Bittensor and Fetch.ai Positioned to Surge as AI Sector Heats Up, Nvidia Earnings Report Shows

The AI sector is experiencing a resurgence this week, significantly outperforming other sectors despite recent market downturns.

Despite the recent market downturn, the AI sector outperformed other sectors this week, sparking interest in AI-related cryptocurrencies.

Nvidia’s [NVDA] recent Q2 earnings report showed strong performance, with revenue of $30.04 billion, exceeding expectations by 3.8%. The company achieved adjusted earnings per share of 68 cents, outpacing the anticipated 64 cents.

For Q3, Nvidia projects revenue of $32.5 billion, representing an 80% year-over-year increase, compared to the expected $31.7 billion.

Among AI projects, Bittensor [TAO], Artificial Superintelligence Alliance [FET], Near Protocol [NEAR], Arkham [ARKM], The Graph [GRT], and Internet Computer [ICP] have garnered the most attention leading up to Nvidia’s earnings report.

Although AI coins and Nvidia haven’t shown strong correlation in recent weeks, this development is expected to increase interest, potentially driving their prices higher as technical and fundamental indicators align.

The positive earnings report from Nvidia has already boosted interest in TAO and FET, positioning them as top contenders in the AI crypto space.

Following Nvidia’s earnings announcement, the price action of FET showed promising signs.

FET’s price is expanding from a squeeze, with Bollinger Bands opening up after the price bounced off a support level on the daily timeframe.

Moreover, FET has broken out of a falling wedge pattern, and the expectation is that Nvidia’s strong earnings will drive prices higher. The volume bars turning green indicated that buyers were currently in control.

Bittensor is also poised to benefit from Nvidia’s earnings news. TAO’s price action has broken out of a downtrend line, and if it holds this level as support, it could see further gains.

However, if the price fails to maintain this support, it might be wise to wait before making additional investments. Still, with TAO’s current price relatively low, it could be an opportune time to acquire more tokens.

As of the latest data at press time, TAO was priced at $295.17, while Fetch.ai was at $1.21. FET has a larger market cap of $3.04 billion compared to TAO’s $1.93 billion.

FET’s volume-to-market cap ratio of 13.67% suggests greater price stability, making it a more stable investment compared to TAO, which has a lower ratio of 4.30%.

Despite both coins being down over 60% from their all-time highs, FET has shown more consistent gains across key time frames, with yearly returns of +406%.

Looking ahead, Comparemarket predicted that TAO’s price could increase more than 30 times if it reaches Solana’s [SOL] current market cap, potentially trading at $9,186 per token.

However, this prediction is contingent on market conditions and Nvidia’s continued influence on AI-related cryptocurrencies.

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