Nvidia’s upcoming first-quarter earnings report has sparked high expectations, leading to a surge in the company’s stock prices. This rally has also had a positive effect on the cryptocurrency market, particularly in the field of artificial intelligence-based altcoin projects.
According to data from CoinGecko, a cryptocurrency price and data platform, The Render Network’s mainnet asset RNDR has experienced a remarkable 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 altcoins in the artificial intelligence sector, such as SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET, have also seen significant increases ranging from 20% to 30%, outperforming the general market. In comparison, Bitcoin, the largest cryptocurrency, has only experienced a 1.7% increase during the same time period.
The relative strength crypto narrative tracker by DYOR, a cryptocurrency analysis platform, indicates that decentralized AI altcoins and DePIN altcoins (decentralized physical infrastructure) have been among the top performers in the past week.
Hitesh Malviya, founder of DYOR, stated, “There is significant interest based on Nvidia’s upcoming quarterly earnings report. AI altcoins will continue to thrive as they are directly linked to advancements in artificial intelligence.”
In the past, there has been a strong positive correlation between Bitcoin, the broader cryptocurrency market, and Nvidia’s shares. Nvidia’s shares were initially used to power mining devices before gaining attention in the field of artificial intelligence. In late 2022, both Nvidia’s shares and the cryptocurrency market hit a low point, but the release of OpenAI’s ChatGPT helped reverse this downtrend by raising awareness about AI.
Nvidia is set to announce its first-quarter results for 2024 after the market closes on May 22. Analysts from Zacks Investment Research predict that the company’s earnings per share will increase by 403% to $5.49 compared to the previous year. Bloomberg reports that other AI companies have recently reported positive results for the first quarter, and experts believe Nvidia’s will be the best.
With such high expectations, Nvidia’s stock prices reached $922 on the first trading day of the week, marking the highest level since April 1. This represents a recovery of over 20% from the low of $756 reached on April 19.
Investors should note that the information provided in this article does not constitute investment advice. Cryptocurrencies are known for their high volatility and associated risks, and individuals should conduct thorough research before making any investment decisions.
