Kategorie: Altcoin News

• Render (RNDR) price was up 5% in the past 24 hours and 52% in the past 30 days.
• The AI related crypto project has seen positive sentiment amid greater adoption of its technology.
• A community vote has also passed a proposal to onboard cloud computing platform Beam.

The price of Render rose sharply on Friday as the AI crypto token continued the outperformance seen this past week. RNDR traded more than 5% up to highs of $2.25 in the 24-hour period to the time of writing, with weekly and monthly gains at 13% and 52% respectively.

Recent upward momentum has benefited from AI hype driven by forecasts from mainstream companies, including Microsoft, Nvidia and Palantir.

RNDR price up as community votes for key proposal

Render’s upside appears to have defied likely sell-off pressure after on-chain data revealed FTX/Alameda had moved over 974k RNDR tokens. While the transfer of the tokens, valued around $2 million at the time, was probably for selling purposes, the market’s reaction kept bulls in control.

This positivity for the altcoin also came after a community vote passed the RNP-005: Beam Compute Client proposal.

As the Render Network X account shared early Friday, the core proposal submitted on October 23 had passed. RNP-005 saw 1.4 million RNDR, or 99.79% of votes, support the onboarding of cloud platform Beam, which could become the second Compute Client leveraging Render Network’s GPUs for machine learning (ML) workloads.

The community vote for RNP-005 is now closed. The proposal has been passed with 1.4M RNDR (99.79%) for approve and 2.9K RNDR (.21%) for Deny.

The proposal now moves onto „Render Network Team Review.“ If it passes technical feasibility the Foundation will post the final RNP-005… pic.twitter.com/JyUeev4zNj

— The Render Network (@rendernetwork) October 26, 2023

Beam’s cloud platform allows for the accelerated development and deployment of AI operations with GPUs. This will be possible without managing infrastructure, the proposal notes. 

As such, integrating with this platform will enable Render’s decentralized GPU network to power the ML workloads. It’s a development that could see Render broaden its utility, with demand a factor for RNDR.

With the community vote closed, the proposal has moved to the next stage of “Render Network Team Review.” If RNP-005 passes technical feasibility at this stage, the Render Foundation will move to publish the final vote – expected on Wednesday, next week.

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• Litecoin price was down 3% to trade around $67 on Friday morning.
• Santiment wrote on X that the altcoin has seen a rapid increase in on-chain movement.
• LTC is seeing a spike in address activity and whale transactions, with metrics at highest levels since June.

The total crypto market is down 1.5% in the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to hold onto recent gains. 

But as market observers and analysts put it, the overall outlook is bullish for crypto ahead of what could be a massive bull market in 2024. Could this be the same scenario for Litecoin price?

Litecoin price outlook- what’s next for LTC?

Litecoin’s 24-hour price was down 3%, with recent gains trimmed to about 7% over the past week as it traded around $67.80. The psychological $100 continues to prove a difficult hurdle for bulls, despite there being a burst of on-chain activity.

While address activity and whales both hit June 2023 levels, there has been the observation of dormant LTC suddenly spiking – “usually indicative of more coins beginning to circulate,” the market intelligence platform Santiment wrote in a post on X.   

⚡️ #Litecoin saw rapidly rising #onchain movement to end the work week, with address activity and whales both hitting levels last seen in June. Additionally, dormant $LTC suddenly had a big spike, usually indicative of more coins beginning to circulate. https://t.co/ILZua1tEzV pic.twitter.com/MT1MZ2K15i

— Santiment (@santimentfeed) October 27, 2023

The overall bullish picture for Bitcoin suggests investors could be positioning for a potential uptick in its price. Optimism over factors such as spot Bitcoin ETF approval could help LTC rebound past the main supply wall.

Yet, with dormant coins on the move again, sell-off pressure could be huge in the short term. In this case, a correction could see Litecoin price retreat further, bears likely targeting key support zones in the $60-50 region.

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• Injective (INJ) has integrated Google Cloud’s BigQuery via the cloud computing provider’s Analytics Hub.
• The layer-1 blockchain joins a growing group of chains on BigQuery.

Injective, a layer-1 blockchain whose native token INJ has been one of the standout performers in the crypto market this week, has integrated with cloud computing services giant Google Cloud.

Injective eyes expansion in Web3 finance

As per an announcement published on Tuesday, Google Cloud will add core on-chain data for Injective on BigQuery via its data sharing platform Analytics Hub. Public access to the data will be through Injective Nexus, the blockchain platform’s official data integration protocol.

This means developers and enterprises can now tap into custom datasets across the Injective ecosystem, including real-time financial data. For Google Cloud customers, the collaboration allows enterprises to leverage bespoke blockchain datasets to build decentralised finance (DeFi) applications, institutional trading strategies and for machine learning.

“This data collaboration is a major step forward for the Injective ecosystem in continuing to expand its footprint into institutions and traditional finance,” Eric Chen, CEO and co-founder of Injective Labs, said in a statement.

“The Google Cloud team has played an integral role in the growth of Injective since its inception and this latest collaboration will help to take Web3 as a whole to new heights,” Chen added.

Injective integration with Google Cloud comes a few weeks after the cloud computing behemoth added support for BigQuery datasets to 11 more blockchain networks. That was in addition to initial support for Bitcoin and Ethereum.

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• Litecoin price jumped 4% to above $64 on Friday morning.
• LTC was up as positive sentiment permeated the altcoin market amid Bitcoin’s rally to $30k.

Litecoin (LTC) rose more than 4% early on Friday amid a positive reaction across the altcoin market to Bitcoin’s fresh spike to $30k. LTC traded to intraday highs of $64 across major exchanges, with daily trading volume hitting $370 million as buyers pushed the total crypto market cap to over $1.17 trillion.

Why is Litecoin price up today?

Although a bullish picture has looked increasingly possible with metrics such as Litecoin hashrate jumping to new highs, one of the likely catalysts could be the increased crowd noise on the probability of a spot Bitcoin ETF hitting the market sooner than anticipated. 

Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have added to the growing belief that the first spot ETF is a matter of when and not if. A court ruling on the Grayscale ETF today is one of the things on the crypto events watchlist for today.

That has Bitcoin price poised for takeoff, and as quant trader Charles Edwards pointed out on X today, the flagship cryptocurrency’s positive outlook is enhanced by the several key metrics in this cycle.

A list of Bitcoin firsts this cycle:

– Hash Rate growth actually increased in bear market
– Record 76.2% of supply held by long-term holders
– Governments mining it
– Lightning Network hits $150M+
– You can buy a burger at McDonalds with it

— Charles Edwards (@caprioleio) October 20, 2023

Other catalysts for LTC price today could be the regulation news related to SEC dropping charges against Ripple executives. The SEC sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen when it filed a lawsuit against the San-Francisco-based company in December 2020. The agency’s charges against the two were dismissed on Thursday, with the trial scheduled for April next year now not happening.

LTC looks to have pumped amid a similar reaction across the altcoin market. While Litecoin’s modest gains are dwarfed by the colossal returns for some of the best performing altcoins today – including Solana and Bitcoin SV – the bullish flip has analysts pointing to a potential retest of the psychological $100 level if upward momentum holds.

BTC breaking higher on further positivity could see Litecoin push for year-to-date highs before a bull market sets in a parabolic rally.

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