Crypto News – Analysts are wondering if bottomed-out artificial intelligence (AI) cryptocurrency tokens would follow suit after Nvidia’s (NVDA) share price rose by 15% this week.
Nvidia Shares: Will a 15% Rise in Shares Be Enough to Raise AI Tokens This Time?
In a post published on April 27, The Kobeissi Letter noted the significant increase in Nvidia‘s market capitalization during the previous trading week.
This is absolutely insane. The stock has jumped from a low of $756 to $880+, adding ~$320 BILLION in market cap,
The Kobeissi Letter
Analysts believe that Nvidia’s good performance will have a favorable influence, as it did in the previous market cycle, even though prices of AI crypto tokens have decreased overall.
AI Tokens Soared After Last Year’s Q4 Q4 Earnings Report
In a post on April 26 on X, cryptocurrency trader Crypto Stream clarified that his primary premise for investing in AI tokens is centered around Nvidia’s performance. On May 22, it is expected to release its Q1 2024 earnings report to the public.
Many TradFi investors are probably waiting for this data before making their next move. Don’t forget they felt a lot of FOMO when NVIDIA pumped non-stop,
Crypto Stream
Following the revelation of Nvidia’s robust performance in its Q4 2023 earnings report in February, the price of AI cryptocurrency tokens surged. The entire market value of AI-based tokens increased from $7 billion earlier in the month to $17.8 billion just days prior, on February 22.
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