AI-Related Cryptocurrencies Pump Ahead of NVIDIA's Earnings Report, FET Emerges as the Week's Top Performer
- WBOYOriginal
- 2024-08-27 15:29:16974browse
Artificial intelligence-related cryptocurrencies were among the market's biggest weekly gainers as the focus shifted to AI chip-making giant NVIDIA Corp.
Cryptocurrencies linked to artificial intelligence were among the market’s biggest weekly gainers as the focus shifted to upcoming second-quarter earnings from AI chip-making giant NVIDIA Corp (NASDAQ:NVDA).
The AI-based collaborative token, FET, pumped 50% over the week to emerge as the best-performing cryptocurrency over the past week.
For the uninitiated, the universal token is the product of a strategic merger between three AI-based cryptocurrencies — Fetch.ai, SingularityNET, and Ocean Protocol.
Meanwhile, Render soared 38% to become the third-biggest gainer over the week. The cryptocurrency erased all the losses endured since the beginning of the month.
The Render Network is a peer-to-peer network that rents out idle GPU power to content creators and AI applications.
Elsewhere, Bittensor, known for its decentralized AI offerings, rose 15%. It’s worth mentioning that a cryptocurrency fund tracking the price of the native token, TAO, was launched earlier this month.
The rally was likely in anticipation of Nvidia’s second-quarter earnings, which are due out Wednesday after the market closes.
Previously, AI tokens have rallied sharply after the behemoth reported positive numbers, prompting traders to take bullish positions on the cryptocurrencies.
According to Coinglass, long positions taken for AI tokens such as FET and RENDER significantly exceeded shorts in the last 24 hours.
Price Action: Shares of Nvidia closed 2.25% lower at $126.46 during Monday’s regular trading session, according to data from Benzinga Pro.
Photo by Igor Faun on Shutterstock
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