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With Nvidia’s earnings announcement around the corner, the crypto world buzzes with anticipation, particularly around AI and DePIN (Decentralized Physical Infrastructure Networks) projects.
What Happened: Machine Alpha, a notable crypto trader, focused on Render (CRYPTO: RNDR) in his latest tweet, highlighting a video of the Coreweave CEO stating that "The world is dependent on Nvidia."
The trader adds that if you are “bullish on artificial intelligence and crypto,” Render is a “your number one” and “The only crypto with significant ties to NVDA for the last 15+ years.”
Another trader tweeted that if history repeats itself, Render could pump to $12.80 from the current price within 3 hours of his writing the tweet.
Veteran crypto trader Sensei estimates $3 as the price target for Fetch.ai. Another crypto trader highlighted Bittensor (CRYPTO: TAO) in his latest tweet stating it is all set for a bull run.
Why It Matters: Coingecko data reported a 2.8% surge in the Artificial Intelligence coins sector with Render, Fetch.ai (CRYPTO: FET) leading the pack based on past 24-hour trading volume.
Nvidia earnings are expected to significantly impact AI-related stocks, as its quarterly revenue is projected to triple to $24.6 billion. Nvidia now holds a significant weighting in major indexes and ETFs, with over 5% in the S&P 500 and 6.5% in the Nasdaq 100.
Since May 6, 2024 when Benzinga noted the heated AI Crypto coins sector in light of the soon-approaching Nvidia earnings, the crypto coins Render and Fetch.ai have surged 17% and 13% respectively.
Daan Crypto Trades noted in his latest tweet that the strongest crypto sector today is AI followed by Bitcoin (CRYPTO: BTC).
What’s Next: The influence of AI and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Why This Crypto Market Is ‘A Bear Trap’ And Which Coins This Trader Is Backing
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