Nvidia Earnings Spark AI Token Rally, Bitcoin Dips Below $64K
YEREVAN (CoinChapter.com) — Major cryptocurrencies like Ether (ETH), Solana (SOL), and XRP recorded minor losses in the past 24 hours, despite showing strength over the weekend. Meanwhile, AI-related tokens such as Artificial Superintelligence Alliance’s FET and Bittensor’s TAO led market gains ahead of Nvidia’s upcoming earnings report.
AI Tokens Gain as Nvidia Earnings Approach
FET rose by 11.47% in the last 24 hours to $1.39, while TAO gained 5.29% to reach $348.72. Investors have been focusing on AI tokens ahead of Nvidia’s earnings. Nvidia’s financial performance has historically influenced the AI token space, leading to positive market reactions. Analysts predict Nvidia’s earnings per share (EPS) to reach 65 cents, a 141% increase from the previous year, with revenue expected to hit $28.72 billion, up 113%. This would mark Nvidia’s fifth consecutive quarter of triple-digit growth.
Bitcoin Slips Below $64K Despite Weekend Rally, Market Sees Minor Corrections
Bitcoin (BTC) fell below $64,000 during Asian trading hours on Monday after gaining 5% on Friday. The rise followed comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium, where he mentioned a monetary easing cycle starting next month.
At the moment of writing, Bitcoin (BTC) is priced at $63,904.58, reflecting a 9.80% increase over the past 7 days. The market capitalization stands at $1,261,818,992,893, with a 24-hour trading volume of $21,300,661,492.
Bitcoin Market Snapshot. Source: CoinMarketCap
Despite the weekend rally, Bitcoin and other major tokens like Ether (ETH), Solana (SOL), and XRP experienced minor corrections. Ether stayed just above $2,700, Solana traded at $158, and XRP held at 58 cents.
Crypto Market Update: TRX Soars Amid Memecoin Demand, Traders Eye Nvidia Earnings
The broader crypto market remained flat, dropping 0.44%. Traders expect the rally to continue in the coming months. Lucy Hu, senior analyst at Metalpha, said in a Telegram message that the market is shifting focus from inflation to the labor market and the Fed’s ability to deliver a soft landing for the U.S. economy. Hu also mentioned the possibility of crypto-friendly policies if Donald Trump wins the U.S. presidential election.
Tron’s TRX surged by 17.96% over the past 7 days to reach $0.1648, driven by ongoing demand for memecoins. Despite a slight 0.36% decrease in market cap, now standing at $14,313,693,628, and a 12.13% drop in 24-hour trading volume to $791,312,348, TRX continues to benefit from increased interest in memecoins, adding another dynamic to the market.
Tron TRX Market Performance. Source: CoinMarketCap
Nvidia’s earnings report, scheduled for August 28, could significantly influence AI-related tokens.
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