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Key Highlights
Following chipmaker Nvidia (NVDA) surpassing its fourth-quarter earnings projections, there was a notable surge in tokens related to artificial intelligence (AI). Nvidia reported earnings per share of \(5.16, exceeding the average analyst forecast of \)4.59, and recorded revenue of \(22.1 billion, surpassing Wall Street’s \)20.4 billion estimate. In response, AI tokens experienced significant growth: SingularityNet (AGIX) surged by 37%, FetchAI (FET) by over 15%, and Render (RNDR) by 20%. The Graph, a blockchain data indexing and querying protocol, announced plans to integrate AI-driven querying using large language models, leading to a 21% increase in its token value. Additionally, Worldcoin’s WLD saw a 33% jump. The collective market capitalization of AI tokens now exceeds $17 billion, as per CoinGecko data.
Ethereum’s native token, ether (ETH), may have paved the way for a record high of $5,200 after breaking out from an “ascending triangle” price pattern, as indicated by technical analysis from Kraken OTC. ETH, the second-largest cryptocurrency by market capitalization, crossed the $3,000 threshold earlier this week, establishing a support level above the horizontal trendline connecting the highs of August 2022 and April 2023. This trendline, combined with the rising support line linking the lows of June 2022 and November 2022, formed an ascending triangle pattern on the weekly price chart. Essentially, the bulls have breached a longstanding resistance level, reclaiming market dominance amidst a series of higher lows that signal a gradual weakening of bearish momentum.
Bitcoin (BTC) has shown signs of a slowdown in recent days; however, Tom Lee, FundStrat’s head of research, reiterated his optimistic stance, suggesting that the primary cryptocurrency could potentially reach $150,000 by the end of this year. Lee cited improving demand due to new ETFs, decreasing supply from halving events, and anticipated easing of monetary policies as factors supportive of risk assets. Despite a slight retreat from its recent 35% surge to \(53,000, marking its highest price in 26 months, BTC was trading at \)50,900, down 1.8% in the last 24 hours. This decline was relatively modest compared to the broader-market CoinDesk20 Index’s (CD20) 3% drop within the same timeframe.
Featured Data Visualization
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The visualization illustrates the total FIL deposited within Filecoin’s decentralized finance ecosystem.
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Ongoing net deposits have steadily increased, surpassing 27.5 million.
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FIL, Filecoin’s native token, has exhibited robust performance, registering a 30% gain over the past week.
