Blog: Artificial Intelligence Stocks, Google, or Bitcoin: Which is This Best Week’s Best Price Performer – BeInCrypto
At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. This is the second entry in a weekly series in which we compare price fluctuations of Bitcoin (BTC) and Ethereum (ETH) against two of the biggest companies which employ artificial intelligence technology: Alphabet Inc and Nvidia Corp.
After examining each asset individually, they are ranked based on their relative gains or losses.
About Our Selections
Alphabet Inc. is an American multinational conglomerate which was created through a corporate restructuring of Google on October 2015. It became the parent company of Google and several former Google subsidiaries.
Nvidia Corp is an American technology company incorporated which designs graphics processing units for the gaming and professional markets. Since 2014, it has been focusing on artificial intelligence.
Bitcoin and Ethereum have the largest respective market caps in the digital asset industry.
The price of Alphabet Inc (GOOGL) is analyzed at one-hour intervals from Apr 26 to May 6 in order to trace the current pattern.
The price of GOOGL steadily increased in April, reaching a high of $1296.4 on Apr 29.
However, it opened on Apr 30 at $1190.
This was a drop of over 8% which occurred during after hours trading. It may have been a response to the disappointing Q1 earnings for the company. The price is not following a visible trading structure.
The highlighted part of the graph is the price of GOOGL during the week of Apr 29-May 6. During this period, it has seen significant decreases.
At the time of writing, the price is trading at $1189.58.
The price of Nvidia Corp (NVDA) is analyzed at one-hour intervals from Apr 17 to May 6 in order to trace the current pattern.
The price of NVDA reached a low of $173.43 on Apr 26. A gradual increase ensued. It reached a high of $184.77 on May 1. The price has been trading inside the ascending triangle outlined below.
The price has enjoyed gradual increases without significant fluctuations. The highlighted part is the price of NVDA during the week of Apr 29-May 6. During this period, it has experienced slight increases.
At the time of writing, the price was trading at $182.98, close to the support line of the triangle.
The price of BTC/USD is analyzed at one-hour intervals from Apr 26 to May 6 in order to determine Bitcoin’s current trading pattern:
On Apr 26, the price reached a low of $5055. A gradual increase ensued and the price made several higher lows. It reached highs of $6190 on May 4.
The price has been following an ascending support line as outlined below:
The price is not following any visible resistance lines.
The highlighted part is the price of BTC during the week of Apr 29-May 6, during which the price of it has seen significant price increases.
At the time of writing the price was trading close to $6000.
ETH on Bitfinex is analyzed at one-hour intervals from Apr 21 to May 6 to trace its current trading pattern.
The price of Ethereum made a low of $148.88 on Apr 26. A gradual increase ensued and the price made several higher lows. It made a high of $181.21 on May 3.
It has been trading inside the ascending triangle as outlined in the graph below:
The resistance line of the triangle is at $18 while the support line is currently at $169.
The highlighted part is the price of ETH during the week of Apr 29-May 6, during which it has increasing significantly.
It is currently trading at $173.32.
The price fluctuations of ETH (Candlesticks), BTC (orange line), GOOGL (blue line), and NVDA (yellow line) are now compared at one-hour intervals from Apr 29 to May 6 in the graph below. The right-hand scale presents the percentage increase/decrease of the three assets during this period.
The price of BTC has increased steadily throughout the week. The increase intensified on May 3 and in a span of several hours it grew by more than 5%. It finished the week as our winner with an increase of 9.5%.
Ethereum came second with an increase of 6.16%.
As for AI stocks, NCDA enjoyed an increase of 2.75%. It was very gradual, devoid of any fluctuations. Finally, the loser for the week was GOOGL, which decreased by 6.87% during the measuring period.
The full results are shown in the table below:
The price of Ethereum has been mirroring that of BTC but with larger fluctuations. This has been especially visible during large drops. However, during the increase of May 3, the rate of increase of BTC surpassed that of ETH. This may mean that the magnitude of the fluctuations is larger in Ethereum during decreases and larger in Bitcoin during increases. We will keep an eye on this assumption for our next analysis.
The price of NVDA enjoyed a very gradual increase. This is to be expected since it is a stable stock and there weren’t any groundbreaking news to cause flucutuations.
This however was not true with Alphabet, Inc. News about dissapointing earnings may have caused a rapid decrease on Apr 30.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
[Image credits: Trading view, Shutterstock]