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The crypto market rally resumed on Wednesday after the US and Iran reached a ceasefire deal. Bitcoin has jumped above $70,000, and the prices of most tokens being up by over 5%. This article explores some of the best altcoins to buy and hold this year.
Hyperliquid (HYPE) is Gaining Market Share in the Perpetual Futures Market
HYPE is one to the best altcoins to buy this year, helped to its strong fundamentals in the DEX and the stablecoin industries.
Indeed, the token has already jumped by over 90% this year and is outperforming other popular coins like Ethereum and Bitcoin.
Hyperliquid’s network is doing well, helped by its popularity among traders buying crude oil futures on the platform. Data shows that its volume jumped to $196 billion in the last 30 days, much higher than other popular companies like Lighter, Aster, and edgeX.
Meanwhile, the network’s layer 1 has become a big name in the stablecoin industry, with its supply jumping to $5.3 billion, up substantially from $2 billion in January last year. The biggest stablecoins in the network are USDC, Tether, and USDH.
Hyperliquid is entering the booming prediction markets industry soon by activating HIP-4 either this week or next one. This launch will likely continue boosting its volume and the fees it collects.
The other bullish factors for HYPE price are its token burns and buybacks, and the upcoming launch of its ETFs in the US.
Technicals suggest that the HYPE token has more gained to go as it has formed a series of higher highs and higher lows. As the chart below shows, it has remained above the ascending trendline that connects the lowest swings in January, March, and April this year.
HYPE price also remains comfortably above the 50-day Exponential Moving Average (EMA). As such, it may continue rising as bulls target the key psychological level at $50.
Hyperliquid token chart | Source: TradingView
Chainlink is Seeing ETF Inflows as Exchange Supply Dips
LINK is one of the top altcoins to buy, helped by its strong fundamentals. Chainlink is one of the most critical players in the crypto industry, where it provides oracles to some of the biggest dApps like Aave and Compound. It has a total value secured (TVS) of over $40 billion.
Chainlink has also emerged as a key infrastructure provider in the real-world asset (RWA) tokenization industry, partnering with major brands such as JPMorgan, Swift, and DTCC.
Meanwhile, data shows that the two LINK ETFs have never had a month without inflows. They added over $10 million in March and $558k this month. This has brought the cumulative net inflows to $99.17 million and their net assets to $88.7 million.
Chainlink became the first network to start a strategic reserve. Data shows that it has bought 2.93 million LINK tokens worth over $27 million since the program started. All these initiatives have brought the supply in exchanges much lower.
Polygon (POL) is Winning the Payments Industry
POL, formerly known as MATIC, is another top altcoin to buy. Polygon has become one of the fastest-growing chains in the crypto industry despite the ongoing crypto winter.
For example, data shows that Polygon’s transactions jumped by 20% in the last 30 days as the number of active users soared to 8.3 million.
This growth is mostly due to its role in prediction markets, where it powers Polymarket, the industry’s biggest name.
It has also become a major player in the payments industry, thanks to partnerships with companies like Revolut and Stripe. Polygon’s stablecoin supply has jumped to $3.6 billion, while its 30-day transaction volume rose to $37.2 billion.
Polygon is also one of the most deflationary tokens in the crypto industry as its unlocks have ended and its burn rate is rising.
