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Although AI crypto tokens fell due to the Nvidia effect, investors expect an increase.
While Nvidia's (NVDA) share price increased by over 7% on May 28, AI-related cryptocurrencies have fallen in the last 24 hours. However, a cryptocurrency investor said that the decline will not last forever.
“NVDA is rising, AI tokens are quiet now but that won't last long,” investor Matthew Hyland wrote in his X post on May 28. said.
#Artificial intelligence companies run AI models on computer processors made by Nvidia. As NVDA's performance is seen as a barometer of the market's attitude towards AI, crypto investors are considering its share price as a prediction of how AI tokens may move.
Nvidia gained 22% in the last five trading days and closed at a record high of $1,140 on May 28; The stock is up nearly 137% since the beginning of the year.
Nvidia's first-quarter revenue beat expert estimates by about 5.6%, up 18% from the fourth quarter of 2023 and 262% from the same quarter last year.
Meanwhile, some of the largest AI cryptocurrencies by market cap have fallen over the past week, unlike Nvidia.
#Render (RNDR), #fetch.ai (FET), and SingularityNet (AGIX) lost 8.14%, 11.39%, and 11.19%, respectively, over the past seven days, according to CoinMarketCap.
Although AI cryptocurrencies have not followed the increase, some investors think that this may change with the decline in Nvidia's share price. “When #NVDA starts selling, it will take other mega-cap tech names with it for at least a few days,” anonymous crypto investor Triplexx wrote in a post shared on May 28. Then, whatever crypto's attitude is, it will pull crypto with it. “Be ready.” said.
Investment guru Lyn Alden noted on May 25 that Nvidia is one of the few stocks that has outperformed Bitcoin over the past decade. A $10,000 investment in #NVIDIABlackwell in 1999 was “worth $25.3 million” as of May 24, according to trading site The Kobeissi Letter.
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