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AGIX, NEO, RNDR Surge as Market Rebounds: Here’s What’s Behind the Rally
- Over the weekend, Bitcoin faced a 13% correction but recovered over 6% by Monday, while prominent altcoins like AVAX, ADA, and DOT saw declines of more than 20%.
- NEO outperformed with a 35% weekly gain, benefiting from perceptions of Hong Kong as an emerging crypto hub, with analysts highlighting its and VeChain’s regional significance.
- Despite the downturn, AGIX and RNDR both rallied significantly in the past 24 hours; AGIX after a major partnership announcement and funding deal, RNDR buoyed by new staking features.
The weekend saw Bicton correct by almost 13% only to recover over 6% by the start of the week. Meanwhile, altcoins saw drops of over 20% in the past few days – hardest hit have been established projects such as AVAX, ADA and DOT.
While the market has somewhat recovered, three altcoins have held up particularly well.
Related: Sui Frenzy: $3b Stablecoin Arrives on Network and Sui-Branded Gaming Console to Launch
Neo (NEO)
Neo has been on a rollercoaster, but on the weekly timeframe is still in the plus, with a 35% gain.
Neo is sometimes referred to as the ‘Chinese Ethereum.’
Analysts at Wintermute told The Block that Neo and VeChain are proxy bets that Hong Kong is emerging as the Asian hub for crypto, amid the Spot Bitcoin ETF developments in the special administrative region.
The basket of tokens was on many fast-money radars around June 2023 as Hong Kong opened up retail crypto licenses, with many trading it as a proxy for APAC flow.
Wintermute analysts SingularityNET (AGIX)
While AGIX is down 20% on the weekly, it has regained 18% in the past 24 hours.
AGIX’s surge comes after news broke last week that SingularityNET and Yunity would partner up and generate US$1 billion (AU$1.5 billion) in funding for research into artificial intelligence and “deep tech solutions for humanity.”
Additionally, last week news also revealed that AGIX would merge with FetchAI and Ocean Protocol to create an “AI powerhouse,” as analyst Miles Deutscher has put it.
Render (RNDR)
Render, although down 8% from last week, has made its way back up, gaining over 20% in the past 24 hours.
Related: Analyst PlanB Says Bitcoin Bull Run Hasn’t Even Started, Says BTC Could Be $500k in 2025
RNDR has enjoyed sustained growth over the past months, based on its strong position in the AI realm. Additionally, it was announced recently that Render staking is coming. This feature will enable holders to earn rewards by staking their tokens, effectively reducing the circulating supply available for trading and thus potentially lowering sell pressure.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
