- Artificial Intelligence (AI) focused altcoins have outperformed many leading projects, including Bitcoin, in the past month.
- The surge in prices of tech giant NVIDIA has benefited crypto projects centered around AI.
- Altcoins like Render (RNDR), SingularityNET (AGIX), Ocean (OCEAN), The Grapth (GRT), and Fetch.ai (FET) have been among the best performing projects since the beginning of 2024.
AI-focused altcoins are making waves in the crypto market, outperforming many leading projects, including Bitcoin. This article explores the factors driving this trend and the altcoins leading the charge.
AI Altcoins Outperforming Market Leaders
Over the past month, AI-focused altcoins have managed to outperform many leading projects, including Bitcoin. This trend has been largely driven by the surge in prices of tech giant NVIDIA, which has had a positive impact on crypto projects centered around AI. Altcoins such as Render (RNDR), SingularityNET (AGIX), Ocean (OCEAN), The Grapth (GRT), and Fetch.ai (FET) have been among the best performing projects since the beginning of 2024.
NVIDIA’s Impact on AI Altcoins
According to Hitesh Malviya, the founder of on-chain analysis platform DYOR, the high expectation related to NVIDIA’s earnings report has greatly benefited these AI-focused projects. He stated, “There is a strong rumor related to Nvidia’s upcoming earnings report. AI coins will continue to have cyclically higher values as they are directly related to all the AI development happening around us.” Based on data provided by CoinGecko, RNDR has increased by 45% in the last week, AGIX by 28%, OCEAN by 25%, GRT by 23%, and FET by 24%. Meanwhile, NVDA shares reached their highest level since April 1, rising to $922 on Monday, May 6.
Conclusion
AI-focused altcoins are showing strong performance in the crypto market, driven by factors such as NVIDIA’s rising prices and the ongoing development in AI technology. As these trends continue, it is likely that these altcoins will maintain their upward trajectory, providing potentially lucrative opportunities for investors.
