With the cryptocurrency market cap now somewhere in the middle between the highest and lowest points of the past twelve months, many investors are looking for opportunities in the cryptocurrency industry.
Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.
Find out the best performing altcoins this week including high and low market cap options to provide a balanced view of the overall market.
Top 5 Performing Altcoins in September 2024
First, we’ll start with the high-cap options and take a look at the top 5 altcoins that have made gains over the past 7 days. These projects are taken from the top 100 coins by market cap, starting with the ones that have seen the strongest price growth this week.
Let’s take a look at the biggest volume gainers in cryptocurrencies this week!
BinaryX (BNX)
BinaryX is a decentralized platform used to develop blockchain-based games and entertainment. The native BNX coin is the top gainer this week in the top 100 coins ranked by market cap, seeing a 34% price increase over 7 days.
The project has added more games to the platform as well as added more governance features and advanced tokens, all of which have received a vote of confidence from new investors.
Phantom (FTM)
The Fantom dApp layer-one network value surged 20.8% this week, boosted by news that Sonic Labs, a major player in the Fantom industry, is targeting the $11 trillion lending market with the project’s latest update. This was enough to provide a major boost to FTM in the near term, with many now waiting to see how the coin will fare in the coming weeks.
Super AI Alliance (FET)
Although the name of the Artificial Alliance is more unusual than most cryptocurrencies, it has seen a surge in investment from crypto users over the past seven days, with the price of FET tokens increasing by 20%. The project is actually made up of some of the biggest companies in the cross-industry of AI and blockchain, including Fetch.ai, which is developing smart city technology in collaboration with the Munich government.
Do it
The SUI token has surged over 17% this week, likely due to the announcement of Grayscale’s just-launched SUI Fund for Accredited Investors. (SUI) SUI was developed by Mystery Labs, a company that boasts several former Meta engineers who lend an air of credibility and professionalism to the project.
Toncoin (TON)
Toncoin (TON), the native token of the Telegram app, has also surged 17% over the past seven days. In fact, TON has fallen 13% over the month, with the dreaded deadly cross pattern on the charts raising concerns, perhaps due to the disturbing news of the arrest of Telegram CEO and co-founder Pavel Durov in France in late August. However, investors will also note that TON has surged 277% over the past 12 months, with a growing user base and additional features adding to the appeal of the coin.
Low Cap Companies: The Biggest Gainers in the Altcoin Market
In the altcoins with low market caps, the gains are much higher. And of course, so are the winners! Be careful when exploring this list. While it is interesting to know which altcoins have experienced high price volatility, this volatility is one of the main causes of losses for individual investors.
When considering investing in any cryptocurrency, especially those with a small market cap, cryptocurrency users are usually advised to be very thorough in their research and in implementing their risk management strategy.
EUNO
The privacy coin EUNO has seen a massive 233% surge in the past week alone as investors lined up to buy the popular coin. The price action is indeed quite strange, as the official X account for the project has not posted anything in nearly a year, and there are no online posts or news articles explaining the recent price surge.
The market cap is very low even for a small market cap project, with just over $1 million in total market cap, and with such a small market cap and no immediately clear fundamentals behind the price growth, an equal or larger price correction could easily happen at any moment for this coin.
Swiss Cheese (SWCH)
SWCH is the native token of the Swisscheese DeFi platform, and it has just seen a 133% increase in value over the past seven days. The platform allows for swaps of cryptocurrencies and even other assets like stocks, making it popular among investors. The token recently broke its 50-day moving average, which could give any bullish investors a boost.
CATGIRL
The Catgirl cryptocurrency has surged 107% this week as interest in the emerging meme coin continues to grow. The coin has a very small market cap of just $670,000, making it a very high-risk investment even for the most enthusiastic crypto investors.
At this size, the price of the project is highly vulnerable to the whims or designs of deep-pocketed market operators, and any large trade in either direction could wreak havoc on the price of CATGIRL and traders alike.
Staying Safe with Altcoins
It’s always fun to read about the best performing altcoins of the week and learn about the actions of the biggest companies that have moved the cryptocurrency market. However, companies that have made big gains can turn into losers in an instant, especially with smaller projects.
When looking for promising altcoins, don’t forget to look beyond the latest price movements and consider the use case and the team behind the project, as chasing volume alone can often lead to traders taking a loss.
To read more about risk management and how to build your own cryptocurrency portfolio, read our article on the topic here.