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

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

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 & AI LIVE in London on May 21, contribute to renewed interest in artificial intelligence technology globally. This renewed enthusiasm may lead to further gains for AI assets, such as Render (RNDR), the ‘Nvidia of crypto.’

The 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.

RNDR market cap 7-day chart. Source: CoinMarketCap
RNDR market cap 7-day chart. Source: CoinMarketCap

AI and GPU connection could prove beneficial for Render

Render 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.

Similarly, 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.

In 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.

RNDR price chart

At 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.

RNDR 24-hour price chart. Source: CoinMarketCap
RNDR 24-hour price chart. Source: CoinMarketCap

It 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.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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