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Render (RNDR) the Nvidia of crypto adds $2 billion in a week

Render (RNDR) the Nvidia of crypto adds $2 billion in a week

Render (RNDR) is a decentralized GPU rendering platform that utilizes blockchain technology to connect artists and creators with GPU power. Deemed “The Nvidia of crypto,” the cryptocurrency has seen a $2 billion market cap increase in a week.

Notably, the project enables users to rent out idle GPU processing power to others who need it for rendering tasks. Render aims to democratize access to high-performance computing resources and create a global decentralized rendering network.

On the other hand, Nvidia Corp (NASDAQ: NVDA) is a leading manufacturer of GPUs. Therefore, Render and Nvidia share market and industry similarities, highly benefiting from the increased interest in artificial intelligence (AI) technologies.

Moreover, their similarities go beyond providing GPU-related services.

RNDR and Nvidia price performance

Interestingly, Render’s market cap went from $2.42 billion on March 5 to an impressive $4.78 billion on March 11. This recent action has increased its value by over $2 billion, adding to a remarkable price performance.

RNDR, the project’s native token, skyrocketed by 2,732% since its lowest price in December 2022 during the bear market. Additionally, RNDR surged 677% in one year and 215% year-to-date, currently at $11.48 per token.

RNDR/USD weekly price chart. Source: TradingView (Finbold)

Meanwhile, NVDA’s remarkable performance on the stock market somewhat mirrors Render’s price action within the proper volatility adjustment. In particular, Nvidia’s stock increased in price by 671% since its bottom in October 2022, while it has gained 236% and 76.5% in one year and year-to-date, respectively. 

NVDA trades at $867.10 per share by press time.

NVDA weekly price chart. Source: TradingView (Finbold)

Render’s advantages and disadvantages

In summary, Render’s advantages include lower costs compared to traditional rendering services and the ability to harness underutilized GPU power. Also, it provides a decentralized alternative to centralized rendering farms, increasing flexibility and reducing single points of failure.

However, disadvantages include potential security concerns, the complexity of the blockchain-based system, and the need for a stable cryptocurrency market.

While Render and Nvidia operate in different sectors, they play significant roles in the GPU-driven industry. Still, it is important to note that Render is a decentralized platform, while Nvidia is a centralized hardware manufacturer.

In the meantime, the AI industry continues to introduce better products, like Antrophic’s most recent launch, Claude 3 Opus.

From an investment perspective, both assets are subject to high volatility and uncertainty. Technical indicators suggest that NVDA and RNDR could be overbought at this moment after the aforementioned impressive performances.

For that reason, investors must act cautiously and apply proper risk management strategies.

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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