The crypto market has started pumping in recent weeks as Bitcoin crosses $31K for the first time in over a year.
However, some altcoins currently stand out for having higher upside potential than others – let’s take a look at five that could rise this month.
Wall Street memes
One altcoin that is currently garnering a lot of attention is Wall Street Memes. It is a presale meme coin that was launched with more than a million social media followers, including countless celebrities, and has even been retweeted by Elon Musk. With $12 million raised in less than two months, expectations are certainly high.
According to the Wall Street Memes website, the meme coin will give everyday investors a chance to get rich on “useless meme coins”.
Wall Street Memes stands out from other meme coins because of its already colossal community. This gives it a significant edge and can easily cause the price to explode after the presale.
Another factor that gives rise to the potential of Wall Street Memes is that it already has a successful track record in crypto. In 2021, the team launched the Wall St Bulls NFT project, which sold out in 32 minutes and raised over $2.5 million.
In honor of the presale, the team is hosting a $50,000 airdrop where the community can win up to seven entries by completing simple tasks like following Wall Street Memes on Twitter.
Amid growing institutional interest in crypto, another strong narrative is being built around DeFi. Compound is one of the projects currently benefiting the most from institutional interest, with its price rising by as much as 54% in the past seven days.
However, with a market cap of $500 million and down 92% from its all-time high (ATH), Compound still has significant growth potential.
The recent pump means that Compound has broken out of a bearish channel, which could mean the price is moving towards $98.
But since the current weekly candle is bearish, this could mean that COMP will first retest its previous support.
Compound reached its low of $25.55 24 days ago. However, the recent pump has propelled the coin 156%. This could mean that it has found the bottom of the bear market and is ready to rise.
According to CoinMarketCap, Compound has also locked an impressive total value (TVL) of $1.3 billion, giving it a market cap/TVL ratio of 0.38.
Ecoterra is an emerging presale crypto that focuses on helping the environment through blockchain technology. So far presales have raised an impressive $5.7 million and partnerships have already been signed with Dr Pepper and Heinekin, indicating big things could be ahead.
The project has four main pillars: recycle2earn, a carbon offsetting marketplace, a recycled materials marketplace and an impact tracker profile.
Overall, ecoterra will solve various climate and recycling problems by providing a verifiable, limitless and reliable platform that will benefit both companies and individuals.
One of the most anticipated features is the recycle2earn mechanism. This allows $ECOTERRA holders to deposit recyclable waste in ecoterra’s “Reverse Vending Machines” and earn $ECOTERRA as a reward.
Aside from the recycle2earn mechanism, the other features will serve B2B customers, which could be more lucrative, driving up the price of $ECOTERRA.
The Ecoterra token powers all the functions on the platform, which means that if there is a demand to use it, the $ECOTERRA price will increase.
Pendle is an Arbitrum native DeFi token also available on Ethereum. It was launched in March and has recently entered a price discovery phase after breaking the range resistance level.
The price broke resistance in June, followed by a retest of support before exploding from $0.5 to a high of $1.7.
Since his peak, Pendle has retreated. However, it is currently holding and forming a support around $0.82.
Looking ahead, we could see Pendle consolidate at this level before breaking out and creating another ATH.
Currently, Pendle has a market cap of $190 million, with a fully diluted market cap of $250 million. According to DeFiLlama, Pendle has a TVL of $130 million.
Interest in the project has exploded recently, with it currently being one of the most popular coins on CoinMarketCap and a 24-hour trading volume of $31 million.
The last coin on our list of bullish altcoins is Litecoin. Interest in Litecoin picked up recently after the launch of the citadel-backed EDX exchange. The exchange will serve institutional investors and only offers four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Initially, Bitcoin Cash price benefited the most from the launch of the EDX exchange. However, Litecoin is starting to show signs of a bull run, up 22% over the past week.
As shown in the Litecoin price chart above, the price recently broke a resistance level it traded below in 2023. This could be hugely bullish as the Litecoin halving will take place next month.
The halving cuts the amount of Litecoin rewarded to miners in half, potentially drying up the supply of Litecoin and driving up the price.
Currently, Litecoin is priced at $107 with a market cap of $8 billion. Despite its recent pump, it remains 74% lower than its $412 ATH, offering plenty of upside.