2023 has witnessed a significant surge in AI-related cryptocurrencies. This boom can be partly attributed to the explosive growth of NVIDIA (NVDA) stock, a leader in the graphics processing unit (GPU) industry, which are used to train AI models.
Factors Driving the Growth
NVDA's Rise: NVDA's price has been on a tear, forming a bullish manipulative pattern. This bullish trend has inspired investors to have similar expectations for AI-related coins.
AMD's Accumulation-Manipulation-Distribution Pattern: AMD is not a competitor of NVDA in this context, but rather an example of a successful "accumulation - manipulation - breakout" pattern. This pattern is characterized by a period of accumulation, where investors slowly buy up a coin, followed by a period of manipulation, where the price is artificially inflated, and finally a breakout, where the price rises sharply due to increased demand.
Effect on Other Coins:
The bullish trend in NVDA and the successful breakout of AMD's accumulation-manipulation-breakout pattern have led to a surge in AI-related coins such as RNDR, THETA, NEAR, and FET.
A Look at Promising Coins:
RNDR: Render Network utilizes a decentralized network for 3D graphics and video rendering. The rise of the metaverse could potentially drive demand for RNDR's services.
THETA: Theta Labs aims to revolutionize video streaming by providing a decentralized content delivery network. The growth of streaming content could make THETA an attractive investment.
NEAR: NEAR Protocol is a smart contract platform focused on scalability and speed. The growth of decentralized applications (dApps) could make NEAR a valuable choice.
FET: Fetch.ai is developing a decentralized network for exchanging data and machine learning models. The growth of AI could increase demand for FET's services. Important Considerations:
The cryptocurrency market is volatile and unpredictable. It is crucial to conduct your own research before investing in any coin. This article is not financial advice. Only invest what you can afford to lose. Conclusion
AI-related cryptocurrencies are experiencing impressive growth. While it is impossible to say for certain whether this is the beginning of a new era, the possibilities of AI in the crypto space are worth considering. However, it is important to conduct thorough research and understand the associated risks before investing.
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Yaroslav_Krasko
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@TradingView, I appreciate your feedback ! I will keep sharing best ideas
kingluiss
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AI is the narrative being sold to you crypto and AI is bullshit
Yaroslav_Krasko
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@kingluiss, Most people simply want to make profit from new narrative ... And it's working
I_sell_ATMs
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@kingluiss tell that to my FET gains. I just cashed in a one month 3x. 😊
mohsen12349030
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86k bitcoin
zAngus
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Interesting post. There is a whole trading strategy around sympathetic type stocks and in this case coins where a market leader has a significant pull on related assets. Thanks for sharing. Will be interesting to see how they go.
Yaroslav_Krasko
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@zAngus, Thank you for your feedback on my work! I hope it will be helpful to the community.
financialfreedomgoals101
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Current Market Condition, Investors's FOMO in every financial instrument that mentioned AI lol