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Render is among the hottest small/mid-cap cryptocurrencies of 2024: report
A report from CoinLedger looked at the five most bought small/mid-cap cryptocurrencies and the five most sold digital assets this year.
2024 has brought hundreds of billions of dollars to the cryptocurrency markets. Data shows that the digital asset sector has grown by over 44% year-to-date (YTD) and has the potential to surpass the $3 trillion peak set in 2021.
A booming cryptocurrency market also means eager investors and traders chasing profits in a rapidly evolving market. Big names like Bitcoin (BTC) and Ethereum (ETH) are always on everyone’s lips, especially now that Wall Street has launched itself under the aegis of ETFs.
However, assets with medium to low market capitalizations have also attracted interest and claimed investors’ capital.
Based on data from over 500,000 cryptocurrency investors, CoinLedger researchers found that Render (RNDR), Fetch.ai (FET), Computer Internet (PIC), Injective (INJECTION), and Ivy (HBARS) are the five most purchased cryptocurrencies so far this year.
Render and Fetch.ai are up 48% and 113% YTD, respectively. The tokens likely capitalized on interest in GPU giant Nvidia and AI, as investors seek web3 alternatives to traditional players. At the time of writing, RNDR had a market cap of $2.5 billion, while FET had a valuation of $3.6 billion.
The Best Selling Cryptocurrencies of 2024
In contrast, large-cap digital assets have seen incredible selling volume despite the clear growth of these tokens. Bitcoin, Ethereum, Solana (SOL), Cardano (ADA), and Ripple (XRP) have been named the five best-selling virtual currencies in 2024.
“It is no surprise that this list includes some of the largest cryptocurrencies by market cap. The cryptocurrency market rally in early 2024 has likely led many investors to take profits and sell some of their major holdings,” CoinLedger researchers wrote.
Specifically, Bitcoin hit a new all-time high in March, and Ethereum approached previous highs. It is not uncommon for investors to book profits in these cases. For SolanaThe SOL ecosystem has become the de facto memecoin chain and has seen billions of meme token traders. It is possible that memecoin traders and meme swaps account for the majority of the SOL sell-off.