The crypto market is back on track. Most cryptocurrencies are up in the past 24 hours by an average of more than 5%. Investors should be wary of price increases, as pump-and-dump coins might be part of this crypto uptrend. In this article, we list the top 3 altcoins that are booming, but have good standings and can be potential good buys.
Why are Cryptos up today?
Most cryptocurrencies started their renewed uptrend at the beginning of 2023. However, several negative fundamental news occurred which made cryptos halt their uptrend and drag lower. Despite those negative fundamentals (crypto companies collapse, USDC unpeg, SVB bank collapse…), cryptos today show a great comeback and continue to increase higher.
The reason for this stronger buying power lies in the weakness of the US Dollar. In fact, the war between Russia and Ukraine is seen as a threat, economies around the world are shaking, the US keeps on printing money and inflation is at its highs. Cryptocurrencies were always the solution against such bad economical views. That’s why after a few negative weeks came the positive one. The crypto market cap stands currently around $1.1 trillion.
Top 3 Altcoins that are booming right now
#1 Ripple (XRP)
In our previous articles, we spoke about how XRP was undervalued compared to the crypto market. We even warned about upcoming price increases that are going to be strong. Today, this is exactly what happened, as XRP increased by more than 10% in the past 24 hours. XRP prices reached $0.55 and are eyeing the psychological price of $0.60.
#2 Stellar (XLM)
Stellar has been known to be Ripple’s little decentralized brother. Ripple is a great project, but many crypto enthusiasts don’t like it as there’s a centralized company behind it. Stellar has the same values as Rippel, but is a decentralized project. Whatever happens to XRP prices, XLM usually follows.
In the past 24 hours, XLM increased by more than 9% as prices broke the important resistance of $0.10.
#3 Algorand (ALGO)
Algorand was among the best performers in the top 50 cryptos by market cap. The token ALGO increased in the past 24 hours by more than 15%, reaching the current price of $0.23. Algorand had a much higher valuation previously. If the crypto market continues to go higher, ALGO should continue to make significant price increases.