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.
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