As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market ebb and flow like the tides of the ocean. The recent CoinLedger report piqued my interest as it shed light on the most bought and sold small to mid-cap cryptocurrencies in 2024.
An analysis conducted by CoinLedger on their platform uncovered the five most frequently purchased smaller or medium-sized cryptocurrencies, as well as the most commonly disposed of digital assets in the current year.
The year 2024 has brought approximately hundreds of billions of dollars into the cryptocurrency sector. According to current data, the digital asset industry has experienced a growth rate of more than 44% so far this year, and it’s predicted to exceed the $3 trillion mark reached in 2021.
In a thriving cryptocurrency sector, there’s great excitement as investors and traders scramble to seize opportunities for gains in this rapidly changing environment. Notable players such as Bitcoin (BTC) and Ethereum (ETH) continue to generate significant buzz, with Wall Street’s entrance via ETFs adding even more intrigue to the conversation.
In recent times, there has been growing attention and financial inflow towards assets carrying smaller to mid-level market capitalizations.
According to an analysis of transaction data from approximately 500,000 crypto investors, Render (RNDR), Fetch.ai (FET), Internet Computer (ICP), Injective (INJ), and Hedera (HBAR) have been the most frequently purchased cryptocurrencies in the year 2023.
Two noteworthy cryptocurrencies, Render (RNDR) and Fetch.ai (FET), have experienced significant growth this year with gains of 48% for RNDR and an impressive 113% increase for FET. This surge can be attributed to heightened investor interest in GPU powerhouse Nvidia and the broader artificial intelligence sector, as market participants seek web3 options that deviate from conventional stakeholders. At present, RNDR boasts a market capitalization of approximately $2.5 billion, while FET boasts an impressive valuation of around $3.6 billion.
Most sold cryptocurrencies of 2024
In contrast, large-cap digital assets experienced significant selling activity despite their observable growth during the year 2024. Specifically, Bitcoin, Ethereum, Solana (SOL), Cardano (ADA), and Ripple (XRP) were the top five virtual currencies with the highest trading volumes for sell-offs.
It’s no surprise that this list includes some of the largest cryptocurrencies based on market capitalization. The cryptocurrency market’s growth in early 2024 may have encouraged investors to realize their gains and sell parts of their substantial investments. (CoinLedger researchers reported.)
In simpler terms, Bitcoin reached a new peak price in March, while Ethereum nearly hit its past records. It’s common practice for investors to cash out during such occasions. As for Solana, its ecosystem has gained popularity as the go-to platform for meme coins, leading to significant inflows of traders and resulting in substantial SOL sell-offs due to meme token transactions.
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2024-07-16 20:58