Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Top 5 AI, DePIN tokens hit by corrections ahead of key events, NVIDIA earnings this week

Source Fxstreet

NVIDIA earnings result this week could influence the price of Artificial Intelligence and DePIN tokens in crypto.
ICP, FET, RNDR, GRT, FIL and tokens from the AI and DePIN category have suffered corrections or moderate increases on Monday.
Tokens with their use case tied to AI and Machine Learning are most likely to see a positive impact on price.

Chip giant NVIDIA has emerged as a significant market mover for cryptocurrencies in the Artificial Intelligence (AI) and Decentralized Physical Infrastructure Network (DePIN) categories, per previous earnings results from the technology firm.

AI and DePIN tokens ranked in the top 5 assets in their category by market capitalization are expected to see the impact of the news and updates this week.

OpenAI’s announcements, Microsoft and Google’s AI-related updates and partnerships/agreements within the ecosystem have catalyzed gains in these tokens, fueling the AI and DePIN narrative.

AI and DePIN asset picks for the week

The top 5 tokens in each category, including the common ones, are Internet Computer (ICP), Fetch.ai (FET), Render (RNDR), The Graph (GRT), Bittensor (TAO), Arweave (AR), Filecoin (FIL), and Theta Network (THETA).

Five of these eight assets were hit by a correction on Monday, while the remaining three have seen moderate increases in their prices. The anticipation among market participants continues to rise ahead of the NVIDIA earnings announcement.

The AI and DePIN narrative has seen a strong correlation with AI sector updates and announcements in the past few months. If history repeats, the earnings result could catalyze a rally in the assets, offering holders the opportunity to take profits.

Which tokens could see the most gains?

Analysts behind the X handle @ourcryptotalk evaluated the AI and DePIN categories of tokens and identified the ones with the closest ties to NVIDIA. The analyst notes that RNDR links users to Graphics Processing Unit (GPU) owners for digital creation and offers them tokens for processing jobs. This makes transactions efficient, and the project is one of the early giants in the sector.

1/

• The Catalyst: Nvidia's Earnings could potentially boost crypto towards AI and DePIN.

• Early Giants: $RNDR, $TAO, $GHX lead in matching GPU/CPU supply with AI demand.

• Evolving Scene: Focus shifts to underdogs with untapped potential amid market evolution.
— Our Crypto Talk (@ourcryptotalk) May 20, 2024

Bittensor rewards Machine Learning (ML) models with TAO tokens, contributes to transparency in the AI industry, and supports innovation. The analyst counts TAO as another one of the early giants.

THETA offers GPU compute and blockchain for payments, attracting AI enthusiasts. The team features leading experts from giants like Netflix, Amazon, Samsung, Vimeo and Salesforce, bringing blockchain and streaming expertise to AI and crypto.

These are the three large market capitalization projects with close association to AI, ML and computation that stand to gain from the developments this week, per the analyst’s tweets on X.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Author TradingKey

13 hours ago

On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money left Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Author Irene Q.

18 hours ago

Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't break Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Author Irene Q.

19 hours ago

Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Gold Extends Slide Below $4,000 as Rising US Inflation, Fed December Hike Bets Pressure Prices On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Author TradingKey

19 hours ago

On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Bitcoin lost its 200-day average — but the exit started three sessions before the CPI Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Author Suzie

Yesterday 03: 22

Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Popular Symbols