The cryptocurrency market has had a bullish year overall, but some crypto assets such as Shiba Inu (SHIB), XRP, Mina Protocol (MINA), Toncoin (TON), and Cronos (CRO) have attracted attention due to their impressive metrics and growth potential. Experts have conducted an evaluation of these cryptocurrencies, taking into account their price movements this year, their tokenomics, technology and social impact. These factors seem to bode well for these crypto assets and warrant their inclusion in our list of the top 5 altcoins to watch.
First coin on the list: SHIB
Shiba Inu may not be the largest entity in the meme coin category, but it seems to command the largest community. Launched by the pseudonym “Ryoshi” in August 2020, the crypto is slowly transitioning from a meme coin to a decentralized ecosystem. Supported by lead developer Shytoshi Kusama and another team, this ecosystem includes many projects including Shiba Inu Metaverse, ShibaSwap, Shibarium, and Shib Name Service. The ongoing development of the Shiba Inu ecosystem is poised to drive greater demand and adoption for the SHIB token.
The ecosystem also contributes to token burns. These contributions triggered a renewed interest in the Shiba Inu, making him one of the hottest picks of the future. SHIB is currently trading at $0.00001053 and continues to hold above $0.00001. SHIB’s technical data is mostly bullish, with a strong support lying at $0.00001023. SHIB maintained its 14-day RSI 55.85 with 71% bullish sentiment despite the recent uptrend. The token is facing a possible resistance at $0.00001088.
Apart from SHIB, XRP is also on the list
On the other hand, being the native token of the XRP Ledger (XRPL) also has its advantages, and XRP has continued to welcome these advantages. XRP was originally designed to power XRPL but has grown to become one of the most attractive investment options for crypto enthusiasts. The token was the subject of a lengthy lawsuit between the US SEC and Ripple from December 2020 until recently. A landmark decision determined that it was not a security as the SEC claimed. This decision positions XRP as the only altcoin with legal clarity in the US, making it a unique investment option. XRP has underperformed since the start of the last market-wide uptrend, but this pattern preceded a significant rally for the asset in 2017.
Historical background has kept optimism about XRP alive, and market participants have trusted in XRP’s legal and regulatory clarity. XRP’s fear and greed index currently sits at 65, indicating greed as investors continue to have confidence in the asset’s future trajectory. XRP experienced 18 green days last month. Views on the asset are 54% bullish as it changed hands at $0.6249. XRP is trading slightly above the 50-day EMA ($0.6224) and well above the 200-day EMA ($0.5546).
There is bullish sentiment for Mina Protocol
Mina Protocol stands out as a minimal “concise blockchain” focused on privacy and accessibility. Using zero-knowledge proofs, it allows users to interact with decentralized applications (dApps) without compromising personal data. The team behind the project continues to push for further innovation, making MINA its native token an attractive asset for the future. One of these innovations is the Mina-Ethereum Bridge, which strengthens inter-chain communication.
MINA, the native token, plays a crucial role in securing the network and providing access to dApps. Its remarkable price performance was noted as it recently hit a 19-month high of $1.48. Investor confidence is high and technical data shows an upward trend. Currently, MINA is trading at $1,439 with a market cap of $1,478,288,672. MINA increased by 8% in the last 24 hours, entering the top 60 among the largest crypto assets and maintaining the 56th place. 24-hour trading volume currently stands at $177,451,497.
Next up for TON and CRO
Toncoin, native to The Open Network (TON), has features such as speed, compatibility and flexibility. The social media platform, originally run by Telegram, abandoned the project following regulatory issues with US authorities. A group of independent developers took over Open Network and continued to push for its development. The road map of the project includes the launch of initiatives such as TON Bridge and TON Swap. The Toncoin Incentive Program, a collaboration with Blockchain.com, further encourages user participation.
TON, the token that drives the network, has shown impressive price performance and is currently trading at $2.40, up 5.79% in the last 24 hours. The continued development of the network has positioned TON as a potential competitor in the next bull market. On the other hand, Cronos Chain, developed by Crypto.com, stands out with its scalability and speed. Key developments such as the Cronos-Ethereum Bridge and Cronos Rollups demonstrate the company’s commitment to advancing blockchain technology.
CRO, the native token, facilitates network security and access to various applications. The token has demonstrated impressive price performances in the past, rising to an all-time high of $0.9698 in November 2021. Cronos was one of the biggest beneficiaries of the 2021 bull market. As a result, some market observers predict that Crypto.com will perform well in the upcoming bull run as it continues to drive greater user participation.
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