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AI-Focused Cryptocurrencies Rise Ahead of Nvidia's Earnings Report

23/05/2024 04:03

According to CoinDesk, artificial intelligence (AI) oriented cryptocurrencies experienced a rise on Wednesday, despite the broader digital asset market's subdued activity ahead of Nvidia's quarterly earnings report. Large-cap AI tokens such as Fetch.ai's FET, Render's RNDR, Bittensor's TAO, and SingularityNET's AGIX saw an increase of 4%-5% over the past 24 hours, as per CoinGecko data. AIOZ Network's token (AIOZ), part of the Decentralized physical infrastructure network (DePin), saw a 7% jump during the day following an announcement that the project was listed on the Nvidia Accelerated Applications Catalog. The native token of layer-1 (L1) network Near Protocol (NEAR), which gained attention when its co-founder spoke at an Nvidia conference earlier this year, saw a 2% gain during the same period. It was the best performing asset in the CoinDesk 20, which fell 0.6% alongside modest declines for bitcoin and ether. The broader market decline came after a few days of rapid rally due to positive regulatory developments in the U.S. and falling bond yields as inflation fears subsided. Nvidia shares were down by 1.5% just before the close of regular trading on Wednesday, with the earnings results due after the bell. Patrick Moorhead, founder and CEO of Moor Insights & Strategy, stated earlier this week in an interview with Yahoo Finance that he expects the company to clearly beat expectations. The stock has seen a 90% rise this year and more than a 200% increase year-over-year.

Bullish

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