As a seasoned crypto investor with a background in tech and AI, I’ve seen my fair share of market cycles and the impact they have on specific sectors, such as AI tokens. The recent surge in Nvidia’s (NVDA) stock price has left many traders, including myself, wondering if this could be a sign that the “bottomed out” AI crypto tokens will follow suit.
As a crypto investor, I’ve noticed an impressive 15% rebound in Nvidia’s (NVDA) share price this week. This significant gain has sparked intriguing debates among analysts regarding the potential recovery of AI-related crypto tokens that have been underperforming. Could they too be on the verge of a comeback?
“The Kobeissi Letter expressed disbelief in an April 27 post on X, highlighting the significant surge in Nvidia’s market capitalization over the past trading week.”
“The stock has jumped from a low of $756 to $880+, adding ~$320 BILLION in market cap,” it added.
Despite a widespread price decline among AI cryptocurrency tokens, analysts remain optimistic that Nvidia’s robust performance could bring about a favorable impact, much like it did during the last market cycle.
A pseudonymous crypto trader named Crypto Stream shared in a post on platform X that his primary hypothesis for investing in AI tokens hinges on Nvidia’s anticipated performance. The public release of Nvidia’s Q1 2024 earnings report is scheduled for May 22.
“Numerous Traditional Finance (TradFi) investors might be holding back, anticipating the release of this information to inform their subsequent decisions. It’s important to remember that they experienced a significant fear of missing out (FOMO) during NVIDIA’s continuous price surge.”
During this period, anonymous cryptocurrency trader CryptoGodJohn with a following of 668,100 on Twitter predicted an exciting upcoming few weeks in the lead-up to Nvidia’s earnings report.
“A lot of AI coins looking bottomed out here,” CryptoGodJohn further added.
According to CoinMarketCap’s latest update, RNDR dropped by 6.89% within the last 24 hours. A similar trend was observed with FET and AGIX, which decreased by 6.12% and 5.47%, respectively.
As a crypto investor, I’ve noticed NVDA experiencing a significant rebound since its closing price of $762 on April 19. By the end of that trading week on April 26, the stock had impressively climbed up to $877.
Within the past 24 hours alone, NVDA rose 6.18%, according to Google Finance data.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing trend: following the release of Nvidia’s impressive Q4 2023 earnings report in February, certain AI crypto tokens saw notable price surges.
As a crypto investor, I’ve noticed an intriguing development in the AI token market. On February 26, CryptoMoon reported that Nvidia’s impressive earnings announcement sparked a significant surge in value for these digital assets. The tech company reported revenue and earnings of $22.1 billion and $12.3 billion, respectively, for Q4 2023 – representing astonishing year-over-year growth of 265% in revenue and an impressive 769% increase in earnings.
Within the past few days, on February 22nd, there was a notable increase in the market capitalization of AI-focused tokens. The market cap surged by more than 9% to reach a total value of $17.8 billion. This represents a significant jump from the $7 billion market cap that was reported earlier in February.
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2024-04-27 09:03