Bittensor price skyrockets nearly 20% ahead of NVIDIA earnings
- Bittensor price has shot up nearly 20% in the last nine hours.
- This sudden burst of optimism could be attributed to the upcoming NVIDIA Corp’s earnings on February 21.
- Other AI-related tokens that have seen a decent run-up include TOKEN, RNDR and AGIX.
Bittensor (TAO) price has risen nearly 20% in under ten hours, setting up a local top at $515.59. The explosive move is not localized to TAO but also to other artificial intelligence-related tokens like TokenFi (TOKEN) and SingularityNET (AGIX), which have inflated by 11.40% and 7.50%, respectively.
TAO/USDT 1-hour chart
Read more: Week Ahead: Crypto markets to turn volatile as AI steals the spotlight
Reason behind Bittensor price rally
Bittensor price performance is linked to NVIDIA Corp’s earnings report scheduled for February 21. As explained in a previous publication, the American multinational technology company specializes in the manufacture of Graphical Processing Units (GPU), which are key to the Artificial Intelligence (AI) sector.
A similar narrative-based rally was noted by AI altcoins during NVIDIA Corp’s earnings in November 2023. Altcoins that did well during the November 2023 rally included RNDR, FET, AGIX and so on.
Due to the fast-paced nature of cryptocurrencies, the coins that are rallying in anticipation of NVIDIA’s earnings are new ones.
Also read: Render Price Prediction: RNDR bulls prepare to revisit $5.27
Other AI tokens:
- Render (RNDR)
- Akash Network (AKT)
- Fetch.ai (FET)
- Echelon Prime (PRIME)
- Ocean Protocol (OCEAN)
- iExec RLC (RLC)
Also read: Fetch.ai price faces tough decision, 23% rally or crash for FET holders?
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
