The retracement in the crypto market continues today with a decline of almost 2%, dropping the total market cap to $1.72 trillion in 24 hours. BTC almost dropped below $40,000 before rising above $41,000, showing price volatility.
This bearish outlook has influenced most altcoins to shed their gains in the last 24 hours. Also, the crypto Fear and Greed Index is neutral at 51, showing indecision among investors today.
Nevertheless, some altcoins still record gains due to massive community support and trust from investors.
Find more details about today’s top gainers below.
Render Token (RNDR) – The Artistic Token for Creators
Render Token (RNDR) has emerged as a top gainer in the cryptocurrency market, showcasing notable gains and a surge in trading volume.
As of the latest data on CoinMarketCap, RNDR’s price has experienced a 1.6% increase to $4.22, making it a noteworthy performer in the current market conditions.
Simultaneously, the 24-hour trading volume has risen by 23%, surpassing $172.4 million as of 7:09 am EST. One of the intriguing factors contributing to RNDR’s impressive growth is the presence of a substantial quantity held by a prominent wallet address on Etherscan.
This address currently holds an impressive 154.8 units of RNDR, equivalent to a staggering $659.8 million. Large holdings can exert considerable influence on a cryptocurrency’s market behavior.
In the case of RNDR, the substantial quantity held by a single address suggests confidence or strategic interest in the project.
This confidence could attract more investors and drive up demand for RNDR. The scarcity effect of a limited token supply, coupled with a strong belief in the project’s prospects, may have contributed to positive market sentiment fuelling the ongoing price surge.
RNDR Consolidates Around Critical Support Level – Can it bounce?
The chart above depicts the price movement of the Render Token against the United States Dollar in a daily timeframe. RNDR is now a few pips below the 50-day Simple Moving Average (SMA), suggesting a bearish market momentum throughout today.
Also, it has formed a bearish, engulfing candlestick pattern that suggests a further downtrend as sellers remain dominant in the market. The coin is trading between its support and resistance levels at $3.6355 and $4.5944, respectively.
This indecisive market movement suggests that the strength of the market contenders will determine the trend of the market.
If the sellers uphold their strength, pushing RNDR down, it could hit the $3.6355 support level and break below it. On the other hand, the resistance at $4.5944 could cause its price to stall once the level is approached.
Additionally, RNDR’s RSI is below 50 and moving down to the 49.75 mark.
If sellers remain active throughout the weekend, then the RSI could fall below 30 into the oversold region. However, the coin is still above its long-term moving average (200-day SMA), which means the overall market trend is still bullish in the longer term.
As a result, RNDR is likely to get a few dips before reversing to the bullish trend.
Again, its support at $3.6355 could attract buyers to enter low, triggering a bounce once the price touches that level. Given the mixed signals on the RNDR market, it’s advisable to adopt appropriate risk management practices to make the most of your trading decisions.
Sponge V2 (SPONGE) – The Return Of The Fun-Themed Crypto Project
📢 $SPONGE Update!
We’ve hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24! 🌟
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever. 🧽
— $SPONGE (@spongeoneth) January 19, 2024
Sponge V2 has continued to make waves in the crypto sector as more investors join this exciting relaunch. According to a post on X, SPONGE has reached a new milestone with over 5.39 billion tokens stake valued at $5.23 billion.
These tokens were staked at an APY of 300%, with each token worth $0.0009663, which is an 18% increase. Based on this migration and relaunch, users must re-stake their SPONGE tokens from the Version 1 staking pool to Version 2.
Also, users who buy the tokens now have their tokens automatically staked in the Version 2 staking pool. So, interested users can swap their USDT or ETH for $SPONGE or purchase the tokens using a bank card.
Staked V1 tokens will be replaced with the equivalent amount of V2 tokens as a starting bonus.
Play-to-Earn Model Adds Utility To Ecosystem
Play, enjoy, and earn $SPONGE! 🧽
— $SPONGE (@spongeoneth) January 16, 2024
Sponge V2 introduces a Play-to-Earn (P2E) game model to boost utility in its ecosystem. Users can earn Sponge V2 tokens directly from gameplay, making it an exciting and rewarding experience.
Sponge V2 is not associated with Nickelodeon or SpongeBob SquarePants but hopes to create a unique identity of its own. Users who purchase the tokens early are at an advantage as the price will likely increase after its listing.
Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix (BTCMTX) emerges as a promising project poised to address critical challenges in the cryptocurrency space. Thus, it poses an attractive prospect for investors looking toward the future of crypto.
The project strategically targets one of the most pressing issues in the industry – the environmental and financial concerns associated with Bitcoin mining.
One of the primary issues facing the crypto community is the excessive energy consumption of data centers used for mining, particularly for leading cryptocurrencies like Bitcoin.
Secondly, the rising costs associated with mining have made it a prohibitive endeavor for many individuals, contradicting the decentralized ethos of cryptocurrency.
Bitcoin Minetrix (BTCMTX) steps in as a solution to these problems, offering a unique approach that sets it apart in the evolving landscape of digital assets.
Growth Drivers for BTCMTX Token
Unlike the conventional narrative where Bitcoin mining occurs predominantly in large data centers, Bitcoin Minetrix seeks to reinstate decentralization.
The project aims to make Bitcoin mining accessible to a broader audience, ensuring that individual control over assets is not compromised due to the barriers created by high operational costs.
The project introduces mining credits as non-transferable ERC-20 tokens obtained by exchanging staked BTCMTX tokens. These credits serve a singular purpose – to burn in exchange for mining time or a share of mining yields.
This approach not only enhances individual control but also ensures a more sustainable and cost-effective way to mine Bitcoin, aligning with the broader goal of making crypto environmentally friendly.
What further sets Bitcoin Minetrix apart is its innovative use of a stake-to-mine system, combining the concept of cloud mining with staking mechanisms.
Investors can stake BTCMTX tokens, giving them three options: they can sell their tokens after unstaking, hold onto them for an attractive annual percentage yield (APY) currently standing at around 74%, or opt to mine.
The success of Bitcoin Minetrix’s token presale, having raised over $8.8 million, is a testament to investor confidence in the project’s potential and revolutionary solutions.
The enthusiastic response from investors underscores the belief that Bitcoin Minetrix could emerge as a significant earner in 2024, making it a compelling investment opportunity in the dynamic and rapidly evolving cryptocurrency landscape.
Another consolidation phase is ongoing in the crypto market as prices of most assets decline. Nevertheless, some investors are focused on the long-term prospects of cryptocurrencies and their utility.
If Bitcoin recovers in the coming weeks, it will likely trigger a positive performance among altcoins in the market. However, the ongoing trend once again confirms that cryptocurrencies could be risky assets that require proper assessment and risk management. So, investors should be on their toes as usual.