Render (RNDR), an AI crypto token, is outperforming the crypto market. Render’s RNDR is up 3.35% in the last 24 hours and is currently trading at $1.81 at the time of writing.
This is significant since the majority of crypto assets, including Bitcoin, are trading poorly. According to on-chain analytics firm Santiment, most cryptocurrencies have experienced mild corrections, with Bitcoin staying flat at $27,400.
Most market caps in #crypto have experienced mild corrections over the past week. However, #Bitcoin has stayed flat at the $27.4K level. The few standouts over the past week include $XMR (+3.7%) and $RNDR (+4.5%). $BTC maximalists historically thrive under these conditions. https://twitter.com/santimentfeed/status/1711856088352751771/photo/1
— Santiment (@santimentfeed) October 10, 2023
Santiment highlights a few standout tokens that have bucked the general market trend; these include Render (RNDR). The Render network provides near-unlimited decentralized GPU computing power for next-generation 3D content creation.
Render has been on the rise since the beginning of September, with the surge continuing into October. Despite the market’s recent sell-off, Render ended the last two days in the green.
On the other hand, Bitcoin, the largest cryptocurrency by market cap, could record its fourth straight day of losses since Oct. 8 if a negative close is achieved today.
According to Glassnode, liquidity continues to dry up across digital assets as network settlement, exchange engagement and capital flows remain at cycle lows, highlighting the market’s present extreme disinterest. As a result, lackluster activity is seen across the markets.
Meanwhile, as the market remains cautious, Bitcoin’s cryptocurrency market share is rising to levels last seen in 2021.
According to CoinMarketCap data, Bitcoin now accounts for 50.1% of the crypto market’s $1.06 trillion worth, up from 38% at the start of 2023. When the risks associated with digital assets are perceived to be increasing, speculators tend to abandon smaller tokens.