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'Nvidia of crypto' token is down over 30% in a month

source-logo  finbold.com 17 April 2024 12:20, UTC

Although its current price is 75% higher than at the start of the year, Render (RNDR), often dubbed the ‘Nvidia (NASDAQ: NVDA) of crypto,’ has declined by over 30% in the last month, and continues to record losses even as the rest of the assets in the crypto market are recovering.

As it happens, the native cryptocurrency of the Render Network, the leading provider of decentralized GPU-based rendering and artificial intelligence (AI) digital rights management solutions made a massive decline from $12.35 on March 18 to the current price of $7.86 as of April 17.

Render price analysis

Furthermore, in addition to being down 31.04% across the past 30 days, RNDR’s price at presstime also represents a decline of 5.03% in the last 24 hours, a 14.49% drop across the previous seven days, according to the most recent information.

In the process, RNDR has also shed a whopping $1.65 billion from its market capitalization, which reduced from $4.67 billion one month ago to $3.02 billion at the time of publication, according to the most recent chart data retrieved by Finbold from the crypto analytics platform CoinMarketCap.

Notably, these bearish figures arrive one month after the ‘Nvidia of crypto’ shocked the entire industry by adding an impressive $2 billion to its market cap in a single week, benefitting from the revival of interest in AI technologies, as Finbold reported on March 11.

More recently, Render made headlines thanks to its founder and CEO Jules Urbach’s participation in the largest AI and GPU event of the year, NVIDIA GTC 2024, as well as by skyrocketing a whopping 800% in a year, an accumulated advance it has now reduced to the 300% increase.

So why is RNDR down? One of the reasons could be the possible dissipation of the AI hype that has driven the previous rallies in prices of AI stocks and related crypto assets, and which the global strategist at the banking giant Société Générale, Albert Edwards – notable for foreseeing the Dot-com bubble – believes might end up with a crash.

Render price prediction

Meanwhile, renowned crypto trading expert Michaël van de Poppe has expressed his confidence in the future of the decentralized GPU rendering platform’s token, recommending his followers to purchase it and identifying its buy zone between $7 and $10, right where it stands presently.

Indeed, Render’s recent price action proves that trends in the crypto sector can often change on a whim, so doing one’s own in-depth analysis, keeping up with the relevant developments, and weighing all the risks is critical before investing in any asset, be it digital currencies, stocks, real estate, or even cattle.

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