some of the other tokens on this list.

dogwifwat (WIF) is the second meme coin to make the cut, gaining 11% over the last 30 days. WIF token is up around 129% for the year, showcasing the power of meme culture within the crypto community.

The Graph (GRT) has also grown 129% this year, also posting 11% gains for the month. The Graph is taking on the task of indexing blockchain network data with the aim of making blockchain networks easily searchable for more casual users.

Shiba Inu (SHIB), another meme coin, has seen 7.3% price growth this month and 163% gains for the year. SHIB is one of the more prominent meme coins in the space with a market cap above $13 billion.

Binance Coin (BNB) continues to show strong price growth despite the various legal issues faced by the Binance exchange over the last year. The coin, which allows users to trade on Binance at a discounted rate, has a market cap of $89.1 billion and gained a more modest 3.8% this month.

Toncoin (TON), the project affiliated with the Telegram messaging service, grew 3.6% this month. Ripple (XRP) rose in price by 3.2% over 30 days and 17% in the last year. Finally, Ethereum competitor Solana (SOL) rose 2.3% in the last month, and a more impressive 588% in the last year.

Is it altcoin season yet?

The fabled altcoin season is on everyone’s minds as the godfather of cryptocurrencies, Bitcoin (BTC), remains somewhat near its all-time high. After the recent Bitcoin halving, altcoins have trended downwards, dropping sharply on May 1 before recovering but still losing $109 billion over 30 days.

While the altcoins with most potential will tend to shine in many types of market conditions, some markets are more favorable than others.

Altcoins can tend to drop near forecasted BTC price events like the Bitcoin halving as traders tend to cash out altcoins to buy more Bitcoin in anticipation of an increase. Meanwhile, bearish traders speculating that BTC price will drop might tend to cash out of crypto altogether and wait out any possible price dips.

The post-halving crypto market is often volatile, and this time around was no exception. While it doesn’t appear that altcoin season is in full swing at the moment, it’s still clear that some altcoins are more than capable of making very healthy gains, as evidenced by the coins at the top of today’s list.

While traders are scrambling to figure out which altcoins to invest in, it’s important to remember that the altcoin market is highly volatile, particularly in current market conditions. A coin that has performed well in the last 30 days is not necessarily on track to continue growing in price next month. Traders typically look at trends in trading volume, price growth, volatility, and general news related to the project when assessing the viability of a crypto investment.

For more information, you can check out our recent complete guide to altcoins article.