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Artificial intelligence-related cryptocurrencies were among the market’s biggest weekly gainers as the focus shifted to AI chip-making giant NVIDIA Corp. (NASDAQ:NVDA) upcoming second-quarter earnings.
What happened: The AI-based collaborative token, FET, pumped 50% over the week, emerging as the best-performing cryptocurrency over the past week.
For the curious, the universal token is the result of a strategic merger between three AI-based cryptocurrencies, namely, Fetch.ai (CRYPTO: FET), SingularityNET (CRYPTO: AGIX), and Ocean Protocol (CRYPTO: OCEAN).
Similarly, Render soared 38%, rising as the third-biggest gainer over the week. The cryptocurrency erased all the losses endured since the beginning of the month.
The Render Network is a peer-to-peer network that rents out idle GPU power to content creators and AI applications.
| Cryptocurrency | Weekly Gains +/- | Price (Recorded at 11:00 p.m. EDT) |
|---|---|---|
| Artificial Superintelligence Alliance (CRYPTO: FET) | +49.07% | $1.36 |
| Render (CRYPTO: RENDER) | +38.45% | $6.36 |
| Bittensor (CRYPTO: TAO) | +14.99% | $349.75 |
Additionally, Bittensor, known for its decentralized AI offerings, rose 15%. It's worth recalling that a cryptocurrency fund tracking the price of the native token, TAO, was launched earlier this month.
Why It Matters: The rally was likely in anticipation of the second-quarter earnings of Nvidia, slated for Wednesday after market close.
Previously, AI tokens rallied sharply after the behemoth reported positive numbers, prompting traders to take bullish positions on the cryptocurrencies.
According to Coinglass, long positions taken for AI tokens such as FET and RENDER significantly exceeded shorts in the last 24 hours.
Price Action: Shared of Nvidia closed 2.25% lower at $126.46 during Monday’s regular trading session, according to data from Benzinga Pro.
Photo by Igor Faun on Shutterstock
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