Nvidia Doping to AI Tokens

One of the leading chip manufacturer companies, Nvidia’s first quarter revenues, which increased by 19% compared to the previous period, led to sharp rises in its shares. In addition, the company’s market value approaching 1 trillion, reporting the increase in artificial intelligence demand in its first quarter report, made artificial intelligence-themed cryptocurrencies on the rise.

SingularityNET (AGIX), one of the projects focused on this area, experienced an increase of up to 19 percent and reached a value of 29 cents. Cryptocurrency Cortex (CTXC) experienced a 6 percent increase and was priced at 17 cents. Similarly, the Measurable Data Token (MDT) surged 6.5 percent, bringing its value to 4 cents per token. Fetch.ai (FET), with a market cap of $195 million, gained about 5 percent and started trading at 23 cents. Meanwhile, most of the rest of the cryptocurrency market, including Bitcoin and Ether, has been sideways.

The recent surge in the S&P 500 and Nasdaq Composite, attributed to Nvidia’s impressive sales forecasts and increased demand for AI capabilities, has positively impacted the sentiment of cryptocurrency investors. In addition, arguably the biggest news was Nvidia’s guidance for Q2 2024. The company predicted revenue well above analyst expectations for the second quarter of 2024.

On Thursday, Bitcoin and Ether displayed a steady trend, with investors turning their attention to the ongoing debate over the debt ceiling in anticipation of a long weekend break. Published minutes from Wednesday’s last Fed meeting show a lack of consensus among officials on the appropriate course of action for the central bank to raise interest rates.