Bitcoin’s price rose over 6 percent on Tuesday to surpass $30,000, the level last seen in June 2022. As a result, the broader cryptocurrency market, which is heavily reliant on Bitcoin for cues, also traded with decent gains. Some tokens even saw double-digit growth, surpassing the king coin. Here’s a list of three cryptocurrencies that have outperformed the market.
Render Network
The price of RNDR, the native token of Render Network shot up by 17 percent on April 11, the highest daily percentage gain among the top 100 coins by market capitalisation. RNDR also topped the chart as the biggest weekly gainer, up by as much as 25 percent between April 5-11.
RNDR prices have climbed by 90 percent following a thumbs up from the DAO community on its tokenomics model. Since integrating with Apple, RNDR’s price increased by about 300 percent from the end of December to early February. Its current surge, however, appears to coincide with a successful DAO vote to connect with the Solana network - a move that is expected to improve the network’s long-term scalability and draw additional investment into the project.
Founded in 2016, the Render Network is a platform that allows users to contribute unused GPU power from electronic devices to help other systems render graphics and visual effects. Its native token, RNDR, can be used to pay for animation and VFX rendering on the network. As of April 11, the price of each RNDR is about $1.53 while the project’s market capitalisation is around $551 million.
Conflux Token
CFX, the native token of Conflux, jumped nearly 14 percent on Tuesday. It rose by nearly 500 percent between January and February on the back of key partnerships with major Chinese firms.
Conflux is a layer 1 blockchain that seeks to improve on key blockchain aspects such as scalability, interoperability, decentralization, and security when compared to other networks. The platform uses a hybrid proof-of-work and proof-of-stake model to enhance security while also deploying a tree graph system to process multiple transactions at a relatively faster speed.
The price of the token rallied over 14 percent on April 11 came on the back of two notable developments. Conflux proposed deploying Uniswap v3 on the network last week. The move is expected to give incentives for projects that use the Conflux platform. Furthermore, the establishment of liquidity pools for CFX would likely attract more traders to the market.
Secondly, Binance, the world’s largest crypto exchange by volume, recently announced that it would support the Conflux mainnet integration. Once the migration is complete, Binance would support the withdrawals and deposits of CFX tokens as well. Both these moves are expected to generate more investments in the long run and strengthen investor confidence.
Injective
As with CFX and RNDR, Injective has also had a positive performance in 2023 thus far. Its price rose from $1.25 in January to $4.6 in mid-February – representing a gain of nearly 270 percent. After bottoming out at $2.37 in March, the token continued its upward journey on the chart and hit $6.3 on April 11, highlighting a 165 percent rise.
Its 11.4 percent rise on April 11 seems to have come on the back of consistent partnerships. Its integration with Cascade on March 30, a Solana SVM rollup, is expected to help the Injective network tap Solana’s growing developer ecosystem. More specifically, the deal would allow Solana’s developers to deploy their smart contracts and dApps onto the Injective network.
Additionally, integration with Oracle network Pyth, the launch of liquid staking for INJ, and an airdrop of Stride tokens to Injective stakers have grabbed the attention of crypto investors in the last few weeks.
Injective is a decentralised exchange (DEX) that provides services such as cross-chain margin trading, derivatives trading, and cryptocurrency trading. Its native token INJ can be used to gain access to developer incentives, vote on protocol decisions, and secure proof-of-stake transactions. Pantera Capital, Kraken, KuCoin, and Mark Cuban are among the notable investors in the project.
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Conclusion
Bitcoin's surge beyond $30,000 seems to have provided the push needed for CFX, RNDR, and INJ to continue their positive trend. It’s worth noting that the aforementioned coins rose either through partnerships or network changes rather than through pump-and-dump scams. Since the gains were organic, these tokens might continue their upwards momentum during additional Bitcoin rallies as well.
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