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Cryptocurrency News Articles
AI-Native Crypto and Nvidia Shares Surge in Market Rally
May 07, 2024 at 06:37 pm
The recent surge in cryptocurrencies powered by artificial intelligence (AAI) has led the market recovery, with RNDR, AGIX, TAO, and FET all experiencing significant gains. The rally coincides with the rise in shares of Nvidia (NVDA), fueled by strong AI performance and anticipation of positive earnings. The correlation between NVDA and crypto is attributed to the use of its chips in AI and the growing popularity of ChatGPT, which has raised awareness about AI's potential.
AI-Native Cryptocurrencies and Nvidia Shares Surge Amidst Market Recovery
The cryptocurrency market has witnessed a remarkable recovery in recent days, with native cryptocurrencies of blockchain projects leveraging artificial intelligence (AI) leading the charge. Simultaneously, shares of leading chipmaker Nvidia Corporation (NVDA), widely recognized as a pioneer in AI technologies, have also experienced a significant rally.
Among the top 100 cryptocurrencies by market capitalization, Render Network's (RNDR) utility token has emerged as a standout performer, soaring nearly 40% to $10.432 over the past seven days. This surge represents the most significant gain among its peers, according to data from cryptocurrency tracking platform CoinGecko.
Other AI-oriented cryptocurrencies have also exhibited notable growth, outperforming the broader market. SingularityNET's AGIX token, Bittensor's TAO token, and Fetch.ai's FET token have all recorded gains ranging from 17% to 23%. In contrast, Bitcoin (BTC), the largest cryptocurrency by market value, has gained a modest 1.7%, while the CoinDesk 20 Index, a broader market indicator, has rallied by 0.6%.
Data from cryptocurrency analytics platform DYOR indicates that decentralized AI coins and DePIN tokens (cryptocurrencies associated with decentralized physical infrastructure) are among the strongest performers of the past week.
"The anticipation surrounding Nvidia's upcoming earnings report is contributing to the positive sentiment," explained Hitesh Malviya, founder of DYOR. "AI cryptocurrencies will likely continue to experience cyclical gains, as they are closely tied to the burgeoning developments in the AI landscape."
Nvidia, scheduled to release its first-quarter financial results on May 22, is projected by Zacks Investment Research to report earnings per share of $5.49, a substantial 403% increase compared to the same period last year. Positive financial results from other AI-focused companies have also been reported, according to Bloomberg.
NVDA shares reached a high of $922 on Monday, marking their highest value since April 1. The stock has recovered over 20% from its April 19 low of $756, as indicated by data from TradingView.
Over the past several years, Bitcoin and the broader crypto market have exhibited a strong positive correlation with NVDA, whose specialized chips were initially utilized for cryptocurrency mining before gaining prominence in AI applications. The simultaneous downtrend experienced by NVDA and the crypto market in late 2022, which lasted almost a year, was finally reversed with the advent of OpenAI's ChatGPT, which significantly raised awareness of AI capabilities.
Market analysts are anticipating the launch of ChatGPT version 5 in the coming months, along with the development of advanced hardware and increased investment in the AI sector.
"We are witnessing a surge in the AI ecosystem, with the prospect of OpenAI releasing a new model, advancements in hardware capabilities, and substantial funding flowing into this space," Malviya remarked. "The current market conditions suggest that we are in the midst of an AI super cycle."
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