- 14 March 2024
- Posted by: Federica Montella
- Categories: eToro CopyTrader, Investing
The convergence of technology and finance has led to exciting developments in the crypto market. In recent months, two major players have been making headlines: NVIDIA, the semiconductor giant, and Bitcoin, the world’s most well-known cryptocurrency. Let’s delve into the recent rally and explore what’s driving these gains.
NVIDIA’s Impressive Earnings Report
In February, NVIDIA reported a staggering 769% increase in net income, surpassing analysts’ expectations and sending its revenue soaring to over $22 billion. The surge in demand for AI technologies globally has been a key driver, leading to robust sales of NVIDIA’s chips. While AI tokens couldn’t directly benefit from these earnings, investor confidence in their viability was significantly boosted. As a result, AI tokens experienced substantial gains, with some showing a remarkable 200% increase in their 30-day price change.
The Role of GTC 2024
NVIDIA’s upcoming GPU Technology Conference (GTC) from March 18 to 21 is a pivotal event for the crypto market. As the largest AI conference of the year, GTC is expected to catalyze AI tokens. Investors are eagerly awaiting announcements and workshops during the conference. Keynote speeches by NVIDIA’s CEO, Jensen Huang, will likely shed light on the company’s latest innovations and plans.
AI Tokens to Watch
Several AI tokens have already posted impressive returns in anticipation of GTC 2024:
- NEAR Protocol (NEAR): Up 36.1% in the past week.
- The Graph (GRT): Gained 33.8% week-on-week.
- Worldcoin (WLD): Recorded a 29.2% increase before a slight correction.
OpenAI’s Impact on WLD
OpenAI’s recent unveiling of Sora’s text-to-video AI tool had a profound effect on Worldcoin (WLD). Since Sora’s debut, WLD has skyrocketed by about 250%. With Sam Altman back on OpenAI’s board, we can expect faster developments and quicker launches. Investors are now speculating whether OpenAI will announce ChatGPT 4.5, ChatGPT 5, or Sora 1.5 during GTC 2024.
Bitcoin’s Parallel Journey
While NVIDIA’s earnings have primarily influenced AI tokens, Bitcoin has also been on a remarkable journey. Its U.S. dollar value has risen by nearly 160% since the start of the year, making it one of the best-performing assets. Only NVIDIA’s stock has outperformed Bitcoin in 2023. Investors are closely monitoring this digital gold as it continues to defy expectations. Whether driven by institutional adoption, macroeconomic factors, or speculative fervour, Bitcoin’s rally remains a captivating narrative in the financial world.
Conclusion
As NVIDIA’s GTC 2024 approaches, the crypto market remains on high alert. Whether it triggers another bull run or introduces groundbreaking innovations, the intersection of AI, NVIDIA, and Bitcoin promises an exciting future.
