AI Protocol Render (RNDR) Rises 15% While Bitcoin Struggles to Stabilize
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Render (RNDR) has increased by 15% in the market today, outperforming Bitcoin as the artificial intelligence market continues to grow.
The digital currency ecosystem is experiencing a slight downturn as both Bitcoin (BTC) and altcoins like Render (RNDR) struggle with their weekly lows. Amidst this overall growth disparity, AI token Render stands out with a 15.25% increase, reaching a price of $8.745.
Render Breaks Away from Bitcoin
It is not uncommon for an altcoin to diverge from Bitcoin, particularly following a week of extended losses. At the time of writing, Render’s 15% increase contrasts with Bitcoin’s 0.23% decline, which is currently trading at $63,755.42 as it aims to hold support around $63,000.
Render stands out in the market as its growth significantly outpaces other AI tokens. The token’s 24-hour surge has extended its growth over the past week to 20%.
Despite current high volatility, Render has maintained a bullish outlook year-to-date.CoinMarketCap data shows this year-to-date growth at 95.58%, as it has jumped from $4.4 to today’s peak of $9.34.
Render’s appeal is closely tied to the industry it represents. As an Artificial Intelligence protocol, Render has capitalized on the rising valuation in the industry. It is designed as a GPU rendering network, connecting miners with GPU resources to artists and studios that need them.
Render’s model makes AI innovation more accessible and cost-effective. With the recent price surge, the token is now aiming for its psychologically important resistance level of $10.
The High-Profile AI Market
Beyond Render, numerous crypto protocols and Wall Street firms are benefiting from the AI boom. NVIDIA, for example, has seen its valuation surpass $2 trillion this year, making it one of the biggest winners in this rally.
Many analysts are optimistic about the firm, citing its leading role in the AI space due to its advanced GPU hardware and robust software.
Similarly, Apple is expected to enhance its market performance and product offerings through AI integration. Jim Cramer anticipates that incorporating AI into iPhones could position Apple in novel ways.
Additionally, the creation of the Artificial Superintelligence Alliance (ASI) by Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) underscores the potential many envision for AI. The ASI Alliance has already received substantial support from the communities of these protocols.
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