As Nvidia nears the release date for its first-quarter earnings report, the anticipation for the quarterly earnings has propelled the company’s stock to its highest level in a month. This surge in Nvidia shares has also sparked a revival in the cryptocurrency market, driven by altcoin projects based on artificial intelligence.
Artificial Intelligence Altcoins Lead Market with Strong Increases
According to data from CoinGecko, a cryptocurrency price and data platform, the mainnet asset RNDR of The Render Network, a decentralized GPU-based rendering solutions provider, has experienced a surge of approximately 40% in the past seven days, reaching $10,432. This makes it the asset with the highest increase among the top 100 cryptocurrencies by market value.
Other artificial intelligence altcoins such as AGIX from SingularityNET, TAO from Bittensor, and FET from Fetch.ai have also seen significant increases ranging from 20% to 30%, outperforming the overall market. Bitcoin, the largest cryptocurrency by market value, has witnessed a 1.7% increase during the same time period.
The relative strength crypto narrative tracker from the cryptocurrency analysis platform DYOR reveals that decentralized AI altcoins and DePIN (decentralized physical infrastructure) altcoins have been among the top performers in the past week.
Hitesh Malviya, the founder of DYOR, stated, “There is a strong interest due to Nvidia’s upcoming quarterly earnings report. AI altcoins will continue to thrive under favorable conditions as they are directly linked to all AI advancements.”
In the past, there has been a significant positive correlation between Bitcoin, the broader cryptocurrency market, and Nvidia’s shares, which were initially used to power mining devices before gaining traction in the field of artificial intelligence. Both Nvidia’s shares and the cryptocurrency market experienced a low point in late 2022, but the release of OpenAI’s ChatGPT helped reverse the year-long downtrend by raising general awareness about AI.
Significant Developments Expected on May 22
Nvidia will announce its first-quarter results for 2024 after the market closes on May 22, 2024. Zacks Investment Research forecasts a 403% increase in the company’s earnings per share, reaching $5.49 compared to the previous year. Bloomberg reports that recent first-quarter results from other AI companies have been mostly positive, and experts believe Nvidia’s results will be the best.
With high expectations, Nvidia’s shares reached $922 on the first trading day of the week, marking the highest level since April 1. This increase corresponds to a recovery of over 20% from the low point of $756 reached on April 19.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
