Bitcoin and mates get Nvidia tech-rally nudge

Maybe the Nvidia AI chip-making tech-stock narrative has helped throw a little bit of interest the way of the crypto market.

As Eddy Sunarto reported in his Market Highlights update on Friday morning: “Overnight, Wall Street rebounded as chipmaker Nvidia ignited a rush for AI and tech stocks. At the close, Nasdaq was 1.7 per cent higher, and the S&P 500 rose 0.88 per cent.”

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The fact that Wall Street stonks have bounced as a whole, though, might merely be having the usual knock-on positive effect for the crypto market.

Per a CoinDesk article Friday morning meanwhile, the Nvidia surge might well prove to be a reminder to Bitcoin mining firms that AI tech should not be overlooked as a potentially extremely powerful integration into to their computational mining operations.

“The overwhelmingly positive market reaction” to Nvidia’s news “will incentivise more mining companies to follow suit making announcements of their own and allocating more of their power capacity to other forms of compute,” Ethan Vera, chief operating officer at mining services firm Luxor Technologies told CoinDesk.

Meanwhile, still aping off Eddy’s morning update, this also caught Coinhead’s eye:

“Analysts believe that if the debt ceiling drama gets uglier, it could lead to some safe-haven flows for bullion.”

Bitcoin is widely regarded by the crypto industry as a store-of-value, safe-haven asset itself and Gold 2.0, remember. It’s also becoming, more and more, part of the political conversation – especially at a presidential-race level.

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Top 10 overview

With the overall crypto market cap at US$1.15 trillion at noon on Friday (AEST), up about 0.4 per cent since the same time Thursday, here’s the state of play among top 10 tokens – according to CoinGecko.

Other than the fact Polygon’s MATIC has once again well and truly booted Ethereum competitor Solana (SOL) out of the top 10 cryptos by market cap, there’s not loads to talk about regarding the crypto majors today.

That said, BTC and Ethereum have both retained key levels for the minute – $US26,200 and $US1800 respectively.

That BTC level is of key importance to many crypto technical analysts out there at the moment, as it happens to pretty much coincide with the 200-week moving average line of support, which Rekt Capital, for one, certainly regards as imperative to hold and bounce from if a bullish thesis is to stand any chance whatsoever.

More than, that, however, he feels that bounce needs to move above $US26,800. Considering BTC was all the way back around $US25,800 as most Aussies were nodding off to sleep last night, this isn’t a bad bounce so far.

That said, momentum on it seems to have faded a tad.

How’s Mr Low Volume doing? That’s be US trader/analyst Roman. Yep, he’s still eyeing a more positive short-term outcome for BTC than the likes of veteran trader Peter Brandt.

Uppers and downers

Some of the biggest 24-hour gainers and losers at noon Friday (AEST). Stats based on CoinGecko.com data.

PUMPERS (11-100 market cap position)

• marumaru (MARU), (market cap: $US538.5 million) +12.3 per cent
• Casper Network (CSPR), (mc: $US540 million) +5.3 per cent
• Litecoin (LTC), (mc: $US6.34 billion) +3.6 per cent
• Stacks (STX), (mc: $828 million) +3.5 per cent
• Pepe (PEPE), (mc: $US605 million) +3.3 per cent

PUMPERS (lower, lower caps)

• CyberHarbor (CHT), (market cap: $US147 million) +71.7 per cent
• Function X (FX), (mc: $US132 million) +41.4 per cent
• Akash Network (AKT), (mc: $US93 million) +26.6 per cent
• Level (LVL), (mc: $US33 million) +26.1 per cent
• Numeraire (NMR), (mc: $US104 million) +22 per cent

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SLUMPERS (11-100 market cap position)

• NEO (NEO), (market cap: $US681 million) -9.6 per cent
• Kava (KAVA), (mc: $US575 million) -3.3 per cent
• Radix (XRD), (mc: $US704 million) -4 per cent
• Toncoin (TON), (mc: $US2.8 billion) – 2.9 per cent
• Algorland (ALGO), (mc: $US1 billion) – 1.9 per cent

SLUMPERS (lower, lower caps)

• Samoyedcoin (SAMO), (market cap: $US22 million) -38.4 per cent
• Multichain (MULTI), (mc: $US80 million) -19.5 per cent
• UTrust (UTK), (mc: $US44 million) -19 per cent
• Shardus (ULT), (mc: $US69 million) -15 per cent
• Bella Protocol (BEL), (mc: $US45 million) -12.5 per cent

Around the blocks Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

This content first appeared onstockhead.com.au

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