- The yet-to-be-released Q2 2024 revenue and earnings of Nvidia Corp seem to back the surge of AI-based cryptocurrencies.
- Nvidia reported $26.06 billion in revenue and $14.88 billion in net income, with a net margin of 57.14%.
- Artificial Superintelligence Alliance (FET) is trading at $1.32 as it grew over 60% in a week and 531% in the past 52 weeks.
Integrating artificial intelligence within the cryptocurrency market has helped introduce some new concepts that are based on improving the sectors.
In the past few days, some leading AI-focused crypto coins/ tokens in the market have reflected a bullish momentum. According to market watchers, the upcoming earnings release of Nvidia Corporation is setting trading prices of AI tokens to the sky.
According to data from TradingView, NVIDIA stock added $5.63 on August 23, 2024, reaching $129.37. In the past 52 weeks, its trading price grew over 157%, and is currently trading below its annual price target of $142.53.
In the first quarter of 2024, Nvidia reported $26.06 billion in revenue and $14.88 billion in net income, with a net margin of 57.14%. For Q2 2024, the estimated EPS of its shares is $0.65, followed by $28.60 Billion in revenue.
Artificial Intelligence Tokens Surging the Most
Bittensor (TAO) is an open-source protocol that powers a decentralized, blockchain-based machine learning network. Its price surged over 22% and 472.92% in the past seven days in 52 weeks, reaching $344.78.
When writing, TAO was trading above 20, 50, and 100 days EMA at the same trading below 200 days EMA.
Artificial Superintelligence Alliance (FET) is trading at $1.32 as it grew over 60% in a week and 531% in the past 52 weeks. It is the 21st most traded crypto with an intraday trading volume of $280,875,010.
There are broader claims that the recent disclosure of the Artificial Superintelligence Alliance to launch the FET Innovation Lab has also directed the price to new highs.
Additionally, the FET Innovation Lab has committed an annual budget of $10 M for investment in projects that will leverage the company’s technology stack to develop AI agents.
As of writing, Render (RNDR) has been trading at $6.05, with a growth of 41.25% in the past seven days. According to CoinMarketCap, RNDR/USDT is the most traded pair of Render.
RNDR’s growing prices are also closely connected with the recent upgrade on Render Network. Available information notes that On August 20, 2024, Render released the Cinema 4D Wizard, helping 3D artists to cut work time and streamline their workflows.
This plug-in works on the Cinema 4D application, one of the most used 3D rendering software.
Crypto Market Price Update
At press time, the global cryptocurrency market’s capitalization stands at $2.190 Trillion, with a decline of 13.03% in the past three months. The fear and greed index powered by CoinMarketCap is at 56, reflecting neutrality.
Bitcoin has mirrored significant milestones in 2024, including attaining its all-time high, the approval of its spot ETF, and the surge in the number of addresses and wallets holding BTC.
As of writing, BTC was trading at $63,848 after a surge of 8.03% in a week and 145.11% in the past 52 weeks. Bitcoin has the highest market cap in the entire crypto space, followed by the title of 2nd most traded digital asset.
