Minority Mindset

Smart investments

Crypto News

TON, RNDR Surge More Than 13% as Bitcoin Rebounds to $63K

May 9, 2024
    TON, RNDR have rallied over 13% in 24 hours, leading crypto markets higher.RNDR cheers Apple’s brief mention of Render-powered 3D design software Octane.

As an experienced analyst, I’ve closely monitored the cryptocurrency market for years and have seen my fair share of ups and downs. Based on the latest developments, it appears that alternative coins are making a strong comeback as positive news flows drive renewed risk-taking in the market.

The resurgence of Bitcoin is casting a favorable glow on alternative digital currencies, encouraging fresh risk-taking in the cryptocurrency sector due to optimistic developments.

Over the last 24 hours, The Open Network’s native cryptocurrency TON has experienced a 17.5% increase, and Render Network’s RNDR token has surged by 13.2%, based on information from data provider Coingecko. These two coins have stood out as top performers in the recent market uptick. Bitcoin, the market frontrunner, has seen a 6% rise to reach $63,000.
As a crypto investor, I’ve noticed an exciting development in the TON ecosystem. Reports suggest that the long-awaited launch of Notcoin, the viral Telegram game, is set to take place on May 16. Notably, NOT, the native coin of Notcoin, will be minted directly on The Open Network (TON).

The major cryptocurrency platforms, such as Binance, Bybit, OKX, and Bitfinex, have announced their intention to back the emerging currency named NOT.

Starting on May 16 at 06:00 UTC and lasting for three consecutive days, Binance is introducing a launchpool for NOT, providing an opportunity for users to earn 3 billion NOT coins by staking their BNB or FDUSD stablecoin. In contrast, OKX has initiated a “jumpstart” campaign, granting TON stakers with NOT tokens as rewards.

During this time, RNDR has been elated by Apple’s fleeting reference to its 3D design software Octane in a Nasdaq statement. Consequently, the token experienced a surge of more than 20%, elevating its monthly growth to exceed 56%.

In a four-minute keynote speech on Tuesday, Apple’s vice president of platform architecture, Tim Millet, praised the exceptional rendering capabilities of professional apps like Octane, emphasizing their impressive performance on the latest iPad.

Bitcoin breaks trendline

As a researcher studying the financial markets, I have observed an intriguing development: Bitcoin has surpassed a descending trendline concurrently with a stock market that’s making a play for fresh record-breaking heights.

As a crypto investor keeping an eye on economic trends, I’ve noticed that recent data unveiled on Thursday reveals a surge in new unemployment claims in the United States – the most significant increase since last summer. This worrying employment situation may bolster the argument for Federal Reserve rate reductions in 2023.

Based on the analysis of Alex Kuptsikevich, a senior expert at FxPro, surpassing the $64,000 mark is a significant challenge for bullish investors.

Since Friday, Bitcoin has made two attempts to surpass the $63,000 mark without success. This level doesn’t seem to be a significant pivot point. Instead, investors are keeping a closer eye on the $64,000 mark as a potential target for gains and $60,000 as a possible support level.

As a crypto investor, I’ve noticed some concerns among analysts regarding the potential impact of released supplies from the distribution of coins to creditors of Gemini’s Earn program and the defunct crypto marketplace Mt. Gox on Bitcoin’s price movement in the short term. These supplies may add pressure to the market and limit Bitcoin’s upside growth.

TON, RNDR Surge More Than 13% as Bitcoin Rebounds to $63K

Read More

2024-05-10 15:21