Bitcoin (BTC) has been on a ride in the last months and recently reached a new all-time high, gaining 200%. However, as the bullish trends in Bitcoin fascinate investors, Render (RNDR), a coin that leverages decentralized technology, gained over 700% within the past year.
In this article, we will discuss the price trends of these tokens and the drivers of their positive price surge.
Bitcoin’s (BTC) 200% Surge and Its Major Drivers
The value of Bitcoin has gone up by 200.93% in the last 12 months, and this crypto grandaddy, which launched in 2009, has changed the crypto market and broken records for 15 years running. In the first week of March, BTC crossed the $68,800 mark, breaking the All-Time High record set in 2021.
The price has dropped slightly to the $67,000 mark, and the steady appreciation in value has been linked to the Bitcoin ETFs’ approval by the SEC in January 2024. Since this approval, Bitcoin’s price has seen over 60% surge.
The upcoming Bitcoin halving event is another driver of Bitcoin’s price in the last few months. With Q2 2024 set as the launch date, this will reduce the supply of Bitcoin into the market and cause a bullish run for BTC.
Analyzing Render’s (RNDR) 700% Price Performance
Render token has emerged as a top performer in the crypto market and this isn’t a surprise with the recent performance of altcoins as the 2024 bull run kicks in. Over 17% of the project’s native token, RNDR, has surged in value in the last 24 hours and 54% in the last week.
The end of February saw Render’s price correction to $8.22, after a positive price appreciation. And by the first week of March, it dropped down two dollars, sitting at $6.10. This was a 25% bearish movement for Render. But this didn’t last long as Render soon recovered from this dip, hitting a remarkable all-time high.
Render’s price broke beyond the $10 barrier to reach a new all-time high above $11.97 on March 9, 2024. The token reached $12.65 on March 11th, a 107% surge in just about a week. The Render (RNDR) protocol also benefited from this surge, adding to its market capitalization a remarkable $2 million within the same time frame.
RNDR has found some market stability at press time, hovering around the $11.07 mark. Its price rose 7.25% in the last 24 hours, and the trading volume has been reduced by 30.24%, currently at $437,450,398. It has a live market capitalization of $4,215,644,622, with 9,380,646,092 RNDR coins as its circulating supply.
RNDR still has significant gains despite the current decline, having risen 0.65% in the last week, 108.83% in the past thirty days, and 782.21% in the last year, according to CoinMarketCap.
How AI is Shaping the Future of Render (RNDR) Network
The prospective growth of the artificial intelligence (AI) sector is closely linked to Render Network’s technology. AI’s capacity to produce incredibly lifelike 3D simulations and visuals is one of its most fascinating uses. Envision virtual environments that seem incredibly authentic! Render Network fills this need because this technology requires a lot of computing power.
Render’s decentralized network of GPUs provides the perfect platform for taking on these challenging AI-powered rendering tasks. The need for RNDR tokens to pay for these services will probably increase as more developers and producers use Render for their AI projects — this will promote Render’s value and facilitate a surge in price.
Is it possible for Render Network to use AI on its own? AI might optimize how tasks are distributed around the network, resulting in quicker rendering times and cheaper prices for customers. More artists would inevitably join a more productive network, increasing RNDR’s worth even more.
What the Future Holds for Render (RNDR) and Bitcoin (BTC)
With the recent positive prices for Bitcoin and Render Network, the prospects of these tokens are interesting and quite positive. Our bull, bear, and base predictions for Bitcoin show that it will reach $347,000 in the bull case, $312,000 in the base case, and $277,751 in the bear case by 2030.
Experts in cryptocurrencies create predictions for the price of Render each year. In 2030, the projected value of RNDR is expected to range from $134.85 to $159.43.
Artificial Intelligence and Render Networks are closely related. Render has the opportunity to establish itself as a pioneer in the fields of high-fidelity rendering and AI-powered content production by adopting AI and integrating it into its platform intelligently.
This could therefore have a major impact on RNDR token pricing. But it’s crucial to keep in mind that these are merely hypothetical situations. The network’s ability to adjust and seize these opportunities will determine how AI will affect rendering.
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