A widely followed crypto analyst says one Ethereum (ETH)-based altcoin has the potential to double in price even after exploding by 500% so far this year.
Render is an image-synthesizing ecosystem consisting of distributed Graphics Processing Unit (GPU) computers. It closed 2022 at $0.406 and is currently trading at $2.46, which is a gain of 505%.
The crypto analyst lays out three different scenarios for the future performance of Render after a meteoric rise this year: a bear case, an “expected” case, and a bull case. He notes his bull case prediction could take until 2025 to materialize.
“This is price prediction per the next bull run, after we get through it. I have a bear case, the expected case and bull case. And this bull run can go through 2025…
I know the moon boys and girls out there will want a 50x or $100 price, et cetera. I don’t see that happening. I do expect the number of tokens to be in circulation at about 465 million by 2025, maybe a little bit sooner, depending on exactly how the burn mechanism works.
And the bear case [at $3.68] will give us a market cap of $1.7 billion, the expected case [at $4.87] $2.3 billion and then $2.6 billion for the bull [at a price of $5.62]. If you are in this and you were lucky enough to buy at $0.40 at the beginning of the year, $0.40 to $3.68 is a pretty good return for a couple of years.”
The InvestAnswers host also says there are a few things to watch for with Render that could make the bull case prediction more likely, including wider adoption and development activity.
“The price action year to date has been stunning. We need a major narrative to drive a major return. So AI (artificial intelligence) has to really explode as well as decentralization has to explode and adoption has to explode and gains will be tied to, again, the performance of the cryptocurrency market.
Now, adoption of Render by businesses and individuals is key for success. They need some new developments and new features. Maybe some more compute power used for different things.”
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Featured Image: Shutterstock/Salamahin/Klavdiya Krinichnaya