Major crypto tokens soared sharply following the rate hike by the US Federal Reserve. The eased aggression from Jerome Powell boosted morale in the digital crypto market. The global crypto market cap rose 5.06 percent to s $1.81 trillion.
TRX, WAVES, and ZIL remain the best performers among the top 100 crypto assets by market capitalization today, as the altcoins spiked more than 30% in a day. Other altcoins including LUNA, AVAX, DOT, MATIC, LTC, NEAR, UNI, APE, ADA & More also saw decent gains.
Cardano (ADA) and Crypto.com (CRO) Are undervalued
The entire crypto market is a bit shaky right now. Therefore, a famous Youtuber John Parys has focused on undervalued crypto and has revealed the Top 2 undervalued altcoins that could hold massive potential in May 2022.
It is broadly clear that Ethereum does not have a grip on the altcoin blockchain business anymore. Another ETH competitor, Cardano, is growing at a fast pace.
With Ada trading near 15-month lows, it appears that Cardano whales, those who hold large amounts of the token, are accumulating. Data from Santiment shows the number of crypto wallets with more than 10 million Ada has increased by nearly 2.15% since mid-April, hinting that whales are eying a recovery.
Cardano (ADA) started a strong surge above the $0.85 resistance. It gained 13% and even tested the $0.90 resistance. A close above $0.90 may perhaps open the doors for a steady increase towards the $0.95 resistance. ADA is also up 5% in a week.
According to John, Cardano will hit its maximum in August and trade at $1.51. The expected price growth is estimated to be +72% until the end of the year.
Recently, Crypto.com has opted to reverse its decision to slash card staking entirely after backlash from the cryptocurrency community.
The crypto exchange’s native token Cronos CRO/USD fell by more than 17% on the day. However, as long as the CRO price remains below $0.50 this is the right time to accumulate.
Crypto.com’s CRO token has taken a drastic drop to hit a YTD low. The CRO token is now priced at $0.31. From the start of the year, the asset is down by over 40%, having been priced at $0.51 when 2022 began.
The analyst believes that the CRO token Price is undervalued due to below reasons :
- The @cronos_chain upgrade to v0.7.0 “Huygens” is planned for May 10 and marks a major milestone in the evolution of Cronos mainnet beta.
- With Cronos transactions growing at 40-50% MoM, this important infrastructure upgrade will give the network more scaling headroom.
- The Cronos ecosystem is growing exponentially. TVL, transactions, unique wallets, and the number of projects are all growing by leaps and bounds.
John believes that CRO might drop more in the coming days, However, the altcoin may surge high in the coming months with the above-mentioned updates and partnerships.