The cryptocurrency market is showing renewed interest in altcoins with the beginning of May, as the value of many tokens has increased by over 50% since the start of the month. The crypto world is particularly focused on Hyperliquid (HYPE), Algorand (ALGO), Sui (SUI), and Scroll (SCR) due to their notable price growth and increased trading activity.
The market is witnessing a shift towards high-potential altcoins from large market cap assets, as investors change their strategies. Analysts believe that market optimism, alongside developments related to protocols, contributes to rising prices, describing it as an innovative and dynamic entry point for the new month.
Hyperliquid (HYPE) has recorded exceptional growth amid increasing interest in Perpetual DEX markets.
The native HYPE token from Hyperliquid experienced a price increase of 60% in early May, marking one of its highest gain periods since its launch. The decentralized perpetual futures protocol has seen increased 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 utilizing decentralized derivatives solutions.
Algorand (ALGO) is witnessing a notable recovery with increased demand for layer one.
The value of the ALGO token on the Algorand platform rose by 55% during the first week of May, surpassing the holding pattern that lasted for weeks. This move has garnered extensive analysis due to the rising interest in layer one networks that provide scalable infrastructure for institutional users. Monthly improvements in governance and smart contract functionalities were cited as influential factors in the rise of Algorand's price.
Market confidence in ALGO tokens has notably increased, with trading volume nearly doubling over the past five days. This rise aligns with the ongoing market trend towards developing consensus mechanisms and their practical applications. Technical indicators suggest that ALGO has regained key support levels and faces resistance at the levels it reached in mid-February.
Sui (SUI) is delivering leading performance supported by the expansion of its developer ecosystem.
The SUI token saw a price increase of 50% in early May after the network achieved growing popularity among developers and performance improvements. Daily blockchain activity on the layer one blockchain, built with the Move programming language, continues to rise steadily, coinciding with an increase in active wallet addresses. The profitable momentum for Sui stems from grants for developers and ecosystem partnerships recently launched by the platform.
Scroll (SCR) has recorded significant gains with increased activity in Ethereum's layer two.
The price of the Scroll (SCR) token has risen by over 50% due to increased activity in the zkEVM system. The protocol's ability 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 usage on the testnet and mainnet indicates a broad increase in support from developers.