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AI Crypto Tokens Recover After Nvidia’s Record Earnings
AI Crypto Tokens Recover After Nvidia Reports Record Earnings. (Chiang Ying-ying, Associated Press)
AI-linked cryptocurrency tokens have rallied over the past 24 hours, outperforming major digital assets, such as bitcoin (BTC-USD) and ether (ETH-USD). According to Coingecko, the market capitalization of AI tokens has increased by more than 14%, now standing at $29.9 billion (£23.55 billion). data.
The rally comes on the heels of Nvidia (NVDA) becoming the most valuable company in the worldas Wall Street investors get into AI chip stocks.
According to Coingecko, the top five AI crypto tokens by market capitalization have all rallied in the past 24 hours. Recover.ai (FET-USD) saw the biggest increase of over 30%, Bittensor (TAO) rose over 5%, Render (RNDR-USD) increased by more than 4%, while the NEAR protocol (NEAR-USD) and Internet computers (ICP-USD) posted gains of 5% and 6%, respectively.
Other AI-related crypto tokens that rank just outside the top five by market capitalization, such as SingularityNET (AGIX-USD) and the ocean protocol (OCEAN-USD) rallied more than 26% and 23%, respectively.
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In contrast to the rally in the AI token category, major cryptocurrencies, such as bitcoin, ether, and solana, traded flat to lower. Bitcoin retraced recent gains to fall to levels not seen since mid-May, trading slightly higher in the final day to change hands at $65,800.
Other crypto tokens, such as ether, increased by 1.7%, however, solana (SOL-USD) according to Coingecko in the same period decreased by 2.7%. data.
Nvidia is now listed as the most valuable company in the world
Chipmaker Nvidia has been listed as the world’s most valuable company after its share price hit an all-time high on Tuesday.
Its notable growth can be attributed to graphics chips (GPUs) designed for processing AI workloads in data centers.
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With a market cap now over $3.3 trillion, Nvidia stock has nearly doubled since the start of 2024. Nvidia shares closed Wednesday’s session at $135.58, up 3% on trading days. The market capitalization of chip manufacturers has now surpassed that of Microsoft (MSFT), Apple (AAPL) and Amazon (AMZN).
AI tokens are a subset of cryptocurrencies designed to leverage AI technologies within their ecosystems. These tokens are typically used to power platforms and applications that integrate artificial intelligence to enhance functionality, improve decision-making, and automate various tasks.
Check: Real-time prices of cryptocurrencies
The story continues
AI-related tokens can be associated with projects focused on machine learning, data analytics, and decentralized AI networks, offering unique use cases that set them apart from more traditional cryptocurrencies like bitcoin and ether.
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For example, Fetch.ai uses artificial intelligence to create decentralized autonomous agents for various industries, while SingularityNET aims to build a decentralized AI marketplace where algorithms can be bought and sold.
These tokens not only facilitate transactions within their respective platforms, but also provide holders with governance rights and access to advanced AI-powered services. As the integration of AI technology continues to grow, AI tokens represent a promising area within the cryptocurrency market, attracting increasing attention from both investors and developers.
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