Cryptocurrencies To Watch: Week of May 1

Cryptocurrencies To Watch Week of May 1: Render Token (RNDR), Casper (CSPR), Injective (INJ), Internet Computer (ICP), and MultiversX (EGLD).

Alice Morgan / Investopedia

Keep an Eye on These Coins

The cryptocurrency market is holding steady at its current levels after experiencing a brief upward blip late last week. Overall sentiment about the crypto market’s prices is positive, with investors optimistic about the medium-term future. Some tokens, in particular, are outperforming the market.

This week, we examine Render Token (RNDR), Casper (CSPR), Injective (INJ), Internet Computer (ICP), and MultiversX (EGLD). In selecting these assets, we have considered several factors, including beneficial technical developments, significant news events, and noticeable changes in price.

Key Takeaways

  • Render Token (RNDR) was the week’s biggest gainer, with a 35% increase in price, possibly due to the implementation of its BME model on the Solana blockchain. 
  • Casper (CSPR) was another major gainer, with a 20% price increase after the introduction of a wallet and a partnership with Halborn, a cybersecurity firm.
  • The Injective (INJ) token rose by more than 15%, perhaps because crypto exhange Binance enabled institutional lending for INJ. 
  • Internet Computer’s ICP token experienced a 9% increase, likely because of new plans to create an Internet Computer center in Hong Kong.
  • MultiversX (EGLD)'s token went up by 10%, possibly because of a listing on crypto exchange Upbit.

Render Token (RNDR)

Render Token (RNDR) was one of the cryptocurrency market’s best performers in the latest week, with the token's price up 35%. The increase is likely due to the fact that a new Render model, called BME, has gone live on the Solana blockchain. The implementation was anticipated and changed the architecture of the network.

This expansion to the Solana network will allow the Render project to take advantage of Solana’s faster transaction times and lower costs. Render Token provides a decentralized GPU rendering system that allows broader access to complex rendering processes. The project has utility in such industries as media, gaming, virtual reality, and medicine. RNDR is currently priced at around $2.50, having been $1.74 a week ago (see chart below).

Price chart for RNDR cryptocurrency over 7-day period ending May 1, 2023.

RNDR: TradingView

Casper (CSPR)

The Casper (CSPR) coin gained by about 20% last week, likely because of the release of a new block chain web wallet called Casper Wallet. The Casper team says the new wallet will provide better user experience, full desktop browser support, native notification delivery, and better security.

The Casper team also announced a partnership with Halborn Security, a blockchain cybersecurity firm. The collaboration is aimed at making Casper Wallet as secure as possible. Casper is a proof-of-stake (POS) blockchain designed for high performance. CSPR is currently trading at around 6.3 cents, having been priced at 5 cents last week (see chart below).

Price chart for CSPR cryptocurrency over 7-day period ending May 1, 2023.

CSPR Price: TradingView

Injective (INJ)

Injective (INJ) rose by more than 15%, most likely because crypto exchange Binance enabled institutional lending of the token. Institutional lending allows financial institutions to lend funds to other similar businesses.

The project also announced an integration with multichain smart contract platform Astar Network and Celer Network on the Ethereum blockchain, which may have contributed to the token's price increase. Injective is a POS blockchain designed for financial uses. INJ is changing hands at around $7.80, having been valued at about $6.59 a week ago (see chart below).

Price chart for INJ cryptocurrency over 7-day period ending May 1, 2023.

INJ Price: TradingView

Internet Computer (ICP)

The Internet Computer (ICP) project's token increased 9% in price, possibly because it announced plans to create an Internet Computer center in Hong Kong. The token and project are also gaining more exposure, with growing social media dominance.

ICP is trading at around $5.90, having been priced at about $5.37 last week (see chart below).

Price chart for ICP cryptocurrency over 7-day period ending May 1, 2023.

ICP Price: TradingView

MultiversX (EGLD)

MultiversX's e-Gold (EGLD) coin gained 10%, perhaps because the crypto exchange Upbit listed the coin. The exchange has about 9 million users, providing added exposure for the EGLD coin.

The coin's rise results from trading against the Korean won and Bitcoin. EGLD is priced at about $43.40, having been valued at $38.80 a week ago (see chart below).

Price chart for EGLD cryptocurrency over 7-day period ending May 1, 2023.

EGLD Price: TradingView

Article Sources
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  3. Twitter. Render Network (RNDR). "The RNP Voting Process…the Future of the Render Network." April 25, 2023.

  4. CoinMarketCap. "Casper Price."

  5. Twitter. Casper. "The Newly Released…Learn More." April 18, 2023.

  6. Casper. "Introducing Casper Wallet by MAKE."

  7. Twitter. Casper Wallet. "We’re Proud To Have Partnered…View the Report:" April 25, 2023.

  8. CoinMarketCap. "Injective Price."

  9. Twitter. Injective. "Binance Has Enabled Institutional Lending for $INJ." April 30, 2023.

  10. Twitter. Injective. "In Just a Few Days…Progress As Always." April 28, 2023.

  11. CoinMarketCap. "Internet Computer Price."

  12. "ICP Shows 23% Price Surge: Internet Computer Debate Heats Up."

  13. Twitter. Santiment. "Internet Computer Is Back Up…Public Month." April 29, 2023.

  14. CoinMarketCap. "MultiversX Price."

  15. Twitter. MultiversX. "$EGLD Is Now Listed on Official Upbit." April 27, 2023.

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