Sign Up on MEXCAI Protocol Render (RNDR) Soars 15% As Bitcoin Fights For Balance
Highlights
- Render is up 15% today, decoupling from Bitcoin
- The GPU Rendering protocol is riding bullish AI wave
- Other AI entities also soaring amid AI hype
The digital currency ecosystem is undergoing a mild capitulation as Bitcoin (BTC) and altcoins like Render (RNDR) fight weekly lows. With a visible growth imbalance recorded overall, AI token Render is in the spotlight with its 15.25% surge to $8.745.
Render Decouples From Bitcoin
It is not unusual to find an altcoin decouple from Bitcoin, especially after a week of long drawdown. At the time of writing, the Render 15% surge compares to the 0.23% fall in the price of Bitcoin. The premier cryptocurrency is now changing hands for $63,755.42 as it looks to sustain its support at the $63,000 support zone.
Render is generally a market outlier with growth significantly outpacing other AI tokens in the ecosystem. With the 24-hour surge, the token has extended its growth over the past week to 20%. While the volatility remains high at the moment, Render has managed to maintain a bullish outlook YTD.
Data from CoinMarketCap pegs this Year-To-Date (YTD) growth at 95.58% as it soared from $4.4 to a high of $9.34 today.
Render’s appeal is hinged on the industry it represents. As an Artificial Intelligence protocol, Render has managed to ride the growing valuation surge in the industry. Render is designed as a GPU Rendering network to connect miners with GPU capabilities with artists and studios in need of it.
With the Render model, innovating in the AI ecosystem becomes easy, and costs less generally. With the price surge, the token is now eyeing its psychologically important resistance zone at $10.
The Hyped AI Market
Beyond Render, many crypto protocols and Wall Street firms are riding the AI wave. NVIDIA for instance is one of the biggest beneficiaries of this rally with its valuation topping $2 trillion this year.
Many analysts are bullish on the firm as its GPU hardware and dominant software position it as a leader in the AI race. Beyond NVIDIA, Apple is also tipped to revamp its market performance and product output with AI. Jim Cramer is optimistic the integration of AI in iPhones by the firm can change its position in unique ways.
In all, the formation of the Artificial Superintelligence Alliance (ASI) by Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) is also a testament to the potential of AI many are visualizing. Thus far, the ASI Alliance has been getting the necessary backing from the protocol’s respective communities.
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