Key takeaways:
- Render Token (RNDR) price is predicted to surge over 73% after the upcoming Bitcoin halving in April 2024, based on its impressive growth after previous halvings
- The Bitcoin halving occurs approximately every four years and has historically ushered in a new bull market for blockchain-based digital assets
- RNDR has hit major milestones like surpassing 10,000 nodes in December 2023, thanks to its decentralized, community-driven network for GPU rendering
- RNDR has partnered with innovative blockchain technologies like IPFS and Polygon, and collaborated with leaders in creative industries, cementing its status as an indispensable tool for digital creators
Render Token Price Forecast to Surge Over 73% After Bitcoin Halving
Bitcoin’s highly-anticipated halving event in April 2024 is expected to trigger a new crypto bull market and have a ripple effect across the industry. According to our algorithm, one overlooked cryptocurrency poised for enormous growth following the halving is Render Token.
Render Token (RNDR) is a GPU-based distributed rendering network that allows users to access affordable, scalable and secure rendering power on demand. Our algorithm predicts RNDR could skyrocket over 73%% from around $3.68 today to over $6.40 within months after the halving.
Understanding Bitcoin Halvings
First, a quick primer on Bitcoin halvings. These happen roughly every 4 years, when the mining rewards per block are cut in half. With fewer new bitcoins entering circulation, existing coins become more scarce and valuable.
Historically, crypto prices have surged dramatically in the months surrounding each halving. After previous halvings in 2012 and 2016, Bitcoin went on to reach dazzling new all-time highs. Most industry analysts expect 2024’s halving to ignite the next major bull run.
RNDR’s Track Record After Halvings
While a relatively new project, Render Token has already demonstrated tremendous growth following Bitcoin’s halving cycles.
RNDR was launched in 2017, and has experienced two Bitcoin halvings so far, in 2016 and 2020. The first halving occurred on July 9, 2016, when the block reward dropped from 25 to 12.5 bitcoins per block. At that time, RNDR was still in its private sale period, and was not publicly traded. However, the halving had a positive impact on the demand and price of Ethereum, which rose from $10.68 on July 9, 2016 to $19.59 on August 2, 2016, an increase of 83%.
The second halving occurred on May 11, 2020, when the block reward dropped from 12.5 to 6.25 bitcoins per block. By then, RNDR had launched its public network and token on April 27, 2020, with an initial price of $0.25. The halving boosted the demand and price of both Bitcoin and Ethereum, which rose from $8,566 and $189 on May 11, 2020 to $11,860 and $395 on August 2, 2020, an increase of 38% and 109%, respectively.
RNDR also benefited from the halving effect, as well as from its growing adoption and development, and increased from $0.25 to $0.58 in the same period, an increase of 132%.
Recent Developments Strengthening RNDR
In just a few short years, RNDR has established itself as a trailblazing decentralized GPU rendering network. Propelled by the growing demand for high quality 3D graphics and visual effects, RNDR reached the monumental milestone of over 10,000 nodes in December 2023.
At its core, RNDR is community-driven and decentralized. The network is powered by node operators who contribute their idle GPU resources and receive RNDR tokens in return. By incentivizing participation, RNDR has cultivated a vibrant, diverse community united by a shared goal – to push the boundaries of digital art.
A key component of RNDR’s success is its integration with innovative blockchain technologies. Partnering with IPFS, a distributed file storage system, gives users more control over their data while reducing storage and bandwidth costs. Additionally, RNDR’s collaboration with Polygon, an Ethereum scaling solution, significantly decreases transaction fees and latency. By leveraging these bleeding-edge technologies, RNDR enhances the user experience and positions itself at the forefront of the Web3 revolution.
To highlight its best-in-class capabilities, RNDR has teamed up with visionaries across creative industries. Beeple, renowned NFT artist, relied on RNDR to craft his record-breaking $69 million digital collage. Hollywood heavyweight Bad Robot tapped RNDR’s power to achieve Cinema-quality VFX for its upcoming sci-fi film. And software pioneers OTOY leveraged RNDR to showcase their groundbreaking volumetric light field technology.
Bottom line
Of course, investing in cryptocurrencies carries risks, so skepticism is warranted until results materialize. It’s no news that RNDR has cemented itself as an indispensable tool for digital creators in just a few short years.
However, the project’s strong track record and recent developments make a compelling case for significant upside in 2024 and beyond. As the crypto community prepares for Bitcoin’s halving and the expected frenzy it generates, Render Token looks poised to be one of the biggest beneficiaries.
