Cryptocurrencies to watch: The week of May 1
Keep an eye on these coins
The cryptocurrency market is holding steady at its current levels after experiencing a brief rally at the end of last week. The general sentiment about crypto market prices is positive, with investors optimistic about the medium-term future. Some tokens, in particular, are outperforming the market.
This week we examine Render Token (RNDR), Casper (CSPR), Injective (INJ), Internet Computer (ICP) and MultiversX (EGLD). In selecting these assets, we have considered several factors, including favorable technical developments, important news events and noticeable changes in price.
Important takeaways
- Render Token (RNDR) was the biggest gainer of the week, with a 35% price increase, possibly due to the implementation of the BME model on the Solana blockchain.
- Casper (CSPR) was another big winner, with a 20% price increase following the introduction of a wallet and a partnership with Halborn, a cybersecurity firm.
- Injective (INJ) token surged by more than 15%, perhaps because crypto exchange Binance enabled institutional lending for INJ.
- Internet Computer’s ICP token experienced a 9% increase, likely due to new plans to create an Internet data center in Hong Kong.
- MultiversX (EGLD)’s token went up by 10%, possibly due to a listing on the crypto exchange Upbit.
Render Token (RNDR)
Render Token (RNDR) was one of the cryptocurrency market’s best performers over the past week, with the token’s price up 35%. The increase is likely due to the fact that a new Render model, called BME, has gone live on the Solana blockchain. The implementation was anticipated and changed the architecture of the network.
This expansion to the Solana network will enable the Render project to benefit from Solana’s faster transaction times and lower costs. The Render Token provides a decentralized GPU rendering system that provides broader access to complex rendering processes. The project can be used in industries such as media, games, virtual reality and medicine. RNDR is currently priced at around $2.50, having been at $1.74 a week ago (see chart below).
RNDR: TradingView
Casper (CSPR)
The Casper coin (CSPR) surged about 20% last week, likely due to the release of a new blockchain web wallet called Casper Wallet. The Casper team says the new wallet will provide a better user experience, full desktop browser support, native notification delivery and better security.
The Casper team also announced a partnership with Halborn Security, a blockchain cybersecurity firm. The aim of the collaboration is to make Casper Wallet as secure as possible. Casper is a proof-of-stake (POS) blockchain designed for high performance. CSPR is currently trading at around 6.3 cents, after being priced at 5 cents last week (see chart below).
CSPR Price: TradingView
Injectable (INJ)
Injective (INJ) surged more than 15%, most likely because crypto exchange Binance enabled institutional token lending. Institutional lending allows financial institutions to lend funds to other similar businesses.
The project also announced an integration with multichain smart contract platform Astar Network and Celer Network on the Ethereum blockchain, which may have contributed to the token’s price increase. Injective is a POS blockchain designed for financial use. INJ is changing hands at around $7.80, after being valued at around $6.59 a week ago (see chart below).
INJ Price: TradingView
Internet Computer (ICP)
The Internet Computer (ICP) project’s token increased by 9% in price, possibly because it announced plans to create an Internet data center in Hong Kong. The token and the project are also gaining more exposure, with increasing dominance on social media.
ICP is trading at around $5.90, after being priced at around $5.37 last week (see chart below).
ICP Price: TradingView
MultiverseX (EGLD)
MultiversX’s e-Gold (EGLD) coin gained 10%, perhaps because crypto exchange Upbit listed the coin. The exchange has around 9 million users, which gives extra exposure to the EGLD coin.
The coin’s rise is due to trading against the Korean won and Bitcoin. EGLD is priced at around $43.40, after being valued at $38.80 a week ago (see chart below).
EGLD Price: TradingView
