Altcoins
Crypto Analyst Shares Top AI Altcoin Investments This Month
In an analysis of the current landscape at the intersection of artificial intelligence and altcoins, crypto analyst Prithvir (@Prithvir12) recently sharing insights via X that highlight both the opportunities and pitfalls of the AI coins market this month. His analysis covers upcoming AI catalysts, their impact on specific tokens, and personal investment recommendations, highlighting the nuanced strategies required in this volatile segment.
In-Depth Review of the AI Crypto Market
Prithvir highlights a series of important events in the AI space that are expected to have a direct impact on the crypto markets. He first highlights NVIDIA’s earnings announcement scheduled for May 22, highlighting NVIDIA’s central role in AI technology, which could have cascading effects on AI-centric cryptocurrencies.
The buzz around OpenAI’s GPT-4oT is further driving the market. Additionally, Prithvir discusses the influence of major tech conferences focused on AI advancements, including Google’s I/O conference and Apple’s focus on AI at its upcoming Worldwide Developers Conference ( WWDC). He predicts that these events are poised to introduce new AI initiatives that could impact crypto markets.
In his article, Prithvir also analyzes several tokens that responded differently to these AI catalysts. He describes WLD, associated with OpenAI via Sam Altman, which saw a 20% price drop last week, a typical “sell the news” reaction after the GPT-4o announcement. He expresses his concerns regarding WLD’s “ridiculous tokenomics” and the risks posed by possible coordinated short squeezes, advising traders to approach with caution.
Prithvir also discusses OLAS, which, despite losing visibility since its peak in 2023, remains active on the Gnosis channel and could be ready to make a comeback depending on market conditions and the evolution of its platform, according to the analyst.
The SPEC token, however, showed significant volatility, rising from $5 to $15 and then retracting to $8 in two weeks. Prithvir criticizes its high fully diluted valuation (FDV), close to $1 billion, warning of the speculative nature and risks inherent in engaging in such a volatile asset.
Finally, he addresses the ASI token group FET, AGIX and OCEAN, representing the Super Intelligence Alliance, note that their once dominant positions in AI-driven market rallies have declined. According to Prithvir, these tokens are currently overvalued, with limited upside potential, indicating a saturated market state for these assets.
Prithvir’s Top Altcoin Picks
Navigating through the complexities of the AI coin market, Prithvir shares his favorite investment strategies and choices. He underlines Rendered (RNDR) as a favorable choice, especially in view of NVIDIA’s earnings and Apple’s WWDC, due to its direct ties to their technologies and expected feature improvements that could increase its value.
“Nvidia due to comparisons of GPU networks and Apple due to the rendering software they built and which Apple always presents at different keynotes. Therefore, I think this could be a good swing trade before the WWDC period – 3 weeks,” the analyst said.
AR is currently Prithvir’s “largest AI coin portfolio.” The project is being hailed by him for its pivot towards AI capabilities with the AO Computer and a robust team. AR’s presence on Tier 1 exchanges and substantial support make it a “no-brainer” for medium-term holding.
He also mentions NEAR, albeit with a smaller investment footprint due to perceived limited upside potential. “Smaller position than AR due to more limited upside potential. But could become one of the consensus AI trades of this cycle due to its brand value, good liquidity and innovations in other sectors such as Chain Abstraction,” Prithvir wrote via X.
At press time, RNDR was trading at $10.1089.
Featured image from Shutterstock, chart from TradingView.com