Crypto News- Native cryptocurrencies linked to blockchain projects boasting AI tokens integration are spearheading the recent resurgence in the crypto sphere. Alongside, the stocks of Nasdaq-listed tech giant Nvidia (NVDA), often hailed as the epitome of AI innovation, are also witnessing a robust rally.
AI Tokens at the Helm as Crypto Market Bounces Back, Nvidia Peaks at One-Month High
RNDR, the utility token fueling decentralized GPU-based rendering solutions on The Render Network, has surged by nearly 40% in the past week alone, reaching $10.432. This marks the most significant gain among the top 100 cryptocurrencies by market capitalization, as reported by CoinGecko.
AI Coins Surge 17-23%: SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET Outshine Bitcoin’s Modest 1.7% Increase
In a similar vein, other AI-centric coins such as SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET have recorded impressive gains ranging between 17% to 23%, outpacing the broader market trends. While Bitcoin, the crypto behemoth, saw a modest 1.7% increase, the CoinDesk 20 Index, reflecting the overall market sentiment, climbed by 0.6%.
According to crypto analytics platform DYOR’s narrative tracker, decentralized AI coins and DePIN tokens, representing decentralized physical infrastructure, have emerged as top performers over the past seven days.
Excitement Surrounding Nvidia’s Earnings and Anticipation for AI Coin Surges
Hitesh Malviya, founder of DYOR, shared insights, stating, “There’s a palpable excitement surrounding Nvidia’s upcoming earnings. The cyclical surges in AI coins are anticipated to persist, given their direct correlation with the burgeoning AI development landscape.”
Nvidia is slated to announce its first-quarter earnings on May 22, post-market closure. Analysts at Zacks Investment Research project an impressive earnings per share of $5.49, marking a staggering 403% year-on-year surge. Bloomberg reports indicate positive earnings performances from various other AI-focused companies. NVDA shares surged to $922 on Monday, hitting their highest level since April 1, marking a remarkable recovery of over 20% from the April 19 low of $756, as per TradingView data.
NVDA’s Role in Crypto: From Mining Rigs to AI, Fueled by OpenAI’s ChatGPT
The intertwining of bitcoin and the broader crypto market with NVDA has been a prominent trend over the years. NVDA’s chips initially gained prominence in powering mining rigs before AI applications surged. The mutual uptick in NVDA and crypto markets in late 2022 coincided with the introduction of OpenAI’s ChatGPT, which significantly bolstered awareness about artificial intelligence.
Speculation abounds regarding the imminent launch of OpenAI’s ChatGPT version 5 in the coming months. Noteworthy mentions from tech giants during recent earnings calls, such as Apple’s CEO Tim Cook hinting at major AI-related unveilings, further fuel anticipation.
Malviya emphasizes, “With OpenAI’s upcoming model launch, advancements in hardware, and increased investment influx, we’re witnessing an AI super cycle unfolding before us.”
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