Nvidia up 15% in 5 days – will AI crypto tokens follow?

The share price of Nvidia – one of the largest manufacturers of graphics processing units (GPUs) – has recovered by 15% this week, as analysts speculate that “bottom-out” artificial intelligence (AI) crypto tokens will follow.

“This is absolute madness,” marketing sources said in an April 27 letter to X, pointing to the highs seen in Nvidia's market value last trading week.

He added, “The stock jumped from a low of $756 to $880+, adding ~$320 BILLION to the market cap.”

Although AI crypto tokens have experienced price declines across the board, analysts are hopeful that Navidi's strong performance will have a positive effect, as it has in the previous market cycle.

Anonymous crypto trader Crypto Stream explained in its April 26 “fundamental consideration” of investing in AI tokens that it hinges on Nvidia’s performance. The expected Q1 2024 earnings report will be released on May 22.

“Many TradFi investors are waiting for this data before making their next move. Don't forget that NVD felt a lot of FOMO when it leaked continuously,” he explained.

Meanwhile, Anonymous Crypto God John told his 668,100 X followers on April 27 that “it should be an interesting few weeks leading up to Nvidia earnings.”

Cryptogodjon went on to add, “A lot of AI coins that are looking down.”

Render (RNDR) is down 6.89% in the last 24-hours, Fetch.AI (FET) is up 6.12%, and SingularityNET (AGIX) is down 5.47% in the same period, according to CoinMarketCap data.

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NVDA has seen a 15 percent recovery since the close of trading on April 19, when the stock closed at $762. At the end of the trading week of April 26, the stock price reached $877.

According to Google Finance data, NVDA has risen 6.18% in the last 24 hours alone.

AI crypto tokens experienced a price jump in February following the release of Nvidia's strong performance in its fourth quarter 2023 earnings report.

In the year On February 26, Cointelegraph reported that following Nvidia's earnings announcement, AI crypto tokens surged in value. The firm announced revenue and earnings of $22.1 billion and $12.3 billion, respectively, in Q4 2023, representing growth of 265% and 769% compared to Q4 2022.

Just days ago, on February 22, the total market value of AI-based tokens reportedly swelled 9% to $17.8 billion after Nvidia's quarterly earnings report, up from $7 billion at the beginning of the month.

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