Render's RNDR token has continued to defy the current cryptocurrency market correction trend, registering a 24-hour gain of 3.35% and trading at $1.81 on Wednesday. This comes as most cryptocurrencies, including Bitcoin, are facing downturns, according to a tweet by Santiment. The Render network, a decentralized GPU power source for 3D content creation, has been on an upward trajectory since September despite the broader market sell-off.
In the past two days, the RNDR token has managed to record gains even amidst the market turbulence. On the other hand, Bitcoin is facing a potential fourth consecutive day of losses. Glassnode has highlighted several concerning trends for Bitcoin including a liquidity dry-up, network settlements at cycle lows, and extreme market disinterest.
Despite this, Bitcoin's dominance in the cryptocurrency market is rising, now accounting for 50.1% of the $1.06 trillion market according to data from CoinMarketCap. This is a significant development given the current downturn faced by most cryptocurrencies in the market.
While the RNDR token continues its upward trend, it remains to be seen how the broader cryptocurrency market will respond to these developments. With Bitcoin's dominance increasing even in a downturn, it indicates that investors might still be keeping faith in the leading cryptocurrency despite its recent performance.
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