FET AI Coins Fly Ahead of NVDIA Earnings Announcement
2024-08-27
Bittime - The crypto world is back in the spotlight along with interesting market dynamics ahead of the announcement of the financial report of Nvidia, the technology giant known for its AI chips.
Meanwhile, Bitcoin, the largest crypto asset, experienced a decline below the psychological level of IDR 992 million (equivalent to $64,000) per coin in Monday's trading in Asia.
One AI token that is attracting attention is the Artificial Superintelligence Alliance (FET) coin. The reason is, this crypto asset has increased significantly. Check out the review!
Nvidia Profit Expected to Rise
Analysts surveyed by FactSet projected Nvidia would post earnings per share of 65 cents, a 141% jump from a year earlier. These high expectations for Nvidia's performance also influence crypto market sentiment, especially for tokens related to artificial intelligence (AI).
Bitcoin experienced a decline after earlier gaining 5% on Friday, boosted by positive comments from the Jackson Hole meeting. US Federal Reserve Chairman, Jerome Powell, stated that the monetary easing cycle will begin next month.
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This is considered a breath of fresh air for risk assets, as the prospect of cheap money again attracts investor interest.
Despite gaining ground on Saturday, the majority of major tokens posted slight losses in the last 24 hours. Ether (ETH) was trading at just over IDR 41.85 million (equivalent to $2,700) per coin, while Solana (SOL) and XRP were at IDR 2.45 million ($158) and IDR 8,990 (58 cents) respectively.
On the other hand, Tron's TRX rose 3% as the meme coin phenomenon continues to increase demand for this token.
The CoinDesk 20 (CD20) index, which reflects the movements of the 20 largest tokens by market capitalization, fell 0.44%. However, traders are still optimistic that the current rally will continue in the next few months.
Lucy Hu, senior analyst at Metalpha, reported from CoinDesk, "With inflation more under control now, market focus will shift to the labor market and whether the Fed will succeed in achieving a soft landing for the US economy. We expect market sentiment to continue to improve in the next few months along with the upcoming rate cuts, economic stabilization, and potential crypto-friendly policies if Trump is re-elected.”
FET and Other AI Tokens Lead the Crypto Market
Meanwhile, AI tokens led the market on Monday, with traders in Asia buying FET, the token of the 'Artificial Superintelligence Alliance', as well as Bittensor (TAO). FET rose 8.8% in the afternoon Hong Kong time, while TAO rose 4.7%. This movement occurred ahead of Nvidia's financial report announcement on August 28.
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Historically, Nvidia has been a barometer for the AI token market, with the price of its tokens tending to rise ahead of its financial announcement.
Analysts expect earnings per share this quarter to hit a record, with revenue projected to reach IDR 445 trillion (equivalent to $28.72 billion), up 113%.
If realized, this would be Nvidia's fifth consecutive quarter of triple-digit growth. The technology sector is expected to continue performing strongly throughout the rest of the year, especially if the Fed cuts interest rates in September as expected.
These developments show that although the crypto market is facing short-term volatility, long-term optimism remains, driven primarily by technological innovation and more accommodative monetary policy.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
