- The recent weeks have seen a recovery in the cryptocurrency market, with local tokens in the artificial intelligence (AI) field standing out.
- This increase parallels the rise in shares of chip manufacturer Nvidia (NVDA), known for its close relationship with AI technology, listed on the Nasdaq exchange.
- With these developments, FET coin and other cryptocurrencies experienced a surge.
A resurgence in the cryptocurrency market, led by AI-focused tokens, mirrors the rise in shares of AI-associated chip manufacturer Nvidia. FET coin and other cryptocurrencies have seen a significant surge in response.
Impressive Increases in AI Coins like FET and AGIX
Nvidia’s share rise has caught attention today. However, investors are awaiting Nvidia’s earnings report on May 22. If the stock recovers on earnings, a heavy volume breakout could signal a buying opportunity. On April 24, Nvidia signed a deal to acquire Run.ai. According to TechCrunch, the price tag is $700 million. Run.ai helps developers use AI tools more efficiently and reveals Nvidia’s roadmap and priorities. Run.ai works with Nvidia’s Cloud AI product, which helps businesses “access an AI supercomputer from a browser” instantly.
Market Developments Impacting Cryptocurrencies
These market developments have also affected cryptocurrencies. According to market data, in the last seven days, the token of The Render Network, a decentralized GPU-based render solution, RNDR, rose more than 40% to $10,432, achieving the biggest gain among the top 100 cryptocurrencies in terms of market value. Other AI-focused coins like SingularityNET (AGIX), Bittensor (TAO), and Fetch.ai (FET coin) also gained value at rates ranging from 17% to 23%, outperforming the overall market performance.
Attention to AI Coins
Nvidia’s strong performance is supported by the impressive financial results of other companies in the AI sector. This situation increases investors’ belief in the future of AI technology and interest in projects in this field. Experts remind that investors should carefully research before investing in AI tokens and that such investments carry high risks. AI cryptocurrencies integrate AI technologies into their operations, taking advantage of machine learning algorithms for improved decision-making and security in the web3 ecosystem.
Conclusion
The recent surge in AI-focused cryptocurrencies, mirroring the rise in Nvidia’s shares, underscores the growing interest and belief in the future of AI technology. However, investors are reminded to exercise caution and conduct thorough research before investing in such high-risk assets.
