The cryptocurrency market is filled with many coins, and each week comes a new set of coins that amass a lot of buyer interest, causing them to soar to new highs.The trending coins are usually those that have recorded massive gains in a short period.Trending coins are usually preferred by day traders because their prices are highly volatile at the moment.
However, some trending coins can also make immense gains for long-term investors if they maintain their highs.Nevertheless, crypto trader must do their due diligence before investing in the cryptocurrency sector .
The top five trending coins in the market right now include the following:
1) Polkadot (DOT)
One of the top gainers in the crypto market right now is Polkadot (DOT) .
On November 2, DOT reached an all-time high of $53.04, according to data from CoinGecko.These highs are also accompanied by a 16% price gain during the past 24 hours.
Polkadot has been on a massive rally over the past few weeks because of the Polkadot parachains auction news.The parachains auction is slated to happen on November 11, and it has attracted a lot of attention from the entire cryptocurrency community.
The parachains auction is an upgrade for the Polkadot network that aims at making the network more efficient, fast and scalable.
This will bring decentralized finance to the Polkadot network and boost the demand for the DOT token.Moreover, it is boosting the demand for DOT from traders who speculate that these prices will increase.
Due to the gains made by Polkadot during the past 24 hours, it now ranks as the seventh-largest cryptocurrency by market capitalization.Its market cap is now at over $53 billion, and it has surpassed major coins like XRP by this metric.
To learn more visit our Investing in Polkadot guide.
2) Shiba Inu (SHIB)
Shiba Inu has been a leading gainer in the crypto charts during the past weeks.
The gains made by Shiba Inu (SHIB) have reignited the excitement surrounding meme coins, and SHIB is at the top of the best meme coins to invest in.
Currently, Shiba Inu is the largest meme token by market capitalization, having surpassed Dogecoin.This makes it the only meme token that has ever lived up to the name of being the “Dogecoin killer”.
The hype surrounding Shiba Inu has enabled the token to grow by almost 100,000,000% over the past year.
Late last month, Shiba Inu reached an all-time high of around $0.000083 after making a 1000% price gain in under a month.
While Shiba Inu has failed to maintain these gains, it is still attracting interest from investors.Currently, the token is trading at $0.000069, according to CoinGecko.Despite shedding some of its gains, the token is still up by over 700% over the past month.If its hype remains strong, the meme token could be heading towards even higher highs.
To learn more visit our Investing in Shiba Inu guide.
3) Ethereum
Ethereum, the second-largest cryptocurrency by market capitalization, is also among the top trending coins in the cryptocurrency space.
The altcoin is still registering new all-time highs.Currently, Ethereum (ETH) is trading at an all-time high of $4487, after a 3.4% gain during the past 24 hours.
The Ethereum gains come as the network works in ways that it can achieve scalability.Some of the proposals included in the roadmap to achieve scalability include the London Hard Fork that was implemented earlier in August.The fork was done to make the Ethereum network a deflationary token, and this seems to be working.
The network recently had its first deflationary week where the number of Ethereum mined during the week was lower than the number of burned Ether tokens.Having a deflationary nature will have a positive effect on the prices because low supply means that the prices will also be high.
The news of the Ethereum token achieving the first deflationary week has created excitement among Ethereum supporters, as they say, that the altcoin is headed towards becoming ultra-sound money.Besides, many have stated that it is because of this deflationary supply that the token can surpass Bitcoin.
To learn more visit our Investing in Ethereum guide.
4) Avalanche (AVAX)
The other token that is also trending right now is Avalanche (AVAX) .AVAX is the native token for the Avalanche blockchain, a network that is becoming highly popular because of its use cases in decentralized finance.Currently, AVAX is trading at around $65, which is just 17.3% lower than its all-time high of $79.
Recently, the Avalanche Foundation announced that it had launched a $200 million fund dubbed Blizzard.
The funds will be used to support the development of the Avalanche network.It will also be used to explore the opportunities that lay in this space, which is expected to impact the growth of the Avalanche network.
As aforementioned, the Avalanche network has become a major player in the DeFi space.Its total value locked (TVL) has increased by over 2624% during the past few months.In August, the TVL of the Avalanche network came in at around $312 million, and this has grown to the current $8.2 billion, according to DeFi Llama.
To learn more visit our Investing in Avalanche guide.
5) Solana (SOL)
The other token that has also made notable gains and is currently trending in the cryptocurrency charts is Solana (SOL) .
Solana has remained a top trending coin in the market over the past few months, and this has been attributed to the network’s fast speeds that continue to attract a lot of DeFi developers who want to take advantage of this scalability.
Solana’s market capitalization sits at over $62 billion, making it the sixth-largest cryptocurrency by this metric.Moreover, it is still trading at the highs of above $200 after reaching an all-time high of $219 on October 25.
Besides the gains made by the Sol token, the Solana network is also witnessing growing adoption, as can be seen from its total value locked (TVL).The TVL of the Solana network sits at over $12.8 billion, making it among the highly adopted networks in the blockchain space.
Solana is also expected to make more gains after the Ignition event is completed.This will lead to more DeFi developers launching on this network.
This will create increased demand for SOL tokens and contribute to the overall growth of the entire network.
To learn more visit our Investing in Solana guide..
