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.
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.