AI Altcoins Skyrocket as Nvidia Earnings Approach: Next Catalyst?
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Over the past week, AI-related altcoins have seen strong growth. This upward trend coincides with Nvidia’s upcoming quarterly earnings, scheduled for August 28. Nvidia, a frontrunner in AI technology, has consistently surprised markets with strong earnings. AI Altcoins Display Double-Digit Gains The Artificial Superintelligence Alliance (FET) led the surge in AI altcoins with a 61.3% increase. Render (RENDER) followed closely with a 42% rise, while NEAR Protocol (NEAR) and Bittensor (TAO) climbed by 25.7% and 23.1%, respectively. Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024 Top 10 AI Altcoins. Source: CoinGecko Consequently, investor anticipation is mounting not just over whether Nvidia will surpass expectations but by how much. Vivek Arya of Bank of America labeled Nvidia as a promising “rebound” stock, downplaying fears of a slowdown in AI expenditure. “Enterprise and sovereign AI adoption has yet to start in a big way,” Arya said. Amid this optimistic backdrop, the demand for AI altcoins has surged. Driven by a fear of missing out (FOMO), notable transactions have occurred, such as a crypto whale on Binance repurchasing 1.79 million FET tokens for about $2.39 million, reflecting a substantial premium. Analysts from Spot On Chain observed that this investor likely regrets selling FET earlier at a lower price and has now opted to buy back at a higher rate due to the token’s 67% price jump in just seven days. Furthermore, crypto analyst Kyren pointed out the strong demand for RENDER. “RENDER token utility is in motion, now just imagine what happens when the euphoria comes back in and the AI trend comes back to life. We’ve all seen how hard AI run as clear leading narratives this cycle already. More importantly, we all know what happens when market demand begins to exceed supply on the markets,” Kyren elaborated. In addition…
Filed under: News - @ August 26, 2024 8:23 am