Markets
Render Leads Hottest Small/Mid-Cap Cryptocurrencies of 2024: Report
A report by CoinLedger examined the five most bought small/mid-cap cryptocurrencies and the most sold digital assets this year.
2024 has brought hundreds of billions of dollars to the crypto markets. Data shows that the digital asset industry 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 hunting for profits in a fast-paced market. Big names like Bitcoin (BTC) and Ethereum (ETH) are always the talk of the town, especially with Wall Street getting involved in the ETFs issue.
However, assets with small and medium market capitalizations also attracted interest and claimed capital from investors.
Based on data from over 500,000 cryptocurrency investors, CoinLedger researchers found that Render (RNDR), Fetch.ai (FET), Internet Computer (PIC), Injective (INJ) and Hedera (HBAR) are the five most purchased cryptocurrencies so far this year.
Render and Fetch.ai are up 48% and 113% YTD, respectively. The tokens are likely riding the wave of interest around GPU and AI giant Nvidia as investors seek out web3 alternatives to traditional stakeholders. At the time of writing, RNDR has a market cap of $2.5 billion, while FET has a valuation of $3.6 billion.
Top Selling Cryptocurrencies of 2024
On the other hand, large-cap digital assets have seen incredible sell-offs despite notable growth with these tokens. Bitcoin, Ethereum, Solana (SUN), Cardano (ADA) and Ripple (XRP) The five best-selling virtual currencies in 2024 have been named.
“Unsurprisingly, this list comprises some of the largest cryptocurrencies by market capitalization. The rally in the crypto market in early 2024 likely led many investors to take profits and sell some of their major holdings,” CoinLedger researchers said.
Specifically, Bitcoin hit a new all-time high in March, and Ethereum came close to previous highs. It’s not uncommon for investors to book profits in these cases. SolanaThe SOL ecosystem has become the de facto memecoin chain and has seen billions in meme token traders. It is possible that memecoin traders and meme exchanges are responsible for the bulk of the SOL liquidation.