With Bitcoin’s recent 27% surge in the past month, speculators and aggressive growth investors have certainly found that it’s worth exploring promising cryptos to capture substantial gains in relatively short amounts of time. Indeed, every time the cryptocurrency market surges, a group of investors look very smart for buying in at low prices, with others on the outside looking in perhaps feeling a little fear of missing out (FOMO).
Of course, crypto rallies have also come with crypto crashes. The recent gains with the top performing cryptos I’m going to discuss below are far from locked in and good to go. In fact, one might argue that these projects have significant downside potential if a reversion toward the mean takes place among risk assets.
That said, as the crypto sector continues to see bullish inflows, tied to a number of macro and sector specific factors (not the least of which is a potential Bitcoin (BTC-USD) spot ETF), these high-momentum cryptos could at least be worth putting on the watch list right now.
Injective’s (INJ-USD) INJ token has defied the crypto market’s bearish sentiment of late. While major cryptocurrencies faced monthly lows, Injective has showed bullish momentum. After hitting $6.75 per token, it found support and surged to $7.96 before facing resistance in August.
However, since hitting lows in September around $6.65, INJ has since skyrocketed to roughly $17 per token at the time of writing. Much of this move appears to be tied to renewed interest around the derivatives and lending markets in the world of crypto. Indeed, while very speculative and high-risk, in times of risk-on sentiment in this space, projects like Injective can do very well. That certainly appears to be the case right now.
Although INJ has displayed a recent bullish trend in a relatively bearish crypto market in recent months, technical indicators hint at a possible short-term decline. Investors may be advised to remain cautious and monitor market changes closely, but this is certainly a crypto with tremendous momentum.
Solana (SOL-USD) saw a remarkable 79.12% increase in the past month, driven by its high-performance blockchain, DeFi and NFT adoption. VanEck predicts a 10,000% price rise by 2030, reaching up to $3,211.28, underpinned by impressive data throughput and cost-effectiveness, particularly in NFT minting.
While Bitcoin has dominated the crypto spotlight, cryptocurrency enthusiasts appear to be paying more attention to Solana. After a frustrating trading period following its peak in July, Solana, often linked to crypto entrepreneur Sam Bankman-Fried, surged. In the past seven days, SOL outperformed, gaining more than 30% compared to Bitcoin’s 22% in the same period.
With a 74% rise in assets under management in its DeFi apps in October, Solana is considered a top cryptocurrency to watch.
Mina Protocol (MINA-USD)
Mina (MINA-USD), akin to Tezos and Solana, is a proof-of-stake blockchain that maintains its small size using zero-knowledge cryptography, a data compression method that validates transactions with minimal metadata through advanced mathematics.
In the world of blockchains, Mina stands out due to its unique and lightweight design. Unlike other blockchains, Mina maintains a constant size, unaffected by usage fluctuations. It has recently experienced consolidation after a growth phase.
MINA’s blockchain minimizes computing power requirements for efficient dApp operation. It has cultivated a substantial user base and ecosystem due to its speed and minimal processing needs. While still a mid-cap cryptocurrency, MINA plays a vital role in the broader crypto sector’s development. Upbit’s listing announcement added to its momentum, as South Korea’s vibrant crypto community welcomes MINA.
On the date of publication, Chris MacDonald has a LONG position in SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.