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    Crypto AI Tokens Render, Fetch.AI Join Market Surge With Double-Digit Growth

    January 2, 2024Updated:January 2, 2024No Comments2 Mins Read

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    Crypto AI tokens such as Render (RNDR) and Fetch.AI (FET) are recording double-digit gains as the market sees a fresh bullish impulse.

    Bitcoin (BTC) surpassed $43,000 for the first time since Monday’s drastic drop, propelling the cryptocurrency market and shares of crypto-focused companies higher as the Federal Reserve (Fed) anticipated an interest rate reduction for next year.

    While U.S. central bank officials left the Fed funds rate between 5.25% and 5.5% at the end of the December Federal Open Market Committee (FOMC) meeting on Wednesday, they forecast the rate will fall to 4.6% by the end of 2024, implying three 25 basis point decreases.

    FET/USD Daily Chart, Courtesy: TradingView

    Crypto AI tokens also burst higher in line with the general market surge, with Render (RNDR) soaring 23% and Fetch.ai (FET) rising 16%.

    AI token Render saw a massive intraday surge, with prices jumping from lows of $4.13 to $4.87. At the time of writing, RNDR had risen 21.61% in the previous 24 hours to $4.81. Increased investor demand and stronger market sentiment may be driving the price increase of RNDR.

    Render has been on the rise since early November, after the emergence of a golden cross on its daily chart.

    The RNDR rally accelerated after the price dipped to lows of $3.3 on Dec. 11, with the price marking three out of four days of gains. Today’s surge achieved highs of $4.87, which had not been seen since January 2022.

    FET, the native token of the fetch.ai network, has also benefited from the market’s positive momentum, gaining rapidly for three days in a row.

    Fetch.ai, like RNDR, had a steady price rise shortly following the appearance of a golden cross on its daily charts. The recent rise peaked at a high of $0.65, a level not seen since December 2021. 

    About the author


    Tomiwabold Olajide

    Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

    This news is republished from another source. You can check the original article here

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