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Prominent pseudonymous trader Stoic emphasized the importance of recognizing and adapting to the fragmented rotations in the current bull market, with sectors such as artificial intelligence.
What Happened: In a May 5 tweet, Stoic highlighted the potential in the AI sector, particularly with Nvidia‘s earnings report expected on May 22. He notes Fetch.ai (CRYPTO: FET), Render (CRYPTO: RNDR), and SingularityNET (CRYPTO: AGIX) as solid options within the AI space.
Stoic stressed the significance of cutting positions on weak alternatives and being flexible in order to capitalize on the opportunities presented by the rapidly evolving market. He further highlighted the opportunity cost of holding onto positions that are slowly losing value while a basket of AI coins are gaining, describing it as "painful".
Also Read: What Is Going On With Bittensor’s TAO Token? ‘You’re Not Bullish Enough,’ Says Crypto Trader
Why It Matters: CoinGecko data supports this sentiment, showing a 7.5% growth in the valuation of Artificial Intelligence coins, with the top three coins reporting gains between 2% and 6%.
Machine Alpha, another notable crypto trader, points to two significant catalysts that could lead to Render’s rally to a new all-time high: Nvidia’s earnings on May 22 and Apple‘s WWDC AI reveal on June 10.
RNDR is currently forming a triple bottom on its daily chart, indicating a potential bullish reversal. Additionally, crypto trader Wizz suggests that Bittensor (CRYPTO: TAO) is expected to lead the AI bounce, with FET likely to follow suit.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
