Alternative cryptocurrencies with positive news flows are shining bright as the bitcoin rebound spurs renewed risk-taking in the crypto market.
In the past 24 hours, TON, the native cryptocurrency of the layer project The Open Network, has risen 17.5% and decentralized GPU-based rendering solution Render Network's RNDR token has gained 13.2%, according to data source Coingecko. Both are among the best-performing coins of the past 24 hours. Bitcoin, the market leader, has rallied 6% to $63,000.
TON's rally seems to be driven by reports that the highly-anticipated launch of the viral Telegram-based game Notcoin's native coin, NOT, will happen on May 16. The token will be minted on The Open Network.
Leading cryptocurrency exchanges like Binance, Bybit, OKX and Bitfinex have already decided to support NOT.
On Thursday, Binance announced a launchpool for NOT, offering 3 billion coins to users who stake their BNB or FDUSD stablecoin. OKX unveiled a "jumpstart" campaign, rewarding TON stakers with NOT tokens. The program will begin on May 16 at 06:00 UTC and run for three days.
Meanwhile, RNDR continued to cheer Nasdaq-listed tech giant Apple's brief mention of Render-powered 3D design software Octane Tuesday. Since then, the token has risen over 20%, taking the month-to-date gain to over 56%.
"Pro rendering apps like Octane will flat-out fly, Apple’s vice president of platform architecture, Tim Millet, said in a four-minute keynote speech Tuesday, noting the software's performance on the new iPad.
Bitcoin has broken past a downward trendline alongside a stock market that's taking aim at new record highs.
Data released Thursday showed initial applications for unemployment benefits in the U.S. rose last week to the highest since August, strengthening the case for Fed rate cuts this year.
According to Alex Kuptsikevich, senior analyst at FxPro, $64,000 is the level to beat for the bulls.
"Bitcoin has made two attempts since the start of the day on Friday to break the $63.0K level, which doesn't look like a meaningful turning point. Much more interest is focused on the $64.0K area on the upside and $60.0K on the downside," Kuptsikevich said in an email.
Still, some analysts are worried that supply overhang from the distribution of coins to creditors of crypto exchange Gemini's Earn program and long-defunct crypto marketplace Mt. Gox could cap the upside in bitcoin in the near term.
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