Nvidia’s upcoming first-quarter earnings report has generated high expectations, leading to a surge in the company’s stock price. This rally in Nvidia shares has sparked a revival in the cryptocurrency market, particularly fueled by artificial intelligence-focused altcoin projects.
Artificial Intelligence Altcoins Dominate the Market with Impressive Gains
According to data from CoinGecko, a cryptocurrency price and data platform, The Render Network’s mainnet asset RNDR, which offers decentralized GPU-based rendering solutions, has experienced a substantial 40% increase in value over the past seven days, reaching $10,432. This makes it the cryptocurrency with the highest growth among the top 100 by market value.
Other artificial intelligence altcoins, including SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET, have also seen significant gains ranging from 20% to 30%, outperforming the overall market. Bitcoin, the largest cryptocurrency by market value, has only witnessed a modest 1.7% increase during the same period.
According to DYOR, a cryptocurrency analysis platform, decentralized AI altcoins and DePIN (decentralized physical infrastructure) altcoins have been the top performers over the past week, as shown by their relative strength crypto narrative tracker.
Hitesh Malviya, the founder of DYOR, stated, “There is a strong interest driven by Nvidia’s upcoming quarterly earnings report. AI altcoins will continue to thrive as they are closely tied to advancements in artificial intelligence.”
Nvidia’s Shares and the Cryptocurrency Market’s Performance
Historically, there has been a strong positive correlation between Bitcoin, the broader cryptocurrency market, and Nvidia’s shares. Nvidia’s technology was initially utilized to power mining devices before gaining traction in the field of artificial intelligence. In late 2022, both Nvidia’s shares and the cryptocurrency market hit their lowest points. However, the release of OpenAI’s ChatGPT helped reverse this downtrend, raising awareness about AI and its potential.
Anticipated Developments on May 22
Nvidia is set to announce its first-quarter results for 2024 after the market closes on May 22, 2024. Zacks Investment Research predicts a remarkable 403% increase in earnings per share compared to the previous year, reaching $5.49. According to Bloomberg, other AI companies’ first-quarter results have been largely positive, and experts believe Nvidia’s report will be the most impressive.
With such high expectations, Nvidia’s stock price reached $922 on the first trading day of the week, marking its highest level since April 1. This surge represents a recovery of over 20% from the April 19 low of $756.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.