Ethereum Has Just Hit $2,540, Marking a Six-Month High. Here Are 5 Altcoins That Could Explode

input: Ethereum has just hit $2,540, marking a six-month high. Its price has risen by 8.4% in the past day and 38% this week.

Ethereum has just hit $2,540, marking a six-month high. Its price has risen by 8.4% in the past day and 38% this week. $ETH opened the week at $1,810, marking an approximately $700 gain at its current level. By percentage gains, it’s the project’s strongest week of this market cycle.

The explosive move follows the implementation of Ethereum’s Pectra upgrade, which bolstered its user experience and made $ETH deflationary again.

And as Ethereum rises, it’s allowing other altcoins to generate substantial gains. But due to their lower market capitalizations, many are rising faster than $ETH.

Shrewd investors understand this and so are scrambling to find the best crypto to buy with the most growth potential. Here are our top five picks:

1. Solaxy

Solaxy is building the world’s first Solana layer 2 blockchain.

It aims to tackle Solana’s congestion issue by using off-chain computation and transaction bundling technology to make transactions cheaper, faster, and more reliable.

The Solana ecosystem is scorching hot as Ethereum has gained pace. For example, dogwifhat is up 60% in the past week, Peanut the Squirrel is up 101%, and many others are also up massively.

And as a project that takes Solana to the next level, Solaxy has potential to be a long-term gainer in the ecosystem.

Solaxy also possesses the unique advantage of being available to buy on both the Ethereum and Solana blockchains, providing a broader potential investor pool.

The project is undergoing a presale, and it has raised over $34 million so far. The strong presale momentum, coupled with Solaxy’s robust use case, signifies that it could be one of the best cryptos to buy.

2. Pepe

As mentioned, meme coins such as dogwifhat and Peanut the Squirrel generated substantial gains in the past week, reflecting an increasing market appetite for joke tokens among investors.

But when it comes to meme coins, one project stands out, and that’s Pepe.

It’s the largest meme coin to emerge this cycle, and the second-largest meme coin on Ethereum after Shiba Inu.

Historically, Pepe has done a better job of providing beta exposure to the Ethereum price than Shiba Inu.

This means the Pepe often rises and falls at the same time as an Ethereum, but with more volatile swings. For instance, this week it has gained 61%, which is over 50% more than Ethereum’s gain.

Something else to consider is that despite having a $5 billion market cap and Dogecoin having a $31 billion, Pepe has higher trading volume. This signifies just how much market appeal the project holds.

3. BTC Bull Token

BTC Bull Token is a Bitcoin-themed meme coin that pays its holders real Bitcoin rewards.

The project tracks Bitcoin’s price and will run $BTC and $BTCBULL airdrops at key price milestones. The first was set to occur when Bitcoin hit $100K, and then the following ones will occur with every $50K price increase until it hits $1 million.

These rewards set BTC Bull Token apart from other meme coins and incentivise long-term holding.

BTC Bull Token also has a staking mechanism, which is live now and currently offers a 74% APY. However, these rewards will decrease as the staking pool grows, so potential investors shouldn’t wait to get involved.

The project is undergoing a presale and has raised $5.5 million so far. With an early stage and use case that has both viral and long-term potential, it’s clear why $BTCBULL could be one of the best opportunities on the market.

4. Arbitrum

Arbitrum is an Ethereum layer 2 blockchain that offers lower fees and higher speeds than the Ethereum main network.

Similar to most Ethereum ecosystem tokens, Arbitrum’s price will rise alongside Ethereum’s. However, Arbitrum has been the best-performing top 100 cryptocurrency today, with a 28% increase.

So what’s the reason behind this? Simply put, Arbitrum is gaining real traction. Most notably, stockbroker and centralised crypto exchange Robinhood is considering launching a trading platform on the network that allows European investors to buy US securities.

It’s a breakthrough in blockchain technology, and it’s taking place on Arbitrum. That’s a huge nod of approval from a major traditional financial player.

And this doesn’t just add to Arbitrum’s credibility; it also signifies that the chain could generate substantial adoption once Robinhood’s app goes live.

5. Raydium

Raydium is the leading centralized exchange on the Solana blockchain.

Solana boasts the most users of any network, with over 80 million people