Since the fake news about BlackRock sport Bitcoin ETF being approved, the crypto space has sprung to life with most of the coins turning green. Three notable cryptocurrencies are currently in the spotlight—QTUM, SUI, and Render (RNDR).
While these cryptocurrencies belong to different niches, each is experiencing a surge in its value and popularity. In this article, we’ll explore the key factors driving the growth of these digital assets.
Qtum riding the Bitcoin and Ethereum waves
Qtum, often pronounced as “quantum,” is a smart contract blockchain platform and the value transfer protocol that combines the strengths of Bitcoin and Ethereum.
What sets Qtum apart is its unique ability to benefit from updates made to both of these major cryptocurrencies. Recently, the implementation of Taproot in Bitcoin has further boosted Qtum’s performance.
As the hype around the potential approval of a spot Bitcoin ETF by the US SEC grows, Qtum’s proximity to Bitcoin is pushing its price higher. QTUM token price has surged by 23% over the past 24 hours and 38.68% in the last seven days.
QTUM price chart
Upcoming Qtum upgrade
Additionally, Qtum had a scheduled mandatory update on November 27, 2023, which required users to upgrade to version 24.1 by a specific block height.
Announcement for our #Qtum Community! 🌐#Qtum has a scheduled mandatory update estimated on November 27, 2023, 00:24 UTC for the Qtum mainnet.
Please update your Qtum build to v24.1 by the main network before block height 3385122 (3298892 testnet).
👀…
— Qtum (@qtum) October 13, 2023
This upgrade aims to enhance the platform’s performance and security, further solidifying Qtum’s position in the cryptocurrency market.
SUI’s resilience amid investigations
SUI, another cryptocurrency on the rise, has been facing scrutiny following reports of a substantial circulation volume discrepancy linked to its launch on Upbit. The Financial Supervisory Service (FSS) in South Korea launched an investigation into this matter.
Despite the ongoing investigation, SUI’s price has continued to surge. The token price has surged by 8.03% in the last 24 hours and by 17.75% over the past seven days.
SUI price chart
New mode for Sui’s mnemonic compression
One of the driving factors behind SUI’s price surge is its innovative approach. SUI is planning to launch a new mode for compressing mnemonic formats, reducing 12 words to just 8 words without losing entropy.
🗜️ Compressed mnemonic format that reduces from 12 to 8 words without loss of entropy.
The new mode could be used for crypto salts and other types of secrets; there will be an api to convert from 12 to 8 words and vice versa. w/ @joyqvq & @Mysten_Labs pic.twitter.com/E7YBuI3vVV— Kostas Kryptos (@kostascrypto) October 25, 2023
This novel approach has garnered significant attention and support from the crypto community, contributing to its upward momentum.
Render’s community-driven growth
Render (RNDR) is making headlines as its community recently passed the RNP-005: Beam Compute Client proposal.
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
This development marks a significant step in RNDR’s growth and utility. The RNDR token price has surged by 24.30% over the past seven days and by 10.29% in the last 24 hours.
Render price chart
The integration of the Beam Compute Client into the Render Network is set to expand its utility significantly. This technology allows for the accelerated development and deployment of artificial intelligence (AI) operations with GPUs, all without the hassle of managing infrastructure.
This development not only enhances RNDR’s capabilities but also opens new possibilities for machine learning workloads, driving demand for the cryptocurrency.
Conclusion
The rise of QTUM, SUI, and RNDR reflects their unique strengths and the evolving landscape of the cryptocurrency market.
Qtum’s ability to harness Bitcoin and Ethereum updates, SUI’s innovation in mnemonic compression, and RNDR’s community-driven growth demonstrate that the cryptocurrency space is not only dynamic but also filled with potential for those who explore it.
The post QTUM, SUI, Render (RNDR) cryptocurrencies on the rise: here’s why appeared first on Invezz
