In the grand theater of the financial world, Nvidia, the titan of chip-making, has just performed a spectacular dive off the high board, leaving spectators in a state of panic. The dreaded ‘Death Cross’ has made its ominous appearance, a spectacle that last time sent Nvidia’s shares on a47% nosedive. This, dear readers, is the sort of financial drama that could make even the most stoic of investors reach for their smelling salts.
According to the sage prophecies of Barchart, relayed in a portentous X post on March23, “NVDA has donned its black cloak and formed a Death Cross, not seen since the dark days of April2022.” For those not versed in the arcane language of finance, a Death Cross occurs when the50-day SMA (Simple Moving Average) slips beneath the200-day SMA, a phenomenon as foreboding as a black cat crossing your path at midnight.
Yet, in a twist of fate that would make even the most seasoned fortune-teller scratch their head, several AI crypto tokens, like Render (up4.06%) and Bittensor (up2.88%), have decided to thumb their noses at the bearish omens and ascend like phoenixes from the ashes. This, despite Nvidia’s stock taking the plunge before the trading week closed on March21.
Nvidia, it seems, has become the unwitting oracle for AI crypto traders. While some have linked the fortunes of AI tokens to Nvidia’s stock movements (akin to sailors navigating by the stars), others have found these correlations as reliable as a chocolate teapot.
Following Nvidia’s revelatory Q12024 earnings, which saw revenue leap18% from the previous quarter, some AI token traders were left scratching their heads, wondering why their tokens didn’t join the victory parade.
CryptoCosta, a trader with a flair for the dramatic, declared on March22, “The AI hype balloon has deflated faster than a soufflé at a loud party. Now, it’s survival of the fittest for AI tokens with real-world utility and revenue.”
In the past month, the market cap of top AI and big data crypto tokens has taken a tumble of23.70%, proving once again that in the crypto world, what goes up must come down, often with a thud.
Near Protocol, the sector’s heavyweight champion, has seen a staggering59% retreat over the past year, now trading at a humble $2.70.
And yet, hope springs eternal. A CoinGecko survey revealed that nearly half of the crypto pundits are bullish on AI tokens, with25% fully bullish and19.3% somewhat bullish for2025. It seems optimism is as infectious in the crypto world as a good meme.
Changpeng “CZ” Zhao, the former Binance CEO, chimed in with words of wisdom, “While crypto is the currency for AI, not every agent needs a token. Focus on utility, not tokens.” A sentiment as refreshing as a cold pint on a hot day.
Sygnum’s February investment report noted that while AI agents have gained traction, they’ve struggled to prove their worth beyond mere speculation, a statement as sobering as a cold shower.
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2025-03-23 10:50