AI Tokens Gain as Nvidia Earnings Approach
- WBOYOriginal
- 2024-08-27 09:25:12579browse
FET rose by 11.47% in the last 24 hours to $1.39, while TAO gained 5.29% to reach $348.72. Investors have been focusing on AI tokens ahead of Nvidia's earnings.
Major cryptocurrencies recorded minor losses in the past 24 hours, despite showing strength over the weekend. Bitcoin (BTC) fell below $64,000 during Asian trading hours on Monday after rising 5% on Friday. At the moment of writing, Bitcoin (BTC) is priced at $63,904.58, reflecting a 9.80% increase over the past 7 days.
Meanwhile, AI-related tokens led market gains ahead of Nvidia's upcoming earnings report. Artificial Superintelligence Alliance’s FET rose by 11.47% in the last 24 hours to $1.39, while Bittensor’s TAO gained 5.29% to reach $348.72. Investors have been focusing on AI tokens before Nvidia's earnings. Historically, Nvidia's financial performance has influenced the AI token space, leading to positive market reactions.
For Nvidia's upcoming earnings, analysts predict the company's earnings per share (EPS) will reach 65 cents—a 141% increase from the previous year—and expect revenue to hit $28.72 billion, up 113%. If achieved, this will mark Nvidia's fifth consecutive quarter of triple-digit growth.
Major crypto tokens, such as Ether (ETH), Solana (SOL), and XRP, experienced minor corrections. During the Asian trading session, Ether remained just above $2,700, Solana traded at $158, and XRP held at 58 cents.
The broader crypto market dropped by 0.44% as traders anticipated a continuation of the rally in the coming months. According to a Telegram message from Lucy Hu, a senior analyst at Metalpha, the market is shifting its focus from inflation to the labor market and the Federal Reserve's ability to deliver a soft landing for the U.S. economy. Hu also highlighted the potential for crypto-friendly policies if Donald Trump wins the U.S. presidential election.
Among the top 100 coins, Tron’s TRX soared by 17.96% over the past 7 days to reach $0.1648. This surge is driven by continuing demand for memecoins in the crypto market. Despite a slight decrease in market cap, now standing at $14,313,693,628, and a 12.13% drop in 24-hour trading volume to $791,312,348, TRX continues to benefit from increased interest in memecoins, adding another dynamic to the market.
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