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NEAR, FET, RNDR: Why Are These Altcoins Rallying?
- AI-focused altcoins lead the rally after major cryptocurrencies have recovered from a brief dip where Bitcoin fell over 11%.
- Near Protocol (NEAR), Fetch.AI (FET) and Render (RNDR) have surged, gaining over 40% in the past day.
- News broke that Near Protocol co-founder will speak at the Nvidia conference later in March.
While just two days ago meme coins were all the rage, topping the crypto market and sparking some fears about a major correction, today only one meme coin is among the top gainers. Although we saw a correction and Bitcoin went down over 11%, that dip was short-lived, and most major cryptos have recouped some or all of these losses.
Related: To Buy the Dip or Wait? Analysts Weigh In
However, three altcoins, sitting in the artificial intelligence basket, have outperformed everything else. These coins have all gained over 40% in the past day, highlighting the role AI-focused projects are likely going to play in the coming bull run.
Near Protocol
NEAR increased by almost 50% in the past week, however with its current trading value of USD $5.71 (AUD $8.69), it is still far away from the all-time high (ATH) of USD $20.42 (AUD $31.08) which it reached in January of 2022.
Near Protocol is a layer-one blockchain designed as a community-run cloud computing platform, addressing common blockchain issues such as low transaction speeds, throughput, and interoperability.
It offers an ideal environment for DApps, with user-friendly features like human-readable account names, and innovative solutions for scaling and consensus through “Doomslug.”
Apart from a thriving AI narrative, Near has seen impressive onboarding of new users recently reaching 100 million NEAR accounts.
Additionally, the co-founder of the NEAR Protocol, Illia Polosukhin will be on the ‘transforming AI’ panel at the Nvidia GTC conference in San Jose, March 17-21.
Fetch.AI (FET)
FET has gained 44% from yesterday and 81% in the past week, flying by its ATH set in 2022. FET is currently trading for USD $2.43 (AUD $3.69), a 2.6X from its former ATH of USD $0.92 (AUD $1.40).
Fetch.ai is developing a platform for an AI-enabled decentralised digital economy, cantered around AI Agents that autonomously perform tasks for users across various sectors.
These agents, designed to solve complex problems, can improve logistics, manage records, execute computational tasks, and facilitate transactions. Fetch.ai prioritises accessibility, allowing anyone to create an AI Agent on its inclusive platform.
Render (RNDR)
RNDR is another AI-related project which has surpassed old highs. Render gained over 40% in the past 24 hours and trades currently for USD $9.44 (AUD $14.36) surpassing the USD $7.46 (AUD $11.35) it was trading at in 2021.
The Render Network is a novel decentralised GPU rendering platform, enabling artists to expand their GPU rendering work globally on high-performance nodes on-demand.
Related: Jim Cramer Mocks BTC All-Time-High As Bitcoin Rallies from 11% Fall
It leverages a blockchain marketplace for idle GPU compute power, offering artists cost-effective scaling options and significantly faster rendering speeds compared to traditional centralised GPU cloud services.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
