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Kaspa, THORChain, Render Skyrocket by Over 20% – What are the Driving Factors?
- Render (RNDR) surged 32% in price, coinciding with Binance Japan’s announcement to list it.
- Kaspa (KAS) rose 23% in 24 hours, possibly driven by its Uphold integration and unique blockDAG-based asset management approach.
- THORChain (RUNE) gained 21%, buoyed by high trading volume that ranks it as the third largest DEX.
Render – Big in Japan
The top performer of the hour is Render (RNDR), which saw an increase in price by a whopping 32% in the past 24 hours. Currently RNDR trades for US$ 3.00 (AU$ 4.62), according to CoinMarketCap.
Render (RNDR) is a blockchain-based platform designed to facilitate distributed GPU rendering on the Ethereum blockchain. It leverages the power of idle GPUs across its network to provide a more efficient and cost-effective rendering solution, particularly useful for artists, filmmakers, and other content creators who require significant computational power for rendering high-quality digital content.
The price rise comes at the same time as Binance Japan announced it will list Render on its platform from November 27, 2023, amongst 12 others.
Kaspa – Solving the Trilemma of Security, Scalability, And Decentralisation?
Kaspa (KAS) has gained 23% in the past 24 hours and is currently trading for US$ 0.11 (AU$ 0.17). The monthly performance for KAS is even more impressive with a 161% increase.
Kaspa offers a unique approach to digital asset management by combining the advantages of blockDAG technology with efficient Proof-of-Work consensus and rapid transaction processing, all while maintaining high security and decentralisation. Notably, the Kaspa network claims to be fully decentralised without a central authority behind it.
One possible catalyst for the recent move in KAS price is the recent integration with Uphold. KAS is not currently available at major exchanges such as Binance, Coinbase and Kraken, so this move provides a boost to Kaspa.
THORChain Now Number 3 DEX
Meanwhile THORChain (RUNE) continues its impressive gains, with a further 21% increase in the past day. Rune price has risen by 264% from mid-October, making it one of the best performing altcoins. Currently RUNE trades for US $6.15 (AU$ 9.50)
THORChain (RUNE) is a decentralised liquidity protocol that allows for the swapping of crypto assets across different blockchains without the need for a centralised party. It aims to facilitate seamless, secure, and decentralised trading of a wide range of cryptocurrencies.
RUNE’s stellar performance comes in the midst of soaring trading volume on THORChain, with a US$ 334 million (AU$ 516 million) volume in 24 hours. This ranks THORChain as the third-largest decentralised exchange (DEX), trailing only behind Uniswap and PancakeSwap.
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.
