The Top 5 Altcoins to Buy Today December 4: Render, Bitcoin SV, MultiversX

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20 Jan 2024

With $5.22 billion in total contributions, the decentralised finance (DeFi) sector accounts for 10.96% of the total volume of the cryptocurrency market. Simultaneously, stablecoins — which are valued for their comparatively stable prices — have experienced significant fluctuations, commanding a volume of $42.21 billion, or 88.66% of the entire 24-hour cryptocurrency market volume.
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The Top 5 Altcoins to Buy Currently
These indicators point to a vibrant cryptocurrency market with significant rises in trading volume and market capitalization. The rise in popularity of DeFi and the stability that stablecoins provide highlight how diverse and developed the cryptocurrency market has become. In the meantime, Bitcoin’s hegemony keeps reaffirming its position as a digital asset.
1. EGLD MultiversX
Using the Elrond network, MultiversX shows a number of noteworthy metrics and trends. Its price has risen by 11% in the last year, outperforming the token sale price and continuously trading above the 200-day simple moving average. It had fifteen days of profitable trading within thirty days, making for a fifty percent favourable trend. Furthermore, as seen by its market capitalization, the asset continues to have strong liquidity.
At the moment, MultiversX (Elrond) is valued at $48.97, has a $218.73 million 24-hour trading volume, a $1.16 billion market capitalization, and a 0.08% market domination. In the past day, there has been a 7.50% increase in the recent spike.
Bitcoin SV
Out of a maximum quantity of 31.42 million EGLD, 23.74 million EGLD are currently in circulation. In the Layer 1 sector, this puts MultiversX at position #28 according to market capitalization. The protocol is unique in addition because of its adaptive state-sharding method. Because of this, it uses an altered proof-of-stake mechanism to improve network integrity and security.
Forecasts point to a positive outlook for MultiversX’s price in the future. Right now, the Fear & Greed Index stands at 73 (Greed). By the end of 2023, prices could reach a maximum potential level of $46.37, according to price projections.
In addition, an average estimated value of approximately $39.74 is anticipated, presuming stability in the market and ongoing investor interest. But in a possible bear market scenario, the price would fall to $34.09 by 2023.
However, a bullish surge could lead to a significant price gain later in the year, according to an optimistic prognosis. The EGLD Coin’s estimated future worth seems to depend on network developers’ continuous work and investors’ continual involvement. This is consistent with a rising price trend being predicted.
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2. BSV, or Bitcoin SV
Over the previous year, the price of Bitcoin SV (BSV) has increased by 17%. Due to its growth, it has outperformed 50% of the top 100 cryptocurrency assets over the same period of time, demonstrating a comparable performance. As of right now, it continues to trade above the 200-day simple moving average, indicating a persistent rising trend.
Analysing current patterns, BSV has had 15 profitable trading days in the last 30 days, indicating a 50% success rate in recent market fluctuations. Furthermore, its market capitalization indicates that its liquidity is still very high.
According to the most recent data, there was a 1.74% annual rate of inflation last year, meaning that 334,201 BSV were created. With a market valuation of $963.67 million and a 24-hour trading volume of $91.40 million, BSV is valued at $49.25. Even with these numbers, its market share is only 0.06%.
Based on market capitalization, Bitcoin SV is ranked #31 in the Layer 1 sector, with a circulating supply of 19.57 million BSV out of a maximum supply of 21.00 million BSV.
Current signs point to an optimistic outlook for the price of BSV. The Fear & Greed Index, which measures market emotion, is currently at 73, suggesting a greedy state.
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3. Pancake Swap
The market movement of PancakeSwap recently demonstrates a notable recovery from its recent decline around the $2.74 mark. The token price has shown indications of a positive trend, circling the $2 level, despite early dips.
Significantly, smaller price rejections at $2.15 have regularly pointed to a possible resurgence. The token has increased by 6% during the last three days, suggesting a possible move in the direction of $2.74.
A thorough analysis of the long-term history indicates that the PancakeSwap price trend has formed a noteworthy cup and handle pattern. This pattern, which first appeared during the summer’s bad market, now shows a neckline at $2.74.
Buyers appear to have completed the handle phase as the current recovery moves closer to this crucial level, indicating a potential upward breakthrough. As of right now, the price of CAKE has increased by 1.73% intraday to $2.32, indicating a rising positive momentum. At the moment, opinions on PancakeSwap’s price projection are ambiguous. As for the Fear & Greed Index, it is currently at 73 (Greed).
In terms of supply metrics, out of a maximum supply of 750.00 million CAKE, PancakeSwap now has 234.67 million CAKE in circulation. With the creation of 84.42 million CAKE last year, the annual supply inflation rate of 56.19%. In terms of its industry, PancakeSwap is placed #3 in Yield Farming, #13 in DeFi Coins, and #3 in Binance Smart Chain.
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4. Render (RNDR)
The Render Network saw significant improvement in the third quarter of 2023, with an emphasis on improving its capacity to accommodate diverse technology breakthroughs. The goal of these initiatives was to make the network capable of supporting new GPU-based general-purpose AI/ML rendering technologies for spatial computing. Moreover, it seeks to introduce an improved SPL RENDER currency on the Solana network and enhance native compatibility with Cinema4D files.
Among the performance highlights for Render Token is its astounding 668% price growth over the last year, which has outperformed 97% of the top 100 crypto assets in the same period. It performed noticeably better than Ethereum and Bitcoin, constantly trading above the 200-day simple moving average.
Furthermore, it recorded 20 of the previous 30 trading days — or 67% of the period — as good trading days. Based on its market capitalization, it is also close to its cycle high, indicating significant market activity and liquidity.
A bullish trajectory for the Render Token is predicted by market sentiment, which also coincides with a Fear & Greed Index value of 73, which denotes a “Greed” mood in the sentiment index.
By the end of 2023, the market projects that the maximum price of an RNDR Coin might be $3.42. On the other hand, given the optimistic prognosis for the market, the average token price could remain around $2.67 during that time.
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5. The Meme Kombat (MK)
During its presale period, Meme Kombat, a newcomer to the cryptocurrency market, attracted interest, raising $2,380,157 of its $2,500,000 target. This initiative seeks to provide a cutting-edge gaming experience for cryptocurrency aficionados.
Meme Kombat is noteworthy for its combination of betting and staking features, which gives users more ways to engage with the site and get rewards. 50% of the MK token supply is available during the presale at a price of $1.667 per, with a $10 million maximum. The purpose of integrating staking and betting is to make MK tokens more useful to the user base.
Listing Meme Kombat’s coins on a decentralised exchange is one of its planned features. Ten percent of the entire token supply has been set aside by the project to ensure liquidity, which will enable decentralised trade. This calculated action is in line with the project’s goal of facilitating decentralised, speedier token transactions.
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