Nvidia Halo Effect a Boon for AI Crypto Coins
Key takeaways
- Nvidia smashed its earnings report and announced it was expecting $11 billion in revenue next quarter, far exceeding the $7.2 billion estimation
- The news sparked a rally across AI stocks and now AI crypto coins, which use AI to do research and make crypto trades
- FET and SingularityNET, two of the biggest coins, were up 4% and 9% respectively
AI crypto coins: they’re everything you know and love about crypto, except with the added bonus of AI blockchains. Yeah, it sounds suspicious, but the Nvidia stock surge has increased crypto trader confidence in the fledgling sector. Let’s get into the details.
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What is an AI crypto coin?
An AI crypto coin is a cryptocurrency that uses artificial intelligence somewhere in its operations. This could be in the data collection, trading strategy or even to power the blockchain itself, like SingularityNET.
AI crypto coins look at the market data, predict what’s going to do well and automatically make the trades. A bit like what we do here at Q.ai, but just dedicated to crypto. The idea is that it makes crypto trading both smarter and safer at the same time.
Nvidia’s boost to the market
AI chip maker Nvidia announced yesterday it had smashed its revenue and EPS targets for Q1, and had massively upgraded its Q2 revenue forecast to $11 billion, which blew analyst estimates of $7.2 billion out of the water. As a result, Nvidia shares soared up to 26% in a day and sparked an AI stocks rally — including AI crypto coins.
FET, the native currency of AI blockchain platform Fetch.ai, has a market value of $193 million and saw its value surge over 4% thanks to the announcement. Meanwhile, AI crypto coin SingularityNET saw a 9% surge in one day.
Render Token, the crypto coin for the Render Network, enjoyed highs of over 8% added to its share price, hitting $2.74. Cortex’s CTXC token and the Measurable Data Token both saw gains of 6% and 6.5% respectively.
The crypto market has seen a lot of ups and downs, so the AI boost to the market could attract crypto miners and traders to the space to ride out the storm in other parts of the market — watch this space to see if it’s a sustained trend or a one-off.
The bottom line
It was a red-hot day for the markets yesterday and AI crypto coins were part of the fun. Crypto is well-known for being a volatile and at times fraudulent market, so any would-be AI crypto coin investor should do some serious research beforehand to try and ensure everything’s above board.
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