Render tops hottest small/mid-cap cryptos of 2024: report
A CoinLedger report examined the top five most-bought small/mid-cap cryptocurrencies and the most sold digital assets this year.
2024 has ushered hundreds of billions of dollars into the cryptocurrency markets. Data shows that the digital asset industry has grown over 44% year-to-date (YTD) and has the potential to surpass the $3 trillion peak set in 2021.
A booming crypto market also means eager investors and traders hunting for profits in a fast-paced market. Big names like Bitcoin (BTC) and Ethereum (ETH) are ever the talk of the town, especially with Wall Street wading in under the ETF wrapper.
However, assets with small to mid-market caps have also garnered interest and claimed investor capital.
Based on data from over 500,000 crypto investors, CoinLedger researchers found that Render (RNDR), Fetch.ai (FET), Internet Computer (ICP), Injective (INJ), and Hedera (HBAR) are the top five most bought cryptocurrencies so far this year.
Render and Fetch.ai have surged 48% and 113% YTD, respectively. The tokens have likely piggybacked off interest around GPU giant Nvidia and artificial intelligence as investors look for web3 alternatives to traditional stakeholders. As of this writing, RNDR had a $2.5 billion market cap, while FET had a $3.6 billion valuation.
Most sold cryptocurrencies of 2024
Conversely, large-cap digital assets have seen incredible selling volume despite noticeable growth with these tokens. Bitcoin, Ethereum, Solana (SOL), Cardano (ADA), and Ripple (XRP) were named the five most sold virtual currencies in 2024.
“Unsurprisingly, this list comprises some of the biggest cryptocurrencies by market cap. The rally in the cryptocurrency market in early 2024 likely led many investors to take profits and sell some of their major holdings,” said CoinLedger researchers.
Specifically, Bitcoin achieved a new all-time high in March, and Ethereum has come close to previous highs. It’s not unusual for investors to book profits in these cases. For Solana, the SOL ecosystem has become the defacto memecoin chain and has seen billions in meme token traders. It’s possible that memecoin traders and meme swaps account for most of the SOL selloff.
