{"id":548736,"date":"2023-08-24T21:00:37","date_gmt":"2023-08-24T21:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=548736"},"modified":"2023-08-24T15:36:53","modified_gmt":"2023-08-24T15:36:53","slug":"why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens\/","title":{"rendered":"Why Nvidia’s 20% Rise Ignited Rally In Crypto AI Tokens"},"content":{"rendered":"

Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. The legacy company’s stock price saw important gains as its bet on the AI sector paid off. <\/strong><\/p>\n

Related Reading: SOL Tallies 5% Gains In One Day After Shopify Integrates Solana Pay<\/a><\/div>\n

As of this writing, crypto market tracker Coingecko data records double-digit gains for AI-based cryptocurrencies. Render (RNDR) and Akash Network performed best in the last 24 hours and the previous week, respectively, with the former recording a 6% profit and a 10% gain.<\/p>\n

\"Nvidia
NVDA’s price trends to the upside on the daily chart, leading to a crypto AI rally. Source: NVDA on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Nvidia Fuels AI Crypto Rally, But It\u2019s the Trend Sustainable?<\/h2>\n

According to a report<\/a> from Sarson Funds, the correlation between crypto AI tokens and Nvidia is \u201cstrong.\u201d The chipmaker has spearheaded the AI trend in the legacy financial sector and sparked interest in this technology.<\/p>\n

As a result, and under current market conditions, AI crypto tokens are moving with Nvidia’s (NVDA) stock price. Sarson Funds stated the following regarding NVDA\u2019s rally and its impact on the crypto sector:<\/p>\n

AI-powered cryptocurrencies are reacting positively to Nvidia’s stellar Q2 earnings! The connection between #crypto and AI is stronger than ever as Nvidia ($NVDA) exceeds estimates with $13.51B in sales and $2.70 EPS, outperforming predictions. Notably, Render Network +8%, Singularity NET +9.9%, & Fetch +8.7% upon the announcement.<\/p><\/blockquote>\n

In that sense, the fate of crypto tokens is highly linked to NVDA\u2019s future performance. The stock\u2019s gains were tied to better-than-expected results in its quarterly report and are likely to continue in the coming months.<\/p>\n

According to the company\u2019s recent report, AI chip sales will only accelerate, boosting Nvidia\u2019s revenue and potentially spilling into the crypto sector. In addition, other tech giants are jumping on the AI fever, reinforcing the thesis that the new technology will unlock further gains.<\/p>\n

Nvidia\u2019s CFO Colette Kress told investors<\/a> this regarding their expectations for the coming months:<\/p>\n

There is tremendous demand for Nvidia accelerated computing and AI platforms. Our supply partners have been exceptional in ramping capacity to support our needs. We expect supply to increase each quarter through next year. By geography, data center growth was strongest in the U.S. as customers direct their capital investments to AI and accelerated computing.<\/p><\/blockquote>\n

In the meantime, crypto traders might use NVDA\u2019s as a proxy for AI crypto tokens performance. If the forecasts are accurate, NVDA will likely double its current stock price by the end of the year; how will crypto AI tokens stand by then?<\/p>\n

Related Reading: Here\u2019s Why This Crypto Expert Believes Ethereum Is The \u2018Biggest Block\u2019 Against Bitcoin Adoption<\/a><\/div>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. The legacy company’s stock price saw important gains as its bet on the AI sector paid off. Related Reading: SOL Tallies 5% Gains In One Day After Shopify Integrates Solana Pay As of this writing, crypto market tracker Coingecko data records double-digit gains for AI-based cryptocurrencies. Render (RNDR) and Akash Network performed best in the last 24 hours and the previous week, respectively, with the former recording a 6% profit and a 10% gain. Nvidia Fuels AI Crypto Rally, But It\u2019s the Trend Sustainable? According to a report from Sarson Funds, the correlation between crypto AI tokens and Nvidia is \u201cstrong.\u201d The chipmaker has spearheaded the AI trend in the legacy financial sector and sparked interest in this technology. As a result, and under current market conditions, AI crypto tokens are moving with Nvidia’s (NVDA) stock price. Sarson Funds stated the following regarding NVDA\u2019s rally and its impact on the crypto sector: AI-powered cryptocurrencies are reacting positively to Nvidia’s stellar Q2 earnings! The connection between #crypto and AI is stronger than ever as Nvidia ($NVDA) exceeds estimates with $13.51B in sales and $2.70 EPS, outperforming predictions. Notably, Render Network +8%, Singularity NET +9.9%, & Fetch +8.7% upon the announcement. In that sense, the fate of crypto tokens is highly linked to NVDA\u2019s future performance. The stock\u2019s gains were tied to better-than-expected results in its quarterly report and are likely to continue in the coming months. According to the company\u2019s recent report, AI chip sales will only accelerate, boosting Nvidia\u2019s revenue and potentially spilling into the crypto sector. In addition, other tech giants are jumping on the AI fever, reinforcing the thesis that the new technology will unlock further gains. Nvidia\u2019s CFO Colette Kress told investors this regarding their expectations for the coming months: There is tremendous demand for Nvidia accelerated computing and AI platforms. Our supply partners have been exceptional in ramping capacity to support our needs. We expect supply to increase each quarter through next year. By geography, data center growth was strongest in the U.S. as customers direct their capital investments to AI and accelerated computing. In the meantime, crypto traders might use NVDA\u2019s as a proxy for AI crypto tokens performance. If the forecasts are accurate, NVDA will likely double its current stock price by the end of the year; how will crypto AI tokens stand by then? Related Reading: Here\u2019s Why This Crypto Expert Believes Ethereum Is The \u2018Biggest Block\u2019 Against Bitcoin Adoption Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":548737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89216,89217,7436],"class_list":["post-548736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-nvda","tag-nvdausd","tag-nvidia"],"acf":[],"yoast_head":"\nWhy Nvidia 20% Rise Ignited Rally In Crypto AI Tokens<\/title>\n<meta name=\"description\" content=\"Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Nvidia’s 20% Rise Ignited Rally In Crypto AI Tokens","url":"http:\/\/wncen.com\/news\/why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Nvidia-NVDA-NVDAUSD.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Nvidia-NVDA-NVDAUSD.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["nvda","nvdausd","nvidia"],"dateCreated":"2023-08-24T21:00:37Z","datePublished":"2023-08-24T21:00:37Z","dateModified":"2023-08-24T21:00:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Nvidia’s 20% Rise Ignited Rally In Crypto AI Tokens\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-nvidias-20-rise-ignited-rally-in-crypto-ai-tokens\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Nvidia-NVDA-NVDAUSD.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Nvidia-NVDA-NVDAUSD.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"nvda\",\"nvdausd\",\"nvidia\"],\"dateCreated\":\"2023-08-24T21:00:37Z\",\"datePublished\":\"2023-08-24T21:00:37Z\",\"dateModified\":\"2023-08-24T21:00:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Nvidia-NVDA-NVDAUSD.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548736"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548736"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548737"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}