As a seasoned researcher with a keen interest in the intersection of AI and finance, I must say that this latest rally in AI-focused cryptocurrencies has been quite intriguing. The bullish sentiment, fueled by Nvidia’s impressive earnings report and policy shifts under the U.S. administration, is reminiscent of a well-timed pitch on Wall Street. It’s almost like catching a wave in the crypto market – you’ve got to know when to hold ’em and when to fold ’em!
Over the last week, I’ve noticed a surge in value for cryptocurrencies with a focus on artificial intelligence (AI), likely due to the exceptionally positive quarterly sales report published by Nvidia. This report surpassed expectations, which seems to have instilled a sense of optimism among investors.
In the last seven days, the largest cryptocurrency by AI market cap, NEAR Protocol (NEAR), experienced a surge of approximately 20%, with each coin trading at around $6.67 at the time of reporting. Simultaneously, Internet Computer (ICP), Bittensor (TAO), FET, and SingularityNET (AGIX) all saw significant gains: ICP rose by 26.4%, TAO by 20.6%, FET by 20.4%, and AGIX by 21.7% during the same timeframe.
Additionally, AI-related tokens like Qubic (QUBIC), Virtuals Protocol (VIRTUAL), Grass (GRASS), and Livepeer (LPT) showed significant surges, with gains of 79.5%, 61%, 58%, and 41.9% respectively.
The accumulated profits significantly contributed to reaching a record peak for the overall market capitalization of AI-related cryptocurrencies, which stood at a remarkable $42.19 billion.
The AI sector rallied after Nvidia‘s better-than-expected third-quarter earnings report, which revealed record quarterly sales of $35.1 billion, surpassing earlier estimates of $32.5 billion.
During a third-quarter conference with shareholders, Nvidia’s CEO, Jensen Huang, emphasized a substantial increase in interest for their newest Blackwell processor. He also mentioned that this increased demand could potentially lead to exceeding the initial forecast of $7 billion in Q4 2025 revenue.
This year, Nvidia’s shares have surged by more than 180%, which is almost three times the original value. The significant rise can be attributed mainly to robust sales increases and their dedication to innovative fields like generative AI and rapid computing technology.
Experts at Citi are keeping a close eye on Nvidia’s progress, predicting that its stock could potentially increase by up to 27% to reach a projected price of $175 within the next three months. This optimistic outlook is based on the anticipated growth in sales of their Blackwell chips as the year 2025 draws near.
AI-related cryptocurrencies tend to surge following positive news about Nvidia. This phenomenon was observed earlier, as reported by Crypto.news, with several such digital tokens experiencing growth in November when for a short while, Nvidia overtook Apple as the world’s most valuable company.
Recently, digital currencies tied to artificial intelligence have also seen gains due to changes in policy within the current U.S. government. They aim to appoint a leading figure, often referred to as an “AI leader,” who will oversee AI policies and enhance America’s dominance in groundbreaking technology.
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2024-11-28 12:24