‘Nvidia of crypto’ rockets 40% in a week, adding over $1 billion

CoinMarketCap05-10

The anticipation of several upcoming AI events has sparked a bullish sentiment, leading to a resurgence in AI tokens. These events, such as the Enterprise Generative AI Summit in California and Tech ...

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This renewed enthusiasm may lead to further gains for AI assets, such as Render (RNDR), the ‘Nvidia of crypto.’\nThe renewed optimism has caused a surge in Render, with its price surging almost 50% in the past week, adding over $1 billion to its market cap, propelling it from a $3.1 billion to a $4.4 billion threshold.\n\n\n\n \n\n Picks for you\n\n\n    Ripple v. SEC case update as of May 10, 2024 25 mins ago\n\n\n    StaFi LSaaS Stack now supports EigenLayer LRT 30 mins ago\n\n\n    Bull rally incoming as Ethereum whale stacks over $32M in ETH since May 2 hours ago\n\n\n    Crypto insider turns $600 into $2.5 million of unrealized profits 2 hours ago\n\n\n\n\n\n\n\n\n\n   RNDR market cap 7-day chart. Source: CoinMarketCap\n  \n\nAI and GPU connection could prove beneficial for Render\nRender is a decentralized GPU rendering platform leveraging blockchain technology to connect artists and creators with GPU power. The project’s notable feature is its ability to allow users to rent out unused GPU processing power to others in need of rendering services. Render aims to democratize access to high-performance computing resources, establishing a global decentralized rendering network.\nSimilarly, Nvidia (NASDAQ: NVDA) is a leading GPU manufacturer, sharing market and industry similarities with Render. Both entities benefit significantly from the growing interest in artificial intelligence technologies.\nIn summary, Render offers advantages such as lower costs compared to traditional rendering services and the utilization of underutilized GPU power. Additionally, it presents a decentralized alternative to centralized rendering farms, enhancing flexibility and reducing potential points of failure.\nRNDR price chart\nAt the time of writing, RNDR was trading at $11.52, after a positive 9.52% gain in the past 24 hours; in a week behind us, these gains amount to 44.33%, with the monthly performance in the green after 28.63% advance.\n\n\n   RNDR 24-hour price chart. Source: CoinMarketCap\n  \n\nIt remains to be seen how the upcoming AI events impact the price of RNDR and whether it will manage to overcome its all-time high of $13.15, which seems within reach.\nDisclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.\n\nSource: https://thebittimes.com/nvidia-of-crypto-rockets-40-in-a-week-adding-over-1-billion-tbt87977.html","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434854246"}