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- AI-based cryptocurrencies lead the recent recovery in the crypto market, coinciding with the rise in shares of chipmaker Nvidia (NVDA) listed on Nasdaq.
- The Render Network’s token RNDR, a decentralized GPU-based rendering solution, has seen a significant increase of about 40% to $10,432 in the last seven days, making it the biggest gainer among the top 100 cryptocurrencies by market value.
- Other AI-related coins such as SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET have also witnessed gains varying between 17% to 23%, outperforming the overall market performance.
AI-based cryptocurrencies are leading the recent recovery in the crypto market, coinciding with the rise in shares of chipmaker Nvidia. The Render Network’s token RNDR has seen a significant increase, making it the biggest gainer among the top 100 cryptocurrencies.
Nvidia’s Upcoming Earnings Report Fuels Market Optimism
Hitesh Malviya, the founder of DYOR, underlined the rising expectation surrounding Nvidia’s upcoming earnings report. He stated, “There’s a strong buzz around Nvidia’s upcoming earnings. AI coins will continue to rise cyclically as they are directly related to all the AI developments happening around us.” Nvidia is scheduled to announce its first-quarter earnings after the market closes on May 22, and a significant year-on-year earnings increase is expected.
Positive Financial Results from Other AI-focused Companies
The positive financial results from other AI-focused companies have also contributed to the optimistic atmosphere surrounding Nvidia. It’s important to note that these developments are not investment advice but provide an insight into the current trends in the crypto market.
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Conclusion
The recent surge in AI-based cryptocurrencies, coinciding with the rise in Nvidia’s shares, indicates a growing interest in AI technology within the crypto market. The upcoming earnings report from Nvidia and positive financial results from other AI-focused companies have further fueled this optimism. However, potential investors should conduct thorough research and consider market trends before making any investment decisions.
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