Nvidia beats Q1-2024 statistics, boosting AI coin speculation

nvidia beats q1-2024 statistics, boosting ai coin speculation

Nvidia has published its numbers for the first quarter of 2024. They are promising, as there is a significant increase of 262% on a yearly basis. Revenue has soared to $26 billion, up 18% in the last three months. The majority of the momentum is built around artificial intelligence. Hence, there is speculation that it could have a ripple effect on AI coins.

Stock prices continued to trade with an upswing of 6% hours after the report was published. AI coins reacted by noting a surge of 2%; however, they later retraced to a lower value due to the overall market sentiment.

A rise in Nvidia’s number comes at a time when giants like Meta, Coinbase, and MicroStrategy have reported a decline in their stocks. Numbers for Meta fell by 0.43%, Coinbase by 5.46%, and MicroStrategy by 6.25%.

Another impact is expected to be evident on AI tokens and DePIN; the market is bracing for a positive impact. This further demonstrates that Nvidia’s influence extends beyond the realm of physical computer hardware. DePIN is already the talk of the town, with companies like Microsoft, OpenAI, and Google talking about the concept.

Some of the AI coins that could show the impact of such developments are ICP, FET, RNDR, GRT, and FIL.

Render ($RNDR) is currently down by 6.53% in the last 24 hours, listed at $9.89 at the time of writing this article. It further reflects a fall of 2.485 in the last 7 days. Earlier, the AI coin was on track to surpass the $10 milestone easily. GRT has retreated to $0.3191, a 6.35% decline in the last 24 hours. The Graph is now aiming to test the resistance at $0.32 in the next couple of days.

A decline of 7.84% is visible on Fetch.ai. That brings the value to $2.28, earlier expected to dance around $2.5, eventually marking an uptick at $3 by the end of this year. If all the factors align for AI coins, this scenario remains plausible. Internet Computer is trading above $12 right now, at $12.02, to be precise. That is a fall of 6.61% in the last 24 hours and 3.34% in the last 7 days.

Filecoin has shed 7.32% during the same time window to exchange hands at $5.69, marginally away from achieving the feat of $6.

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The ongoing sentiment cannot be expected to last for a long time. Volatility is also an important factor in AI coins. Nvidia may not have an instant effect on AI coins, but assumptions that it does have some effect can ultimately drive the market upward. Plus, there is a macro sentiment driven by flagship cryptos (BTC and ETH), setting a trend for the market to follow.

Roxanne Williams: Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.