- Today, AI-based cryptocurrencies such as NEAR, RNDR, FET, and AGIX experienced a significant price increase.
- Several industry developments, including those involving Nvidia, xAI, and Pantera Capital, may be contributing to this price rally.
- These AI coins have outperformed the greater crypto market, making notable gains in the last 24 hours.
Discover the factors driving the recent price surge in AI-based cryptocurrencies such as NEAR, RNDR, FET, and others, amidst key industry developments.
AI Coins Experience Significant Price Increases
Over the last 24 hours, AI-based cryptocurrencies have defied overall market trends, culminating in notable price increases. Near Protocol (NEAR), Render Network (RNDR), Fetch.ai (FET), SingularityNET (AGIX), among others, exhibited significant market performance, attributed largely to advancements within the AI sector. This phenomenon occurred as a result of key developments involving major players like Nvidia, xAI, and Pantera Capital.
Nvidia, xAI, and Pantera Capital Drive AI Developments
The surge in AI coin prices appears to be closely aligned with significant advancements made by key industry entities. Nvidia, the prominent AI and GPU chip manufacturer, along with Elon Musk’s AI startup, xAI, and blockchain investment firm, Pantera Capital, have all made noteworthy strides recently. Specifically, NEAR saw a nearly 5% price increase, RNDR grew by 2%, and AGIX and FET surged between 24%-28%. Other AI-related tokens including GRT, TAO, INJ, and THETA also demonstrated gains in the 3%-6% range.
Pantera Capital’s $200M AI Investment
In light of the global AI boom, Pantera Capital announced a substantial $200 million investment in AI technologies. This spotlighted the burgeoning intersection between AI and the crypto sectors, stirring optimistic sentiments in the market. This mammoth investment serves as a harbinger for future collaborations between AI and blockchain technologies, potentially catalyzing further growth in AI-based cryptocurrencies.
xAI’s Advancements Under Elon Musk
Elon Musk’s AI startup, xAI, has launched a series of novel developments, including its generative AI model Grok. Grok is enhancing its capabilities by incorporating Midjourney AI for image generation. Additionally, Dell Technologies’ CEO recently disclosed plans to build an AI factory in collaboration with Nvidia, primarily to bolster xAI’s operations. These advancements are reverberating through the industry, boosting confidence in AI technologies.
Additionally, Nvidia recently secured the top spot as the most valued company with a market capitalization of $3.33 trillion, overtaking major tech giants such as Microsoft, and making Nvidia’s CEO, Jensen Huang, the 11th richest person globally. The company’s share prices, correlated to the rise in AI coins, saw a pre-market increase, further indicating a bolstering confidence in the sector.
AI Coins Continue to Rally
According to data from CoinMarketCap, the market capitalization of AI and Big Data tokens saw a significant 5.28% increase in the past 24 hours. Here are some notable performances:
- NEAR price increased by 5.01%, trading at $5.31.
- RNDR price surged by 2.65%, reaching $8.10.
- FET price exhibited a staggering rise of 27.95%, now trading at $1.66.
- AGIX price rose by 24.58%, currently at $0.6715.
This upward trend highlights the growing influence and adoption of AI technologies within the cryptocurrency market, driven by significant developments from industry leaders.
Conclusion
In conclusion, the recent price surge of AI-based cryptocurrencies such as NEAR, RNDR, FET, and AGIX is reflective of broader advancements within the AI industry. Major contributions from Nvidia, xAI, and Pantera Capital, among others, have played a pivotal role in this market performance. As AI continues to integrate more deeply with blockchain technologies, we can anticipate further market dynamics that could present both opportunities and challenges for investors and stakeholders.
