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- 1 Nvidia (NVDA) reported a strong quarter 1 performance.
- 2 Despite the positive Q1 results of NVDA, AI tokens are intriguing, indicating a calm before the storm.
Nvidia (NVDA) reported its Q1 results and the earnings reports are outstanding. The Q1 revenue of the company jumped by almost 18% quarter to quarter and it surged by 262% on a yearly basis.
However, this time it was not an instant boom in the AI crypto tokens as traders were expecting. Historically, Nvidia’s strong earnings tend to be followed by a bull rally in the AI-based cryptocurrencies.
Large-cap AI tokens such as The Graph (GRT), Fetch.ai’s (FET), Render’s (RNDR), Bittensor’s (TAO), and others could benefit from the NVDA’s good performance. Let’s look at the Top Ai cryptos which could generate good returns in the upcoming bull rally.
Render (RNDR)
The Render Network operates as a distributed platform, linking creators with GPU providers to harness surplus computational resources for activities such as rendering and digital content streaming.
In July 2023, the network adopted the “RNP-004 – Open Compute Clients” initiative, which expanded its computational capabilities to include artificial intelligence and machine learning operations.
The network’s native RNDR tokens serve as an incentive mechanism, rewarding GPU providers with equitable compensation for their contributions.
At press time, Render (RNDR) was trading at the level of $10.568 with a minor intraday loss of 5.04%. However, as per CoinMarketCap, RNDR gave an outstanding return of 306.47% in a year showcasing the robust performance of crypto.
Fetch.ai (FET)
Fetch.ai represents a blockchain-based platform specializing in artificial intelligence and machine learning.
It enables the creation and implementation of AI agents tailored for applications in sectors like decentralized finance, transportation, and energy management, among various enterprise functions.
The platform’s Autonomous Economic Agents operate through a standardized communication protocol and are accessible via a web interface for management purposes. Transactions conducted within the network utilize the platform’s indigenous digital currency, FET, as the medium of exchange.
Fetch.ai (FET) was trading at $2.47 at press time. Last year, it gave a remarkable return of 914.06%, and it is expected to rally again.
Bittensor (TAO)
Bittensor is a decentralized protocol that underpins a distributed network for machine learning, built on blockchain technology. Collaborative training of machine learning models occurs within this network, with rewards dispensed in the form of TAO tokens, reflective of the value the models contribute to collective intelligence.
Additionally, TAO tokens facilitate external engagement, enabling users to access and tailor the network’s output to align with their specific requirements.
At the time of writing Bittensor (TAO) was trading at the level of $478.65 with an intraday gain of 12% and in the last 7 days it is up by 20.57% showing investors are positive about Bittensor crypto.
The Graph (GRT)
The Graph serves as a protocol for indexing, designed to facilitate data queries across platforms such as Ethereum and IPFS. This protocol is instrumental in driving numerous DeFi applications and the expansive Web3 landscape.
It allows for the construction and dissemination of open APIs, known as subgraphs, which enable applications to employ GraphQL for the extraction of data from the blockchain.
The Graph (GRT) was trading at $0.3394 with a minor gain of 0.94% in the last 24 hours. In the last 7 days, it gained by approximately 10% and could reach the higher levels in the upcoming sessions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
