Crypto Tokens with AI Applications Outperform Other Assets as Nvidia Reaches All-Time High
Crypto tokens with artificial intelligence (AI) applications have been performing exceptionally well, surpassing other assets in the market. The stock price of chipmaker Nvidia has reached an all-time high, thanks to its successful bet on the AI sector.
Key Points:
- AI-based cryptocurrencies have recorded double-digit gains, according to Coingecko data. In the last 24 hours, Render (RNDR) saw a 6% profit, while Akash Network gained 10% in the previous week.
- Sarson Funds’ report highlights a strong correlation between crypto AI tokens and Nvidia. The chipmaker’s influence in the legacy financial sector has sparked interest in AI technology and positively impacted AI crypto tokens.
- Nvidia’s stellar Q2 earnings have further strengthened the connection between crypto and AI. The company exceeded estimates with $13.51 billion in sales and $2.70 EPS, leading to gains in AI-powered cryptocurrencies like Render Network (+8%), Singularity NET (+9.9%), and Fetch (+8.7%).
- Nvidia’s future performance will greatly impact the fate of crypto tokens. The company’s quarterly report suggests that AI chip sales will accelerate, boosting Nvidia’s revenue and potentially benefiting the crypto sector. Other tech giants are also embracing AI, reinforcing the belief in its potential for further gains.
- Crypto traders can use Nvidia as a proxy for AI crypto token performance. If forecasts are accurate, Nvidia’s stock price is expected to double by the end of the year, which raises the question of how AI crypto tokens will fare.
Hot Take: The rise of AI in the financial sector has had a significant impact on the performance of crypto tokens. As Nvidia continues to excel in the AI industry, AI-based cryptocurrencies are likely to experience continued growth. Traders should closely monitor Nvidia’s stock price as an indicator of AI crypto token performance.
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