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Cryptocurrency News Articles

AI-Focused Cryptocurrencies Rally to New All-Time High Following Bullish Nvidia Earnings Report

Nov 28, 2024 at 05:22 pm

NEAR Protocol (NEAR), the largest AI coin by market cap, rose 20% over the past 7 days, trading at $6.67 per coin at press time.

AI-Focused Cryptocurrencies Rally to New All-Time High Following Bullish Nvidia Earnings Report

AI-focused cryptocurrencies posted impressive gains over the past week, coinciding with a strong quarterly sales report from Nvidia, which bodes well for these tokens as 2025 approaches.

Tracking a list of the biggest AI coins by market capitalization, we can see gains ranging from 20% for NEAR Protocol (NEAR) to 79.5% for Qubic (QUBIC).

The gains follow a strong third-quarter earnings report from Nvidia, which showed record quarterly sales of $35.1 billion, beating earlier estimates of $32.5 billion.

In a third-quarter earnings call with investors, Nvidia CEO Jensen Huang highlighted a significant uptick in demand for the company’s latest Blackwell chip. He added that the surge in demand has raised expectations of surpassing the earlier estimate of $7 billion in revenue for Q4 2025.

Nvidia shares have climbed over 180% this year, nearly tripling on the back of strong sales growth and its commitment to generative AI and accelerated computing technologies.

Analysts at Citi have placed Nvidia on a “positive catalyst watch,” forecasting that its shares could climb by up to 27% to a $175 price target within the next 90 days, driven by rising sales of Blackwell chips as 2025 approaches.

AI-related cryptocurrencies often rally on bullish news about Nvidia, as previously reported by Crypto.news, when several of these tokens posted gains in November after Nvidia briefly surpassed Apple as the world’s most valuable company.

This time, AI-related coins have also benefited from policy shifts under the U.S. administration, which plans to appoint an “AI czar” to centralize artificial intelligence policy and strengthen the nation’s leadership in transformative technology.

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