Altcoin Market Correction, Render (RNDR) Price Follows Suit
Render (RNDR) emerged as the best-performing crypto asset in 2023. The token saw an impressive surge of +1,143% from the opening price of $0.4 to the closing price of $4.93 at the end of 2023. Earlier this year, RNDR also achieved its all-time high.
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Following this remarkable price increase, Render is currently undergoing a correction (8/1/24). This correction is considered reasonable as the overall altcoin market conditions are currently in decline.
Altcoin Correction, RNDR Drops by -29.5%
The year 2023 provided a positive experience for the crypto market with a bullish trend, but there is a possibility that this trend has reached saturation at some point. As of the creation of this article (8/1/24), the crypto market has been observed undergoing a correction for the past week.
The crypto market recorded a loss of $224.4 billion in valuation, decreasing from $1.726 trillion to $1.502 trillion. On the other hand, Bitcoin dominance strengthened by +2.16% to a dominance level of 54.05%.
This indicates that, on average, the price performance of altcoins has been worse than that of Bitcoin over the past week.
For instance, Render (RNDR) reached its highest price in 2024 at $5.1 on January 2, 2024. However, as of the writing of this article (8/1/24), the RNDR price has dropped by -29.5%, from $5.1 to $3.62.
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It's not only Render that has experienced a decline; several other altcoins within the top 100 according to Coinmarketcap have also performed worse than Bitcoin, including Bitcoin SV (BSV, -32.26%), Helium (HNT, -30.62%), and MultiversX (EGLD, -27.11%)
Investors Shift Capital to Bitcoin
Meanwhile, Bitcoin (BTC) has recorded an increase of +3.04% in the last week. It is highly likely that whales and investors are reallocating their capital from altcoins to Bitcoin in anticipation of the approval of the Bitcoin spot ETF.
This approval is expected on Wednesday (10/1/24), the day when the SEC is set to make a decision on the approval of all Bitcoin spot ETF applications.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
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