The cryptocurrency market is presently enjoying a bullish run, spearheaded by Bitcoin’s (BTC) pursuit to maintain gains above the $44,000 threshold. This upward trend continues to instill a sense of optimism among investors, with expectations that the rally could extend its impact to other digital assets.
Amidst this backdrop, the quest for promising yet budget-friendly investments remains a common challenge for many. Catering to those searching for affordable opportunities, Finbold highlights the following three cryptocurrencies priced under $5 that exhibit growth potential, presenting an investment prospect for the upcoming week.
Lido DAO (LDO)
Lido (LDO), a prominent liquid staking provider on the Ethereum (ETH) network, has experienced a bullish surge, capitalizing on the broader rally in the cryptocurrency market. While benefiting from the prevailing market trend, Lido has observed a notable increase in on-chain metrics.
As of December 8, the Total Value Locked (TVL) for Lido witnessed a substantial uptick, surging by nearly 7%. This growth can be attributed to increased stake deposits and the appreciating values of cryptocurrencies such as Ethereum and Polygon (MATIC).
The protocol’s TVL has now reached over $22 billion, and this expansion is partially attributed to Lido processing net new deposits.
At the same time, Lido is experiencing a notable influx of institutional interest in the asset. For example, crypto asset management firms like Amber Group are strategically accumulating more of the token as part of their investment approach.
According to data from LookOnChain on November 20, the wallet associated with Amber Group withdrew approximately 1.47 million LDO tokens from Binance. This recent withdrawal adds up to a total withdrawal of around 5.9 million LDO tokens in the last three months.
The growing institutional interest in LDO is a promising foundation for investing in the asset, with the potential to drive future growth. Furthermore, LDO’s standing as one of the key players in the liquid staking industry reinforces its position.
By press time, LDO is trading at $2.50, exhibiting daily gains of approximately 2.5%. On the weekly chart, LDO has seen an increase of almost 4%.
ImmutableX (IMX)
ImmutableX (IMX) has earned a reputation as a leading Web3 gaming platform dedicated to powering non-fungible tokens (NFTs) and in-game transactions. The platform has solidified its position as one of the preferred blockchains for renowned titles, including Gods Unchained and Guild of Guardians. By concentrating its efforts on the gaming and NFT market, ImmutableX has successfully attracted projects previously hosted on alternative chains.
The project received a noteworthy endorsement likely to enhance its value when the prominent financial services firm VanEck highlighted that IMX is poised to become one of the top 25 coins by market capitalization. This projection is based on the anticipated release of Illuvium, Guild of Guardians, and other high-budget games in 2024, coupled with a well-designed token that aligns interests more effectively than most.
These factors are expected to positively impact the valuation of IMX, particularly considering the recent rally in the token’s value over the past few weeks. As of the latest update, IMX has surged by almost 20% in the last 24 hours, reaching a trading price of $1.79, the highest level since May 2022.
Render (RNDR)
Render Network (RNDR), a decentralized computing network, made significant gains in 2023, recovering most losses incurred during the extended market downturn in 2022. The token’s positive trajectory is driven by general market momentum and heightened interest in Artificial Intelligence (AI) this year.
This bullish performance aligns with the positive Q3 report for Render Network. In October alone, over 1.12 million frames were rendered, constituting almost 50% of the total frames rendered and RNDR used in the preceding three quarters combined. This represents a substantial 50% increase compared to the same period in 2022, demonstrating the growth and utilization of Render Network.
In the third quarter of the year, Render Network saw a notable 75% increase in payouts, credited to new types of rendering jobs on the network, including large-scale projection mapping renders for the Las Vegas Sphere.
Currently trading at $3.84, RNDR is encountering resistance at the $4 mark, the highest price observed in the last 22 months. Despite this, the token’s ongoing rally suggests it may soon approach the $4 threshold, presenting an opportune moment for potential investors.
These highlighted coins showcase considerable potential for future price surges, particularly in light of positive market sentiment and related advancements. However, it is imperative for individuals to conduct thorough research and risk analysis to make informed investment decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/3-cryptocurrencies-to-buy-under-5-next-week/