Blockchain

6 Best Altcoins to Invest in Right Now January 23 – Sui, TRON, KAVA

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Investors are constantly looking for tokens to capitalize on the anticipated bull run. With bitcoin slightly regressing, altcoins present a promising alternative. For investors eager to leverage on the market’s current outlook, this guide is your key to unlocking the best altcoins.

6 Best Altcoins to Invest in Right Now

Even though the market is relatively calm, some tokens are buzzing with potential. Several altcoins, including Sui, TRON, and KAVA, have captured the spotlight. This guide will highlight the unique attributes that make these altcoins stand out, providing investors with valuable insights to make informed market decisions. 

Meanwhile, the recent debut of spot Bitcoin exchange-traded funds (ETFs) has triggered a shift in investor behavior within the market. According to a newly released report by digital asset fund manager CoinShares, $21 million has been withdrawn from high-profile crypto funds in the past week.

1. Sui (SUI)

SUI is firmly anchored at $1, signaling an imminent surge to $2.5. With this resilience, Sui has a promising trajectory to reach $12 in the next Bull Run. Furthermore, SUI’s price is $1.112874, rising by 6.91 in the past 24 hours. In conjunction with this rise, Sui’s trading volume reached $1.11 billion, displaying a market dominance of 0.08%.

Moreover, recent data from CoinMarketCap highlights a substantial spike in trading volume. As such, the price surpassed $950 million on January 13, following an extraordinary 2,200% surge in just three months.

Digging into SUI’s growth metrics, the Total Value Locked (TVL) takes the spotlight. The coin experienced a staggering 828% increase from $54.39 million in October 2023 to the current value of $319.23 million, as reported by DefiLlama. By extension, this surge in TVL firmly establishes SUI among the top-performing crypto coins, showcasing its robust fundamentals.

2. Kava (KAVA)

KAVA stands firm at the $0.70 support, poised for a potential leap to $2 in the short term. On this note, it is eyeing an impressive $10 in the next bullish wave. Starting from January 1, 2024, KAVA token inflation hit zero. This move marks a turning point, propelling Kava Chain into the spotlight as the inaugural hard-capped, decentralized Proof-of-Stake Layer 1. 

KAVA Price Chart

Equally, it actively provides competitive on-chain rewards and boasts a community-owned Strategic Vault with a substantial $300 million asset. Meanwhile, the current sentiment around Kava’s price prediction leans bearish. However, Kava’s token inflation injects optimism, reflected in the neutral market trend. The Fear/Greed score is 50, as investors are holding given an imminent bull market.

Along the same lines, Kava is positioned for remarkable growth; the token boasts good fundamentals and strong community support. Therefore, experts project that KAVA Coin could surge beyond $2.43 by 2024. Nonetheless, this depends on potential collaborations with other networks and market trends. In a bullish crypto market, the average price is anticipated to solidify around $2.20 within the same timeframe.

3. Bittensor (TAO)

Despite a 5.77% surge in the last 24 hours, the prevailing sentiment towards Bittensor’s price prediction remains bearish. However, a bull might be on the horizon as the Fear & Greed Index holds firm at 50. Moreover, Bittensor confidently trades above its 200-day simple moving average, signaling market stability. 

Furthermore, TAO’s price is $261.85, while the trading volume has increased by 78%, settling at $9.42 million. In addition, the market cap has witnessed a 5% increase to reach $1.60 billion, displaying a market dominance of 0.10%. By market cap, these metrics secure Bittensor as the second-highest-ranked entity in the AI Crypto sector.

TAO Price Chart

Concurrently, Bittensor’s history unfolds with peaks and troughs, suggesting its ability to mount a resurgence always. On December 14, 2023, it achieved an all-time high of $394.91. On the other hand, its lowest point was recorded on May 14, 2023, at $31.74. Since reaching its all-time high, the lowest post-ATH price settled at $193.77, marking a resilient trajectory amid market fluctuations.

4. TRON (TRX)

Huawei Cloud’s Native Enterprise Service (NES) has recently partnered with the TRON Network. The aim is to streamline blockchain operations and enhance accessibility for developers in the Web3 space.

Turning our attention to TRON’s (TRX) price, it’s experiencing an upward trajectory, trading above significant moving averages. Moreover, Bulls are actively pushing for a rally toward the channel’s upper trendline. As such, this sets the stage for potential buying action in the upcoming sessions.

TRON Price Chart

Furthermore, the growth of TRON’s weekly and monthly charts reveals a consistent uptrend. In tandem, it has surpassed key values and maintained a strong position above crucial moving averages. 

With increasing buyer interest and its proximity to the upper Bollinger band, a breakout is actively anticipated. Over the past week, TRON’s price has surged from $0.10 to $0.117. Based on current trends, projections indicate a potential value of $0.1798 by the end of 2024.

5. Frax Share (FXS)

Frax Share is in the spotlight as it gears up for the launch of SfrxETH on EigenLayer, scheduled for January 29th. This native ETH LSD token of the Frax protocol has shown remarkable growth. In addition, the eagerly awaited Fraxtal, Frax’s Layer-2 blockchain, is set to go live in the first week of February.

FRAX Price Chart

Furthermore, FXS is catching the eye of the crypto community, with the Total Value Locked (TVL) surpassing $1 billion. As such, Founder Sam Kazemian is optimistic about Fraxtal’s impact, anticipating TVL and market capitalization growth in the coming months. The launch is targeted for the first week of February, with support through Fraxscan and numerous projects expected to debut.

Moreover, this development marks a significant addition to Frax’s product suite, with projects like Curve considering deploying their functionalities on Fraxtal. Utilizing roll-up technology for efficient transaction execution, Fraxtal adds a new dimension to the crypto space.

6. Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix is set to reshape the Bitcoin cloud mining landscape with its innovative Stake-to-Mine mechanism, all powered by smart contracts. The project, detailed in its white paper, establishes a secure Ethereum platform, enabling users to stake and burn tokens to earn mining hash power. 

Moreover, this progressive approach effectively tackles common challenges linked with traditional cloud mining practices. With over 400,000 BTCMTX tokens currently staked, Bitcoin Minetrix has successfully raised an impressive $8.5 million in its ongoing presale phase. This indicates substantial interest and confidence from investors.

Notably, Bitcoin Minetrix strategically implements a unique staking mechanism to mitigate sell pressure upon its exchange debut. Moreover, this strategic move positions the project for robust growth, emphasizing stability and sustainability.

With the current success in the presale phase and a solid foundation laid by the Stake-to-Mine mechanism, Bitcoin Minetrix positions itself as a promising player in the crypto-mining ecosystem. Investors and enthusiasts can anticipate the project’s developments as it introduces a new paradigm in Bitcoin cloud mining through the power of smart contracts.

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