The cryptocurrency market shows renewed interest in altcoins with the beginning of May, as the value of many tokens has risen by more than 50% since the start of the month. The crypto world is paying special attention to Hyperliquid (HYPE), Algorand (ALGO), Sui (SUI), and Scroll (SCR) due to their notable price growth and increased trading activity.
The market is witnessing a trend toward large market-cap assets shifting towards high-potential altcoins, as investors change their strategies. Analysts believe that market optimism, along with developments related to protocols, contributes to rising prices, describing this as an innovative and dynamic entry point for the new month.
Hyperliquid (HYPE) recorded exceptional growth amid increasing interest in Perpetual DEX markets
The native token HYPE from Hyperliquid saw a price increase of 60% in early May, marking one of its highest gain periods since its launch. The decentralized perpetual futures protocol has garnered increasing interest from users due to its combination of order matching speed and capital efficiency features. Protocol usage statistics indicate a notable increase in the number of professional traders using decentralized derivatives solutions.
Algorand (ALGO) is experiencing a notable recovery with increased demand for layer one
The value of the ALGO token on the Algorand platform increased by 55% during the first week of May, surpassing a holding pattern that had lasted for weeks. This move has been widely analyzed due to the increasing interest in layer one networks that provide scalable infrastructure for institutional users. Monthly improvements in governance and smart contract functionality have been pointed to as influential factors in Algorand's price rise.
Market confidence in ALGO tokens has significantly increased, with trading volume nearly doubling over the past five days. This rise aligns with the ongoing market trend toward developing consensus mechanisms and their practical applications. Technical indicators suggest that ALGO has regained key support levels and is facing resistance at the levels reached in mid-February.
Sui (SUI) demonstrates leading performance supported by the expansion of the developer ecosystem
The SUI token saw a price increase of 50% in early May after the network gained popularity among developers and experienced performance improvements. Daily blockchain activity on the layer one blockchain, built with the Move programming language, continues to rise steadily, alongside an increase in active wallet addresses. The profitable momentum for Sui stems from the developer grants and ecosystem partnerships recently launched by the platform.
Scroll (SCR) recorded significant gains with increased activity from Ethereum's second layer
The price of Scroll (SCR) has risen by over 50% due to increased activity in the zkEVM system. The ability of this protocol to work with established Ethereum contracts and tools has solidified its position as an ideal choice for scalable infrastructure applications. The integration of decentralized applications with the growth of both the test network and the main network shows an increase in support from developers on a large scale.
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