Best Crypto to Buy Now December 31 - Beam, Avalanche, Render

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‘Best crypto to buy now’ is one of the most searched cryptocurrency-related terms in Google, and each day InsideBitcoins lists some options.

Finding potential opportunities in the market is a constant pursuit for investors seeking significant gains. This article aims to streamline this search by highlighting a promising digital asset worth considering for investment.

Best Crypto to Buy Now

In a recent analysis from January 2022 to date, Coinalyze, a crypto-trading analysis platform developer, has uncovered a trend in the crypto market. The data reveals a substantial increase in open interest for altcoins, defined as the number of trades yet to be closed. This surge is paralleled by a corresponding decline in genuine interest in Bitcoin.

The observed shift in market dynamics indicates a reallocation of trading activity within the cryptocurrency market. Altcoins have experienced notable gains in popularity. Investors seem to be diverting their attention and resources from Bitcoin towards these alternative options. While the precise factors driving this trend are multifaceted, the data suggests that reallocation plays a pivotal role.

1. Injective (INJ)

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

Market sentiment towards Injective is currently bullish, as indicated by a Fear & Greed Index score of 67 (Greed). In the past 12 months, INJ has shown a remarkable price surge, marking a 2,900% increase. This places it in the top 1% among the top 100 cryptocurrencies.

Notably, it has outperformed 99% of the top tokens during this period. Analyzing recent trends, Injective has seen positive performance relative to its token sale price. Over the last 30 days, 53% of the observed days have been marked by price increases, amounting to 16 green days.

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

IIP-302 has passed with over 99% of participants voting yes.

This allows revenue from $INJ domain names to be burned, further demonstrating the power of INJ 2.0 which brought the largest tokenomics upgrade yet, dramatically increasing the amount of INJ burned weekly.

— Injective 🥷 (@injective) December 31, 2023

Furthermore, the current circulating supply of INJ stands at 83.76 million out of a maximum supply of 100 million. Over the last year, the yearly supply inflation rate has been recorded at 14.72%, creating 10.75 million INJ.

Additionally, within the decentralized finance (DeFi) sector, Injective ranks #5, while in the Layer 2 sector, it ranks #2. Further, in the AI Crypto sector, Injective claims the top spot.

2. Beam (BEAM)

In a strategic move towards multichain expansion and product development, Beam has joined forces with Immutable and Polygon Labs. This collaboration aims to integrate parts of the Beam SDK into the Immutable and Polygon ecosystems. With an initial focus on Sphere, the marketplace is positioned as a comprehensive solution for the gaming industry.

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

Utilizing Immutable’s zkEVM, supported by Polygon, underscores the commitment to seamless transactions and cost efficiency within the gaming industry. Furthermore, Beam has experienced 17 green days in the last 30 days, reflecting a 57% increase in price. The Fear & Greed Index currently indicates a sentiment score 67, categorizing the market sentiment as ‘Greed.’

Within the Ethereum (ERC20) Tokens sector, Beam ranks 3160th and 506th in the Binance Smart Chain sector. Additionally, it ranks 311th in the Gaming sector and 152nd in the Metaverse sector.

3. Sponge V2 ($SPONGEV2)

Sponge V2 has grown substantially since its inception, marked by a noteworthy trajectory in its market capitalization. The token’s market cap has experienced a substantial surge, reaching over $100 million in 2023. Following this peak, it has stabilized at $16 million, indicative of a dynamic market environment.

One distinctive feature of Sponge V2 is its Stake-to-Bridge model, designed to facilitate a seamless transition for $SPONGE holders to V2. This model is structured to incentivize and retain existing holders through staking mechanisms, ensuring their sustained engagement in the project.

The project’s roadmap outlines plans for primary exchange listings. This strategic move has garnered support from a community boasting over 30,000 members. These planned developments strategically position $SPONGEV2 for potential growth within the cryptocurrency landscape.

Join our #Sponge community of over 13,000 holders! 🧽💦

Don't miss out on #SpongeV2! 🚀🔥$SPONGE #Web3 #Crypto #Altcoins pic.twitter.com/iQA8O7xxhu

— $SPONGE (@spongeoneth) December 28, 2023

Notably, the project has attracted prospective investors exploring opportunities in the cryptocurrency market. Another factor contributing to Sponge V2‘s momentum is its community, which has grown to over 11,500 holders. This solid user base underscores the project’s ability to engage and retain participants.

4. Avalanche (AVAX)

Avalanche has gained prominence in crypto, deviating from traditional norms by emphasizing meme coins. This strategic shift by the Avalanche Foundation reflects a nuanced approach. The positive response from the market towards Avalanche-based meme coins indicates a potential shift in sentiment.

Examining the current state of AVAX, its price has experienced an intraday increase of 3.91%. As reflected by the Fear & Greed Index, market sentiment stands at 67, indicating a prevailing state of greed. Notably, the token trades above its 200-day simple moving average, showing a positive trend.

Comparing its performance to the token sale price, Avalanche has demonstrated a positive trajectory. Over the past year, AVAX has seen a substantial price increase, surging by 267%. This notable performance positions it among the top-performing assets, outperforming 83% of the top 100 crypto assets.

Closing out the year with another month of record growth on Avalanche 📈

✅ ATH # of Validators
✅ ATH Monthly Active Users

See more stats at https://t.co/S2OukIMIW7 pic.twitter.com/nTHBqW5ZWu

— Avalanche 🔺 (@avax) December 26, 2023

Furthermore, Avalanche has experienced 20 green days in the last 30 days, constituting 67% of the observed period. The coin’s high liquidity, as reflected in its market cap, significantly contributes to its overall market standing. Also, Avalanche ranks #4 in the Proof-of-Stake Coins sector, #1 in the Avalanche Network sector, and #7 in the Layer 1 sector.

5. Render (RNDR)

Render (RNDR) has experienced a moderate uptick, with a 2.23% increase in the last day. The token’s price has seen a cycle low of $0.277999 while achieving a cycle high of $5.27. The current sentiment surrounding Render’s price is bullish, with a Fear & Greed Index at 67 (Greed).

Presently, the circulating supply is 369.61 million out of a maximum supply of 536.87 million RNDR. Furthermore, the yearly supply inflation rate is 45.63%, creating 115.82 million RNDR in the past year. Also, Render holds the 13th position in the Ethereum (ERC20) Tokens sector and 2nd in the AI Crypto sector.

How Web3 and artificial intelligence can co-exist in the future and how both industries will integrate with each other:https://t.co/mBiX04zJ3n

— The Render Network (@rendernetwork) December 27, 2023

Over the last year, RNDR has shown significant growth, with a 1,055% increase in price. Moreover, this performance places it ahead of 97% of the top 100 crypto assets. Additionally, RNDR is trading above its 200-day simple moving average, a positive indicator.

In the past 30 days, Render Token has demonstrated a favorable trend, with 16 green days constituting 53% of the observed period. The token’s liquidity is noteworthy, aligned with its market capitalization.