While a complete resurgence of the 2021 bull market is improbable, the recent rebound of Bitcoin (BTC-USD) above $25,000 has spurred gains in other cryptocurrencies during the early months of 2023. This has presented an opportunity for crypto enthusiasts to accumulate positions in various top-performing cryptos before the upcoming Bitcoin halving event in the following year.
Aside from Bitcoin’s performance, there are plenty of other catalysts for these top-performing cryptos investors should consider. Each has its 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.
Arbitrum (ARB)
Following a bearish start in May, Arbitrum (ARB-USD) has experienced a remarkable 13% surge over the past week. Analyzing the on-chain data reveals a notable presence of influential crypto whales, potentially influencing the optimistic price outlook for Arbitrum.
Despite a significant 35% price drop in Arbitrum between April 14 and May 11, a noteworthy trend emerged as large investors holding between one million to 10 million ARB tokens actively purchased the dip. These influential whales nearly doubled their holdings within this timeframe, accumulating an additional 158 million ARB tokens. This chart demonstrates their increased stake, starting from a total balance of 222 million tokens on April 13 to 380 million as of May 16.
Apart from the notable bullish activity exhibited by the whales, the Arbitrum network has been experiencing widespread adoption among users. If the optimistic price prediction for Arbitrum materializes, ARB could potentially surge toward $1.35 before encountering any significant bearish pressure.
Solana (SOL)
Solana (SOL-USD) has experienced a remarkable turnaround in 2023, defying the odds after a tumultuous 2022. With triple-digit returns, Solana’s value has more than doubled, currently trading at $22.35, showcasing its strong performance this year.
In 2023, the developers of Solana have recognized the critical issue of blockchain instability and are committed to addressing it. Additionally, Solana has successfully gained a significant portion of the Web 3.0 market, particularly in the non-fungible token (NFT) sector, currently holding a 14% market volume share. With expectations of a market rebound, Solana’s market share is poised to grow further as Ethereum’s network congestion during rallies presents an opportunity for Solana to attract more users. As the go-to choice for developers transitioning away from Ethereum, Solana’s popularity is expected to remain strong during the next market upswing.
Solana currently trades at $21.02 with a 24-hour trading volume of $197 million. It has seen a slight 0.67% increase in value during the past 24 hours.
In other SOL news, Solana Labs has opened a 25,000 square feet 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, emphasizing Solana Labs’ commitment to fostering innovation and collaboration within the Solana community.
Fantom (FTM)
Fantom (FTM-USD) is a sharding-based layer-1 protocol known for its fast and cost-effective transactions, making it a popular choice among developers and investors alike. 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, dampening market sentiment. However, recent minor upward movements suggest a possible shift towards a bullish trend as buying pressure increases and bulls regain control over the price.
FTM’s recent bullish momentum has led to a notable price surge, with a 5.09% increase in the past 24 hours, pushing the token’s value to $0.3885.
Fantom presents an attractive long-term investment opportunity driven by its dedicated development team, strategic partnerships, and the promising future it holds within the blockchain industry.
On the date of publication, Chris MacDonald has a position in SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
