Will Render Price Reach $25 in 2024?
The upcoming 2024 bull run could dramatically increase the Render Network price, driven by the rising demand for 3D graphics in entertainment. Here’s an analysis.
### What is Render?
Render Network is a decentralized platform for GPU rendering, using blockchain to connect artists with GPU power providers. It integrates with popular software like Blender and Adobe After Effects.
### Market Potential
The entertainment industry, especially gaming and cinema, heavily relies on 3D graphics rendering. The sector could exceed $3 trillion in value. Render Network, available on Ethereum, Polygon, and Solana, offers scalable services and has collaborated with major productions.
### Market Position
As of July 25, Render Network is second in distributed computing and ranks 32nd in the broader crypto market with a market cap of around $2.6 billion.
### Inflation and Supply
Most Render tokens are already unlocked, with an inflation rate projected at 10.2% annually. The supply could reach approximately 430 million tokens by mid-2025.
### Correlation with Bitcoin Price Movements
Render’s price closely follows Bitcoin, with a strong correlation coefficient of 0.727. This relationship helps predict Render’s price based on Bitcoin’s movements.
### 2024 Bull Run Price Analysis
Three scenarios were modeled:
- Bear Case: BTC at $100,000, RENDER at $14.26
- Base Case: BTC at $150,000, RENDER at $24.91
- Bull Case: BTC at $200,000, RENDER at $35.57
The base case scenario projects a market cap of $10.73 billion for Render, with a price of $24.91.
Note: This article is for educational purposes and not investment advice.
❤️LIKE 🫂FOLLOW 🗳REQUOTE OR RESHARE
⌨️ COMMENT
🫂Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
