4 Altcoins to Watch Closely in May

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  • The Graph's Graph Day and hackathon in June are attracting attention.
  • NEAR Protocol is positioning itself in the Web 3 space.
  • Binance may soon list tokens built on Elrond's network.

Keep an eye on these promising cryptos this month and beyond.

There was a moment at the start of April when it looked like cryptocurrency prices might be picking up. Unfortunately, continued inflationary concerns, the conflict in Ukraine, and economic tightening measures from the Federal Reserve, meant crypto prices instead trended sideways or even downward.

The ongoing volatility and uncertainty means it's worth sticking to more-established cryptocurrencies for the foreseeable future. A number of crypto analysts predict that Bitcoin (BTC) will eventually reach new highs. But we don't know for sure whether this will happen, nor how long it will take.

Nevertheless, here are four cryptos to keep on your radar in May and beyond.

1. The Graph (GRT)

The Graph is a behind-the-scenes crypto that makes it easier to search for information on blockchain. Some have dubbed it the Google of blockchains. It featured several times on our daily gainers list in April, and is starting to gain traction among major investors. The Graph originally worked only with Ethereum (ETH), but now supports other crypto networks such as NEAR Protocol (NEAR), Polygon (MATIC), Binance Smart Chain, and Fantom (FTM).

The Graph is gearing up for a big event in June called Graph Day, which will be followed by a three-day hackathon. This, combined with The Graph's continued allocation of grants designed to promote development and usage of its ecosystem, make it a good crypto to watch this month.

Available from the following cryptocurrency exchanges: Binance, Binance.US, Gemini, Coinbase, FTX US, Kraken, and others.

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2. NEAR Protocol (NEAR)

NEAR has had a choppy few months. At points, speculation around the launch of a new USN stablecoin and news of another successful funding round seemed to push its price up. However, now that some of the hype has passed and the price has fallen again, long-term investors might want to add it to their watchlists.

NEAR is a serious smart contract crypto that is positioning itself as a major player in the emerging Web 3 space. For example, it recently hosted a NEAR Town Hall event focused on music, entertainment, NFTs, and games on its protocol.

Available from the following cryptocurrency exchanges: Binance, Binance.US, FTX, FTX US, Crypto.com, and others.

3. Elrond (EGLD)

Elrond is a smart contract crypto that has not grown at the rapid pace of, say Solana (SOL). However, it recently announced some interesting acquisitions, including a crypto payments firm. It also launched a $40 million fund to support development on the system.

According to crypto commentator Lark Davis, Binance will soon list Elrond tokens on its exchange. This means that tokens built on Elrond's ecosystem will get a lot more exposure and could be a big boost for Elrond.

Available from the following cryptocurrency exchanges: Binance, Binance.US, KuCoin, Gate.io, Crypto.com and others.

4. THORChain (RUNE)

THORChain is a decentralized protocol that aims to provide liquidity for crypto trading without using a centralized crypto exchange. It also powers a decentralized exchange, where users can swap cryptocurrencies. It recently launched the trading of synthetic assets, which are essentially a way to tokenize non-cryptocurrency assets and trade them.

THORChain also has a long-awaited mainnet launch in the pipeline. We may see it in the coming months, though developers have been reluctant to set an exact date. It also plans to launch lending and borrowing through something called THORFi. Be aware that there are a lot of developments in the pipeline, which can sometimes push prices to unsustainable levels.

Available from the following cryptocurrency exchanges: Binance, FTX, Crypto.com, KuCoin, Gate.io and others.

Bottom line

Some see this period of low prices as an opportunity to build their crypto holdings before prices soar again. But a lot depends on your financial situation and how you think crypto will perform in the long term. If you only invest money you can afford to lose, and are on top of other financial goals such as your retirement savings and emergency fund, buying crypto might make sense.

There are various reasons these altcoins may be interesting in May, but don't buy them hoping for a short-term gain. Moreover, don't rush into buying anything just because the prices seem low -- they may still go lower. Take your time, research the project carefully, and keep a long-term perspective. What's important is how you think they might perform in the coming five to 10 years.

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