AI-Focused Cryptocurrencies Rally as Goldman Sachs Raises Nvidia Target

Cryptocurrencies focused on artificial intelligence (AI) have all witnessed significant price rallies in the past week as the broader crypto market also surged.

Artificial intelligence (AI)-focused cryptocurrencies have witnessed a significant price rally in the past week as the broader crypto market also surged. This bullish sentiment comes as Goldman Sachs raised its target for the shares of Nvidia (NASDAQ: NVDA), a software and GPU company based in the United States.

Goldman Sachs, a leading financial services firm, raised the target for NVDA shares to $150 from $135. Shares of Nvidia have rallied massively in the past few months, with its market cap rising by $780 billion since September.

According to a report by Business Insider, Goldman Sachs analyst Toshiya Hari believes that Nvidia’s approach to tackling the rising AI workload in the industry will push the price of NVDA higher.

Both Microsoft and Alphabet, the parent company of Google, are among the many tech firms that have heavily invested in AI. Hari expects Nvidia to benefit from the rising demand from these hyper scalers and from the debut of the new Blackwell chip.

As of Tuesday at 8:08 AM ET, shares of Nvidia were trading at $131.84, down 4.52% at the close on Tuesday. In pre-trading hours, NVDA fell 6.23%. However, the share price is still very close to its all-time high.

Also Read: 2024 Crypto Trends: AI, Blockchain Gaming, Memecoins, & RWA Deep Dive

AI Tokens’ Performance

Over the past seven days, AI tokens have turned green. According to data from CoinMarketCap, leading cryptocurrencies in the sector, Near Protocol (CRYPTO: NEAR), Artificial Superintelligence Alliance (CRYPTO: FET), and Render (CRYPTO: RENDER) have surged by 1.5%, 2.6%, and 2.5% in the past week, respectively.

At the time of publication, NEAR was trading at $4.95, down 2.39%; FET was priced at $1.45, down 3.90%; and RENDER had dropped 4.28% to $5.42.

Despite these recent dips, these altcoins have shown strong performance over the past 30 days, with NEAR up 23.50%, FET gaining 9.16%, and RENDER rising 9.05%.

The information provided in this article is solely for educational and informational purposes and does not constitute financial advice. Coin Edition is not liable for any losses incurred as a result of using the content, products, or services mentioned in this article. Before making any investment decisions, readers are strongly advised to conduct their own research and consult with a qualified financial advisor.

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