Bitcoin continues to move just below $64,000 as the rise in the cryptocurrency market continues over the weekend.
While BTC has increased by 10% in the last 7 days, some AI altcoins stand out with their rapid rise.
The earnings report of Nvidia, the world's number one artificial intelligence chip manufacturer, to be announced this week, was effective in the rise of artificial intelligence-themed altcoins.
At this point, Nvidia's Q2 2024 earnings report will be released on Wednesday. Expectations are focused on the company's revenue increasing by around 100% compared to the same period last year.
According to Coindesk, analysts surveyed by FactSet expect earnings per share to break a record this quarter, rising 141% from a year earlier to 65 cents per share, while revenue is expected to rise 113% to $28.72 billion.
If this forecast comes true, this would be Nvidia’s 5th consecutive quarter of triple-digit growth. The tech sector is also expected to perform strongly for the rest of the year as the Fed is likely to cut interest rates in September.
At this point, positive expectations for Nvidia's earnings report also positively affected artificial intelligence altcoins.
Accordingly, FET, one of the largest artificial intelligence-focused coins in terms of market value, increased by 65% in the last week; OCEAN by 64%; AGIX by 62%; RENDER by 44%; NEAR by 27%; TAO by 23% and GRT by 25%.
Historically, Nvidia has been a pioneer in the growing AI token sector, with tokens rising in anticipation of earnings.
The Giant Whale Regrets!
While FET has increased by 65% in the last week, one whale regretted selling before the rise. According to Lookonchain's post, the giant whale bought 1.79 M FET at $ 1.33 after selling.
“The price of FET has increased by nearly 70% in the last 7 days!
One whale appears to have regretted selling earlier, as he spent 2.385M USDT to buy back 1.79M FET from Binance at a higher price of $1.33.
“This whale sold 2.33 million FET for 2.385 million USDT at $1.02 from August 11th to August 23rd.”
FET continues to trade at $1.35 at the time of writing.
*This is not investment advice.