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Blockchain-Based Render Network's Token Tracks Tech Stocks as Broader Crypto Market Decouples
RNDR has been a good high beta Nasdaq play in recent weeks, one portfolio manager noted.
Updated May 30, 2023, 11:12 a.m. Published May 30, 2023, 11:12 a.m.
Decentralized GPU-based rendering solutions provider Render Network's native cryptocurrency RNDR has rallied in sync with technology stocks this month, defying the broader crypto market lull.
Data from TradingView show RNDR has gained 6.5% to $2.55, with prices hitting a 13-month high of $2.93 early this month. Wall Street's tech-heavy index Nasdaq has gained nearly 8%. Meanwhile, has declined by 5%, decoupling from Nasdaq and the total market value of all cryptocurrencies has dropped by 3.5%.
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"RNDR has been a good high beta Nasdaq play in recent weeks," Decentral Park Capital's portfolio manager Lewis Harland said in Friday's market update, noting the artificial intelligence narrative as a catalyst for gains in both tech stocks and RNDR.
A week ago, the U.S.-based chipmaker Nvidia (NVDA), while forecasting surging revenue, said it is increasing supply to meet the spike in demand for its artificial intelligence (AI) chips used to power ChatGPT and similar services.
Since then, investors have been scrambling to take exposure to shares in Nvidia and other assets like Render's RNDR token that align with the AI narrative.
"RNDR (Render Network) stands out due to its unique convergence of key narratives such as integrations with the Apple ecosystem, Metaverse involvement, artificial intelligence (AI) integration, and 3D rendering capabilities," crypto fundamental analyst Jason Choi said in his research newsletter Blockcrunch VIP dated May 22.
"As demand for GPU computing power is expected to soar in fields like gaming, metaverse development, architecture, animation, product design, augmented reality (AR), and more recently, AI tooling, RNDR may present an accessible alternative to expensive computing equipment typically required for creating 3D graphics," Choi added.
Note that RNDR has also benefited from speculation that Apple's impending virtual reality headset will utilize Render Network's decentralized graphics processing network.
June 5th mark your calender!$rndr & #apple set to make history 🔥🔥🔥 https://t.co/DkOXvjic4D pic.twitter.com/BHDL57RHT8
— Diffusion ⭕️ (@Diffusion_x) May 27, 2023
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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