Will Artificial Intelligence Cryptocurrencies Rise Again With Nvidia's Influence?

Last week, Nvidia shares saw a 15% increase. This development has led investors in artificial intelligence-focused cryptocurrencies to hope for a positive reflection of this rise on their tokens.

Nvidia, a leader in the production of graphics processing units, recorded a 15% increase in its shares this week. This surge has prompted analysts to debate whether artificial intelligence-based cryptocurrencies will experience a similar rise.

In an article published on the X platform by The Kobeissi Letter on April 27th, attention was drawn to the significant increase in Nvidia's market value during the previous trading week. The article stated, "This is definitely madness," and shared that "the stock price jumped from $756 to over $880, adding approximately $320 billion to its market capitalization."

While artificial intelligence crypto tokens have generally faced price declines, analysts are hopeful that Nvidia's strong performance will have a positive impact, similar to previous market cycles.

Crypto trader Crypto Stream, purportedly, shared in a post on the X platform on April 26th that the fundamental assumption for investing in artificial intelligence tokens revolves around Nvidia's performance. Crypto Stream noted that the expected Q1 2024 earnings report will be publicly released on May 22nd, suggesting that many traditional finance investors may wait for these data before making their next moves. He emphasized, "Remember, when NVIDIA keeps pumping, they feel a lot of FOMO."

On April 27th, crypto trader CryptoGodJohn told his 668,100 X followers that there should be "exciting weeks ahead leading to Nvidia earnings." He also added that "many artificial intelligence coins seem to be bottoming out."

According to CoinMarketCap data, Render (RNDR) experienced a 6.89% decrease in the last 24 hours, while Fetch.AI (FET) and SingularityNET (AGIX) declined by 6.12% and 5.47%, respectively.

Nvidia's stock saw a 15% recovery, reaching $877 on April 26th, after closing at $762 on April 19th.

According to Google Finance data, NVDA rose by 6.18% in the last 24 hours.

Following Nvidia's strong performance in the fourth quarter of 2023, artificial intelligence-focused crypto tokens saw significant price increases.

The company reported revenues of $22.1 billion and earnings of $12.3 billion for the fourth quarter of 2023, representing increases of 265% and 769%, respectively, compared to the same period the previous year.

Just a few days before these financial disclosures, the total market capitalization of artificial intelligence-based tokens surged by over 9% following Nvidia's quarterly earnings report, reaching $17.8 billion.

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