Tue 7 May 2024 ▪
4
min reading ▪ acc
Bitcoin’s recent recovery bodes well for the entire cryptocurrency market, and altcoins are no exception. Artificial intelligence (AI) cryptocurrencies are also showing impressive performance. FET, RNDR and AGIX stand out and return to highs that will please traders and crypto enthusiasts.
AI cryptocurrencies are taking over the market!
” We are currently in a super cycle of artificial intelligence », The cryptanalyst gets excited. This claim is supported by recent statistics that show the rise of bitcoin and other cryptocurrencies. So why complain? Bitcoin, which posted a modest $56,500 last week, is currently adding more than $7,000 to its value.
It’s a Digital Gold Rush for Artificial Intelligence (AI) Cryptocurrencies! PUSH the recovery of the cryptocurrency market is led by these digital currencies, native Blockchain projects driven by artificial intelligencereports CoinDesk.
Recently, shares of chip giant Nvidia (NVDA) also regained strength. This company is considered the gold standard in AI, and when its stock rises, the AI market is often in turmoil.
THE RNDR tokenused for decentralized GPU-based rendering solutions by The Render Network, has skyrocketed, up nearly 40% in seven days to reach $10,432.
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Other cryptocurrencies driven by artificial intelligence, e.g AGIX by SingularityNET, TAO by Bittensor and FET by Fetch.ai, it also posted spectacular gains, significantly outperforming the broader market. Meanwhile, Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose 1.7%, while the CoinDesk 20 Index gained 0.6%.
Nvidia’s helping hand
According to DYOR, a cryptocurrency analysis platform, decentralized AI coins and DePIN tokens work best weekly.
Hitesh Malviya, founder of DYOR explains, “ There’s a lot of buzz surrounding Nvidia’s upcoming earnings. AI coins will continue to ride (higher) cycles because they are directly correlated with all the AI developments around us. »
Chipmakers are expected to announce theirs first quarter results on May 22. Zacks Investment Research forecasts earnings per share of $5.49, up 403% from the prior year.
Shares of NVDA, which caused havoc last February, hit $922 on Monday, the highest level since April 1, and have recovered more than 20% since April 19. NVDA and the cryptocurrency market recently bounced back from a downtrend, marking the beginning of a new bull cycle.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.