Nvidia at the forefront! AI cryptos are turning the market around
The recent surge in Bitcoin signals promising prospects for the entire cryptocurrency market, and altcoins are no exception. Artificial Intelligence (AI) cryptocurrencies are also exhibiting impressive performances. FET, RNDR, and AGIX stand out, reaching peaks that delight traders and crypto enthusiasts.
AI Cryptocurrencies Charging into the Market!
“We are currently in a major AI super cycle,” exclaims a crypto analyst. This statement is backed by recent statistics showing the rise of Bitcoin and other cryptocurrencies. So why mope? The Bitcoin, fetching a modest $56,500 last week, is currently adding more than $7,000 to its value.
It’s a digital gold rush for AI-focused cryptocurrencies! The cryptocurrency market recovery is led by these digital currencies, native to AI-oriented blockchain projects, reports CoinDesk.
Recently, shares of chip giant Nvidia (NVDA) have also found a new lease on life. This company is seen as the benchmark for AI, and when its shares climb, the AI market is often buzzing.
The Render Network’s GNDR token, used for its GPU-based decentralized rendering solutions, has witnessed a meteoric rise, soaring nearly 40% in seven days to hit $10.432.
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Other AI-focused cryptocurrencies, such as SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET, have also registered spectacular gains, significantly outperforming the overall market. Meanwhile, Bitcoin (BTC), the largest cryptocurrency by market cap, has seen a 1.7% increase, while the CoinDesk 20 index edged up 0.6%.
Nvidia’s Boost
According to DYOR, a cryptocurrency analysis platform, decentralized AI coins and DePIN tokens are this week’s top performers.
Hitesh Malviya, founder of DYOR, explains: “There’s a strong buzz about Nvidia’s imminent profits. AI coins will continue to ride on [higher] cycles as they are directly correlated to all the AI development happening around us.”
The chip manufacturer is expected to announce its first quarter earnings on May 22nd. Zacks Investment Research predicts earnings per share of $5.49, an increase of 403% from the previous year.
NVDA shares, having wreaked havoc last February, hit $922 on Monday, their highest level since April 1st, regaining more than 20% since April 19th. NVDA and the cryptocurrency market have recently rebounded after a downtrend, marking the start of a new uptrend.
