Zinger Key Points
- The Artificial Intelligence coins sector is trading 2.8% higher, as Nvidia is set to release its Q1 earnings today.
- One trader highlighted that if you are bullish on AI, crypto then Render has to be a top pick, while many remain bullish on FET, TAO token.
- Get Monthly Picks of Market's Fastest Movers
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.
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.
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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
