As major cryptocurrencies experience a pullback after a strong rally last Friday, investors are eyeing potential gains from top-performing cryptos this week. With significant events on the horizon, such as Nvidia’s earnings report and US Core PCE inflation data, the search is on for cryptocurrencies that could deliver substantial returns in the near future.
Current Top Performers
On Monday, Helium (HNT) and Akash Network (AKT) stand out as the only top 100 cryptocurrencies showing gains. According to CoinMarketCap, HNT has increased by 11.4%, while AKT has risen by 5% in the past 24 hours. These two cryptocurrencies are performing well even as major assets like Bitcoin (BTC) face losses exceeding 2%.
Could Nvidia’s Earnings Boost AKT?
One factor driving the rise in AKT’s value could be Nvidia’s forthcoming Q2 earnings announcement scheduled for Wednesday, August 28th. Nvidia’s strong performance could positively impact AI-focused cryptocurrencies. Over the past week, Render (RNDR) has surged by 42%, trading at $6.26, while Akash Network (AKT) has gained 10%, reaching $2.70.
Akash Network is strategically aligned with Nvidia’s technology, featuring direct integrations with Nvidia products. Nvidia’s Director of Dev Tech, Nader Khalil, confirmed Akash’s integration into Nvidia’s Brev product. As of the latest data, AKT is trading just below $2.90 and is encountering resistance at its 50-day moving average (DMA). A breakthrough above this level could propel AKT towards its July highs and the 200DMA, with Nvidia’s earnings possibly acting as the catalyst for such a move.
Can HNT Benefit from the Upsurge?
Helium (HNT), another top performer today, might also gain from broader market movements. HNT has surged past $7.10, with expectations of testing recent highs around $8.00. There is potential for HNT to return to its 2024 highs near $11. As a leading decentralized Internet of Things (IoT) network protocol, Helium could benefit from increased adoption and utility of blockchain technologies.
Exploring Alternatives to Top Performers
While AKT and HNT show promise, some investors may seek higher returns. An alternative worth considering is investing in crypto presales. These opportunities allow investors to enter promising projects at discounted rates before they launch publicly. Though presales come with risks, thorough research and investing in high-conviction projects can yield significant rewards.
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