FRIEND, AKT and GRT prices soar as Bitcoin falls below $62k

• Render, Akash Network and The Graph tokens rose on Friday, with TON and FRIEND also soaring.

• Bitcoin flactuated between $63k and $61k, with a sharp drop early hours during the US trading session.

Render (RNDR) and The Graph (GRT) tokens are among altcoins with notable gains in the past 24 hours. They join other altcoins such as Toncoin, Friend.tech and Akash Network in soaring on Friday as Bitcoin (BTC) price fell below $62k.

BTC price was down 1.3% to around $61,131 at the time of writing, falling sharply from highs above $63,400. The declines for BTC come during the US trading session, after the benchmark crypto rose in Asian hours. Heres crypto investor and analyst Miles Deutscher commenting on the declines.

Can the Americans pls stop selling？

— Miles Deutscher (@milesdeutscher) May 10, 2024

As the market fluctuates amid a tussle between the bulls and bears, some altcoins are seeing huge gains.

Friend.tech, Akash Network and The Graph prices are surging: Why？

A dose of positive news has injected fresh optimism in some of these projects, a scenario that could see them rally higher in coming days and weeks.

Friend.tech (FRIEND), Toncoin (TON) rode Base and Telegram related news to soar more than 17% respectively. On Thursday, trillion-dollar investment manager Franklin Templeton released a bullish report on Base, citing Friend.tech as one of the projects likely to drive the SocialFi space on the Ethereum layer 2 blockchain.

TON price soared as Binance and OKX lead major exchanges in listing Notcoin (NOT), the native token of the community-driven game on Telegram.

Meanwhile, AKT sprung more than 25% in an upward move that saw the Artificial Intelligence related token lead the top 100 coins by market cap in terms of 24-hour gains.

The upside momentum is likely due to positive sentiment around the project‘s quarterly revenue report. The QoQ analysis the Akash Network team shared showed the ecosystem’s revenue hit $140,000 in Q1, largely driven by surging interest in DePIN.