Render rides metaverse narrative

Meanwhile, the Render token has been surging again.

More on that in a sec, but first a news item for those interested in the crypto hardware wallet drama that ruffled industry and market feathers just recently.

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Ledger, the company that makes the cold-storage, self-custody-enabling hardware crypto wallets Ledger Nano S Plus, Ledger Nano X and Ledger Stax, has announced it is pausing the rollout of its controversial service Ledger Recover.

This is after Charles Guillemet, Ledger’s CTO, hosted a Twitter Spaces forum and “town hall” meeting on the subject, noting feedback and criticisms from members of the cryptoverse at large.

Last week, Ledger caused a stir when it announced the new optional feature Recover – a private-key recovery service that would enable Ledger users to backup their private seed phrase, linked to their personal ID via three different custodians.

For most hardware wallet users, this feature flies in the face of the very idea for purchasing a Ledger wallet in the first place – having a private, self-custody of assets, inaccessible from third parties. The backlash was strong.

Ledger has now announced a pause on the feature, and has published an “open source roadmap”, in which the firm aims to take a more verifiable approach to its products and upgrades.

Meanwhile, another CTO – David Schwartz over at Ripple – has some suggestions for Ledger, that centre around the very fair-enough idea of creating “two firmware streams, one with Recovery and one without. Ship the firmware without Recovery.”

The rest of his suggestions are pretty good, too.

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Top 10 overview

With the overall crypto market cap at $US1.18 trillion at noon Wednesday (AEST), up about 0.9 per cent since the same time Tuesday, here’s the state of play among top 10 tokens – according to CoinGecko.

About this time Tuesday, Bitcoin (BTC) was struggling a bit, below $US27,000. At least, for the moment then, it’s retained a previously quite strong support level in the neighbourhood of $US27.2k.

The popular Crypto Twittering analyst Rekt Capital still believes $27.6k is the “key resistance” to crack, but is seeing potential for some “exaggerated Bullish Divergence” on the daily Relative Strength Index (RSI) momentum indicator. And that’d be a good thing.

Another full-time crypto chartist, Michaël van de Poppe, meanwhile thinks Bitcoin might just be more correlated to the price movements of the “safe-haven” asset gold than anything else amid macroeconomic uncertainties right now.

Uppers and downers: Render up again

Some of the biggest 24-hour gainers and losers at noon Wednesday (AEST). Stats based on CoinGecko.com data.

PUMPERS (11-100 market cap position)

• Kava (KAVA), (market cap: $US651 million) +13.8 per cent
• Toncoin (TON), (market cap: $US2.98 billion) +9.6 per cent
• Render (RNDR), (market cap: $US983 million) +8.6 per cent
• Huobi (HT), (market cap: $US508 million) +6.6 per cent
• ImmutableX (IMX), (market cap: $US770 million) +4.9 per cent

Render (RNDR), the utility token for Render Network, is on a bit of a run lately, up 8.6 per cent over the past 24 hours (it was up 13 per cent earlier), +38 per cent over the past week and +50.9 per cent across the past month.

As a provider of decentralised, GPU-based rendering solutions, the project plays into the metaverse narrative that quite a lot of non-crypto people we speak with tend to think is dead.

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The Ethereum-based RNDR token facilitates payments for animation, motion graphics, and VFX rendering within its network.

The project might be pumping, in part, due to a new release that it claims will improve its rendering workflow process, creating a more efficient user experience.

There’s something else, though, that may well arise once more in metaverse projects given the right bull-market conditions, if you’re inclined to hefty speculation.

And that’s the rumour that Apple will be launching, potentially within the next couple of months, a “mixed reality” headset to the market.

The Twitter account @FomoCatchers certainly seems to think this supposed event/release could trigger a surge in the crypto market, specifically around the metaverse and web3 gaming sectors …

It’s a food-for-thought, deeply speculative thread …

PUMPERS (lower, lower caps)

• Ben (BEN), (market cap: $US72 million) +79.3 per cent
• SelfKey (KEY), (market cap: $US50 million) +33.9 per cent
• APRA (APRA), (mc: $US80 million) +31.6 per cent
• VEED (VEED), (mc$US30 million) +31.12 per cent
• GAMI World (GAMI), (mc:$US 31 million) +28.6 per cent
• Evmos (EVMOS), (market cap: $US89 million) +27.8 per cent

SLUMPERS (11-100 market cap position)

• GMX (GMX), (market cap: $US497 million) -5.2 per cent
• Conflux (CFX), (mc: $US649 million) -4.4 per cent
• Stacks (STX), (mc: $US872 million) – 4.1 per cent
• Bitcoin SV (BSV), (mc: $US649 million) -3.1 per cent
• The Sandbox (SAND), (mc: $US927 million) -2.7 per cent
• Bitget Token (BGB), (mc: $US639 million) -2.7 per cent

SLUMPERS (lower, lower caps)

• Blox (CDT), (market cap: $US122 million) -26 per cent
• Ovr (OVR), (market cap: $US29 million) -22.2 per cent
• Turbo (TURBO), (market cap: $US27 million) -19.7 per cent
• 0x0.ai: AI Smart Contract (OXO), (mc: $U52 million) – 18.8 per cent
• Koda Cryptocurrency (KODA), (mc: $US22 million) -16.1 per cent
• MangoMan Intelligent (MMIT) (mc: $US52 million) – 15.8 per cent

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

This content first appeared on stockhead.com.au

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