LUCKNOW (CoinChapter.com) — With Bitcoin pushing over $44,000 recently, the overall cryptocurrency market enjoys an upward trajectory. As investor optimism grows, the rally could extend beyond Bitcoin to other digital asset investments. We examine three altcoins priced under $5 for those seeking affordable entries that demonstrate promising potential.
1. Lido DAO (LDO)
Lido, a premier Ethereum-based liquid staking provider, continues riding broader crypto tailwinds. But beyond benefiting from the bullish backdrop, Lido posted increasing on-chain activity lately.
On December 8th, Lido’s Total Value Locked (TVL) spiked nearly 7% to surpass $22 billion. New staking deposits coupled with rising values of assets like ETH and MATIC drove this TVL expansion.
On top of strong organic growth, Lido DAO recently benefitted from surging institutional interest. Major crypto asset management firms like Amber Group strategically accumulated LDO tokens, signaling long-term conviction.
According to on-chain data, Amber Group withdrew 1.47 million LDO from Binance on November 20th. Adding up other withdrawals over the previous months, Amber Group snapped up around 5.9 million total LDO tokens.
This mass institutional accumulation bodes well for Lido’s future valuation. As deep-pocketed investors continue stacking LDO, confidence in the protocol’s value proposition and runway grows. With Lido already ranking among the largest staking platforms in crypto, broadening financial sector support solidifies its premier position for the long haul.
At the time of writing, LDO is trading at $2.30, up by 2.54% from a day ago and down by 2.31% compared to its price a week ago.
2. ImmutableX (IMX)
Having focused intently on serving blockchain-based games, ImmutableX cemented itself as a preferred NFT and transaction platform. Top titles, including Gods Unchained and Guild of Guardians, came to rely on ImmutableX for in-game digital asset solutions.
This specialization appears wise, given analysis from financial services leader VanEck. Based on upcoming game releases, the firm predicted that ImmutableX will be under the top 25 rank by market cap.
With mega-funded projects like fantasy RPG Illuvium and Guild of Guardians launching in 2024, exploding demand for ImmutableX seems imminent.
At the time of this writing, IMX’s price is $2.11 – a level last seen in May 2022. The current price of IMX is 10.19% higher than a day ago, and it shows an increase of 47.21% compared to its price a week ago.
As the NFT gaming narrative continues gaining traction in 2023, ImmutableX seems poised for a valuation boost.
3. Render (RNDR)
After a bruising cryptocurrency bear market in 2022, Render Token (RNDR) and the broader Render Network regained their footing early in 2023. The project’s renewed uptrend aligned with the rising tide in the crypto sector and the blossoming demand for computing power tied to AI advancement.
Render Network’s usage and payouts expanded significantly in Q3 2022. October saw a 50% increase in rendered frames year-over-year. Payouts also jumped 75% for the third quarter, thanks partly to new job types like architectural renderings for projects like the Las Vegas Sphere. As new use cases emerge on Render, an additional upside appears likely during the current bull cycle.
With tailwinds mounting and the protocol regaining user activity lost during the downturn, Render Token has rallied around $4 — the highest price in the last two years. After development lagged last year amidst waning interest, the project appears ready to capitalize on re-emerging demand for decentralized computing services.
RNDR is currently trading at $4.02, showing an increase of 11.36% from a day ago and an increase of 13.49% compared to its price a week ago.
Based on positive traction and developments, Lido, ImmutableX, and Render Token show promising upside potential priced under $5. However, careful research and planning remain vital before investing in any altcoins. As the market stays bullish, these assets offer affordable opportunities worth tracking in the near term.
