Bitcoin
TON and RNDR rise over 13% as Bitcoin (BTC) recovers to $63K
Alternative cryptocurrencies with positive news flows are shining as bitcoin’s rally spurs renewed risk-taking in the crypto market.
In the last 24 hours, TON, the native cryptocurrency of layer project The Open Network, has risen 17.5% and the RNDR token of decentralized GPU-based rendering solution Render Network has gained 13.2%, according to the data source Coingecko. Both are among the best performing coins of the last 24 hours. Market leader Bitcoin rose 6% to $63,000.
TON’s recovery appears to be driven by reports that the long-awaited launch of the native currency of the viral Telegram-based game Notcoin, NOT, will take place on May 16th. The token will be minted on The Open Network.
On Thursday, Binance announced a launch pool for NOT, offering 3 billion coins to users who stake their BNB or FDUSD stablecoin. OKX revealed an “early kick-off” campaign, rewarding TON stakers with NOT tokens. The program will begin on May 16th at 06:00 UTC and will last three days.
Meanwhile, RNDR continued to applaud the briefing from Nasdaq-listed technology giant Apple mention of 3D design software with Octane Tuesday rendering. Since then, the token has risen over 20%, bringing the month-to-date gain to over 56%.
“Professional rendering applications like Octane will fly full steam ahead,” Apple vice president of platform architecture, Tim Millet said in a four-minute speech on Tuesday, noting the performance of the software on the new iPad.
Bitcoin has broken through a falling trend line alongside a stock market aiming for new record highs.
Data released on Thursday showed that initial claims for unemployment benefits in the US rose last week to the highest level since August, strengthening the case for Fed rate cuts this year.
According to Alex Kuptsikevich, senior analyst at FxPro, $64,000 is the level for bulls to beat.
“Bitcoin has made two attempts since the start of the day on Friday to break the $63.0k level, which does not appear to be a significant turning point. Much more interest is focused on the $64.0K on the upside and $60.0K on the upside area. disadvantage,” Kuptsikevich said in an email.
Yet, some analysts are concerned This oversupply of coin distribution to lenders from the Gemini’s Earn crypto exchange program and the long-defunct Mt. Gox crypto marketplace could limit bitcoin’s rally in the near term.