Best Cryptocurrencies to Buy Now December 31st – Beam, Avalanche, Render

adminJanuary 1, 2024

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‘Best Cryptocurrencies to Buy Now‘ is one of the most searched cryptocurrency-related terms on Google, and InsideBitcoins lists several options every day.

Finding potential opportunities in the market is a constant pursuit for investors looking for significant profits. This article aims to simplify your search by highlighting promising digital assets worth considering for investment.

Best Cryptocurrencies to Buy Now

In a recent analysis by Coinalyze, a cryptocurrency trading analysis platform developer, from January 2022 to the present, cryptocurrency market. The data shows a significant increase in open interest for altcoins, defined as the number of transactions that have not yet closed. This surge is paralleled by a decline in genuine interest in Bitcoin.

Cryptocurrency Heatmap

The observed changes in market dynamics indicate a redistribution of trading activity within the cryptocurrency market. Altcoins have experienced a notable rise in popularity. Investors appear to be shifting their attention and resources away from Bitcoin and towards these alternative options. The exact factors driving this trend vary, but the data shows that reallocation plays a pivotal role.

1. Injection (INJ)

Injective (INJ) has seen notable performance in the cryptocurrency space over the past year. As of December 24, the token hit an all-time high of $44.77 during price discovery. Moreover, compared to the last cycle low, the highest INJ price recorded was $38.76 (cycle high).

Market sentiment towards injectable drugs is currently bullish, as evidenced by the Fear and Greed Index score of 67 (Greed). Over the past 12 months, INJ has seen an incredible price surge, rising 2,900%. It ranks in the top 1% of the top 100 cryptocurrencies.

INJ price chart

Notably, it outperformed 99% of the top tokens during this period. After analyzing recent trends, Injective has shown positive performance compared to its token sale price. Over the past 30 days, 53% of the observed days were marked by price increases, corresponding to 16 Green Days.

Additionally, the token is currently trading near cycle highs, indicating continued market interest. INJ maintains high liquidity based on its market capitalization. The coin is trading above its 200-day simple moving average, reflecting its continued positive trajectory.

IIP-302 was passed with over 99% of participants voting in favor.
This can help you make money. $INJ The domain names to be burned further demonstrate the power of INJ 2.0, which brings the largest token economics upgrade ever, dramatically increasing the amount of INJ burned each week.
— Injective 🥷 (@Injective_) December 31, 2023

In addition, the current circulation of INJ reaches 83.76 million out of the maximum issued volume of 100 million. Last year, the annual supply inflation rate was recorded at 14.72%, generating 10.75 million INJ.

Additionally, Injective ranked 5th in the Decentralized Finance (DeFi) category and 2nd in the Layer 2 category. Additionally, Injective ranked first in the AI Crypto category.

2. BEAM

In a strategic move toward multichain expansion and product development, Beam has joined forces with Immutable and Polygon Labs. The goal of this collaboration is to integrate parts of the Beam SDK into the Immutable and Polygon ecosystems. The market initially focused on Sphere, positioning it as a comprehensive solution for the gaming industry.

The integration involves leveraging the Zero-Knowledge Ethereum Virtual Machine (zkEVM) developed by Immutable and powered by Polygon. This implementation facilitates instant payments and establishes near-zero fees as standard practice within the ecosystem. The collaborative marketplace aspires to become the default platform for games built on the Immutable and Beam networks.

BEAM price chart

Leveraging Immutable’s zkEVM, powered by Polygon, highlights its commitment to seamless transactions and cost-effectiveness within the gaming industry. Additionally, Beam has experienced 17 green days in the last 30 days, reflecting a 57% price increase. The Fear and Greed Index classifies the current market sentiment as ‘greed’ and is recording a score of 67.

Within the Ethereum (ERC20) token category, Beam ranked 3160th and 506th in the Binance Smart Chain category. It also ranked 311th in the games category and 152nd in the metaverse category.

3. Sponge V2 ($SPONGEV2)

Sponge V2 It has grown significantly since its inception, with a notable trajectory in market capitalization. The token’s market capitalization experienced a significant surge, surpassing $100 million in 2023. After this peak, it stabilized at $16 million, indicating a dynamic market environment.

One of the unique features of Sponge V2 is its Stake-to-Bridge model, designed to provide $SPONGE holders with a smooth transition to V2. The model is structured to incentivize and retain existing holders through a staking mechanism, ensuring continued participation in the project.

The project’s roadmap outlines its primary exchange listing plans. This strategic move won the support of a community that boasts over 30,000 members. These planned developments strategically position $SPONGEV2 for potential growth within the cryptocurrency landscape.

Our #sponge A community of over 13,000 holders! 🧽︎
Don’t miss it #SpongeV2! 🚀🔥$sponge #web3 #Cryptocurrency #altcoin pic.twitter.com/iQA8O7xxhu
— $SPONGE (@spongeoneth) December 28, 2023

In particular, the project has attracted prospective investors exploring opportunities in the cryptocurrency market. Another factor that affects Sponge V2The driving force behind it is its community, which has grown to over 11,500 holders. This strong user base highlights the project’s ability to engage and retain participants.

4. Avalanche (AVAX)

Avalanche stood out in the cryptocurrency space by breaking away from traditional norms by emphasizing meme coins. This strategic shift at the Avalanche Foundation reflects a nuanced approach. The market’s positive response to the Avalanche-based meme coin signals a potential shift in sentiment.

AVAX price chart

Looking at the current state of AVAX, its price is up 3.91% intraday. As reflected in the Fear and Greed Index, market sentiment is at 67, indicating that greed is rampant. Notably, the token is trading above its 200-day simple moving average, showing a positive trend.

Avalanche has shown a positive trajectory comparing its token sale price and performance. Over the past year, AVAX has seen significant price increases, surging 267%. This notable performance makes it one of the best performing assets, outperforming 83% of the top 100 cryptocurrency assets.

The Avalanche ends the year with another month of record growth 📈
✅ Number of ATH validators
✅ ATH monthly active users
Check out more stats at https://t.co/S2OukIMIW7. pic.twitter.com/nTHBqW5ZWu
— Avalanche 🔺 (@avax) December 26, 2023

Additionally, Avalanche has experienced 20 green days in the past 30 days, accounting for 67% of the observation period. The high liquidity of a coin, as reflected in its market capitalization, contributes significantly to its overall market position. Additionally, Avalanche ranked 4th in Proof-of-Stake Coins, 1st in Avalanche Network, and 7th in Layer 1.

5. Rendering (RNDR)

Render (RNDR) showed moderate gains over the past day, up 2.23%. The token price had a cycle low of $0.277999 while it achieved a cycle high of $5.27. Sentiment surrounding render prices is currently bullish, with a Fear and Greed Index of 67 (Greed).

RNDR price chart

The current circulating supply is 369.61 million RNDRs, out of a maximum supply of 536.87 million RNDR. Additionally, the annual supply inflation rate was 45.63%, generating 115.82 million RNDR over the past year. Render also ranks 13th in the Ethereum (ERC20) token category and 2nd in the AI Crypto category.

How Web3 and artificial intelligence can coexist in the future, and how the two industries will integrate with each other: https://t.co/mBiX04zJ3n
— Render Network (@rendernetwork) December 27, 2023

Over the past year, RNDR has seen significant growth, with its price rising 1,055%. Moreover, this performance outperforms 97% of the top 100 cryptocurrency assets. Additionally, RNDR is trading above its 200-day simple moving average, which is a positive indicator.

Over the past 30 days, Render Token has shown a favorable trend with 16 green days, accounting for 53% of the observation period. The liquidity of the token is noteworthy, in line with its market capitalization.