AI tokens such as RNDR, AGIX, FET outshine bitcoin by a wide margin.
NVDA rallies to a one-month high as excitement builds around the chipmaker’s impending earnings report.
Native cryptocurrencies of blockchain projects supposedly using artificial intelligence (AI) have led the crypto market recovery in recent days, while shares of Nasdaq-listed chipmaker Nvidia (NVDA), the poster child for all things AI, also rallied.
RNDR, the utility token of decentralized GPU-based rendering solutions, The Render Network, has surged almost 40% to $10.432 in seven days, the biggest gain among the top 100 cryptocurrencies by market value, according to data source CoinGecko.
Other AI coins, such as SingularityNET’s AGIX, Bittensor’s TAO and Fetch.ai’s FET, have gained between 17% and 23%, outperforming the broader market. Bitcoin, the largest cryptocurrency by market value, has risen 1.7%, while the CoinDesk 20 Index, a broader market gauge, has rallied 0.6%.
Crypto analytics platform DYOR’s relative strength crypto narrative tracker shows decentralized AI coins and DePIN – or decentralized physical infrastructure – tokens are among the best performers of the past seven days.
“There is a strong buzz around Nvidia’s impending earnings,” Hitesh Malviya, founder of DYOR, told CoinDesk. “AI coins will keep having cyclical runs [higher] as they are directly correlated with the whole AI-side development happening around us.”
The chipmaker is set to report first-quarter earnings on May 22 after the market close. Zacks Investment Research expects the company to report earnings per share of $5.49, a 403% year-on-year increase. Recent results from other AI companies have been largely positive, according to Bloomberg.
Shares in NVDA rose to $922 on Monday, hitting the highest since April 1. They have recovered more than 20% from the low of $756 reached on April 19, according to data source TradingView.
Over the years, bitcoin and the broader crypto market have developed a strong positive correlation with NVDA, whose chips were used to power mining rigs before garnering interest from AI. NVDA and the crypto market bottomed out in late 2022, ending an almost year-long downtrend with the debut of OpenAI’s ChatGPT, which helped raise general awareness about artificial intelligence.
Speculation is rife that OpenAI is likely to launch version 5 of ChatGPT in the coming months. Late last month, technology giants reported a better-than-expected quarterly earnings growth powered by substantial investments in artificial intelligence.
“OpenAI will launch a new model in the coming months, better hardware will be developed, and more funds will be injected into the space. We are in an AI super cycle right now,” Malviya said.
Edited by Sheldon Reback.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
, CoinDesk was acquired
by the Bullish group, owner of
Bullish,
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
interests
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
24H Low$1.1024H High$2.15PriceMarket Stats24H Average Transaction Feen/aReturnsNumber of TransactionsPrice PerformanceAverage Time Token is HeldTwitter SentimentSearch TrendsBitcoin CalculatorCrypto to FIATCrypto to CryptoLast Updated on 10/16/21 12:44 PM CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN…
news While the U.S. Securities and Exchange Commission (SEC) has so far blocked a number of proposed bitcoin ETFs, two firms aim to launch a more limited option this week. According to a report by the Wall Street Journal on Tuesday, VanEck Securities and SolidX Management – which have previously had a decision on their proposed bitcoin ETF…
Jan 24, 2020 at 03:46 UTCUpdated Jan 24, 2020 at 04:03 UTCBlockFi CEO Zac Prince image via CoinDesk archivesBlockFi, one of the first lending startups in the cryptocurrency markets, recently announced Thursday it would make changes to the interest paid based on the yield it generates from lending bitcoin (BTC) and ether (ETH). The changes…
The ether (ETH) Liquid Staking Derivatives (LSD) market is poised for explosive growth, potentially adding $24 billion in total value locked over the next two years, according to a new report from HashKey Capital.Ethereum’s LSD market reached over $22 billion in total value locked (TVL) this year, and the total market capitalization of all LSD…
May 28, 2020 at 17:02 UTCUpdated May 28, 2020 at 17:09 UTCCredit: Kristina Flour/UnsplashThe Enigma mainnet was rebranded the Secret Network after an on-chain proposal by the community unanimously passed on May 17. The new website, Twitter and blog, among other digital assets, went live Wednesday. The Secret Network, so named to describe its decentralized…
Dec 17, 2019 at 12:00 UTCUpdated Dec 17, 2019 at 12:04 UTCThis post is part of CoinDesk's 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Russell Okung, "The Bitcoin Cleats Guy," is a philanthropist, entrepreneur, social activist and Super Bowl champion left tackle…
Ether staking giant Lido will work with two Cosmos blockchain ecosystem projects to bridge its staked ether (stETH) tokens to the Cosmos network, in a step that could see the transfer of millions of dollars in liquidity between the two blockchains.Liquid staking has become a popular way for investors to earn yields on their digital
This morning in a sun-dappled conference room high above the streets of Manhattan, a crowd of lawyers and journalists got a preview of crypto’s coming legal Ragnarok. It was the U.S. Securities and Exchange Commission (SEC) vs. Coinbase, months early – albeit slightly more polite and vague than things will be in any coming court…
Major cryptos remained flat over the past 24 hours even as financial giant PayPal announced plans to issue a stablecoin in the coming days – suggesting overall market sentiment remains tepid despite fundamental developments.Bitcoin traded just over $29,100 in European morning hours, a level it has largely remained at since the past five days. The…