Are Nvidia Earnings Bullish For Crypto? Trader Highlights The 'Only Crypto With Significant Ties To NVDA'

With Nvidia’s earnings announcement around the corner, the crypto world buzzes with anticipation, particularly around AI and DePIN (Decentralized Physical Infrastructure Networks) projects.

What Happened: Machine Alpha, a notable crypto trader, focused on Render RNDR/USD in his latest tweet, highlighting a video of the Coreweave CEO stating that "The world is dependent on Nvidia."

The trader adds that if you are “bullish on artificial intelligence and crypto,” Render is a “your number one” and “The only crypto with significant ties to NVDA for the last 15+ years.”

Another trader tweeted that if history repeats itself, Render could pump to $12.80 from the current price within 3 hours of his writing the tweet.

Veteran crypto trader Sensei estimates $3 as the price target for Fetch.ai. Another crypto trader highlighted Bittensor TAO/USD in his latest tweet stating it is all set for a bull run.

As most of CT ignores the upcoming AI szn, I really think there is some alpha watching when $TAO takes these 4H 200s.

It puts in some aggressive moves when it takes this trend and AI coins of all walks of life turbo run too. pic.twitter.com/vJohnLqVnC

— Dyslexic Ventures (@DyslexicVenture) May 22, 2024

Also Read: Nvidia CEO Jensen Huang Sees Dell Partnership As Key To Wider AI Adoption: ‘It’s Not About Just Delivering A Box…’

Why It Matters: Coingecko data reported a 2.8% surge in the Artificial Intelligence coins sector with Render, Fetch.ai FET/USD leading the pack based on past 24-hour trading volume.

Nvidia earnings are expected to significantly impact AI-related stocks, as its quarterly revenue is projected to triple to $24.6 billion. Nvidia now holds a significant weighting in major indexes and ETFs, with over 5% in the S&P 500 and 6.5% in the Nasdaq 100.

Since May 6, 2024 when Benzinga noted the heated AI Crypto coins sector in light of the soon-approaching Nvidia earnings, the crypto coins Render and Fetch.ai have surged 17% and 13% respectively.

Daan Crypto Trades noted in his latest tweet that the strongest crypto sector today is AI followed by Bitcoin BTC/USD.

Strongest crypto sector today is AI.

Followed up by #Bitcoin.

Everything else following while the L2/DEX/DeFi coins are doing worst after seeing some big candles since the ETH "news". pic.twitter.com/0eYq4wNvC1

— Daan Crypto Trades (@DaanCrypto) May 22, 2024

What’s Next: The influence of AI and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why This Crypto Market Is ‘A Bear Trap’ And Which Coins This Trader Is Backing

Image: Shutterstock