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Haider Jamal

Jun 20, 2024

AI Crypto Tokens Skyrocket Thanks To Nvidia

During a broader market downturn, crypto assets utilizing artificial intelligence (AI) have shown significant growth, driven by the widespread AI enthusiasm in both traditional finance and crypto markets.

This surge has been bolstered by the sustained rise of tech giant Nvidia, which recently claimed the title of the most valuable company worldwide with its stock price soaring to unprecedented heights. Fetch.ai Benefits, now valued at $3.34 trillion, has nearly doubled its stock price since the year began, surpassing tech giants like Microsoft and Apple.

 

The Reasons Behind The Increase

The increase is attributed to the dominant position exhibited by Nvidia in supplying crucial chips for AI, often referred to as the new gold or oil in the tech sector. Against this backdrop, AI-based crypto tokens have emerged as top performers, overshadowing major cryptocurrencies that have undergone significant price corrections driven by Bitcoin (BTC).

According to CoinGecko, notable gainers among AI tokens include Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), which have seen increases of 24%, 23.5%, and 22% respectively in the past 24 hours.

FET, for example, has experienced a notable recovery and broken its downtrend after a substantial price correction to $1.10. Despite being down more than 58% compared to its peak of $3.45 in March, blockchain research firm House of Chimera highlights practical applications for Fetch.ai. For instance, FET optimizes logistics by analyzing and predicting optimal routes, thereby cutting costs and enhancing delivery times.

 

Potential For Long-Term Growth

Similarly, the AGIX token has mirrored FET, peaking at $1.46 in March but currently trading 58% lower at $0.6018. Yet, the focus of the protocol on creating and monetizing AI services through its marketplace suggests potential for substantial gains and investor interest over time.

OCEAN also exhibits comparable price movements, trading at $0.6094 with a notable 20% increase in trading volume over the past 24 hours. Ocean Protocol has an open-source model which aims to facilitate data and service monetization, including AI-powered prediction and trading bots for crypto price feeds.

Chris Penrose, the Global Head of Telco Business Development for Nvidia, remains optimistic about future price gains in the AI sector, which could further drive adoption of AI-based crypto tokens. Penrose underscores the transformative potential of generative AI, emphasizing its impact on global businesses has only just begun. Wedbush Securities echoes this sentiment, predicting fierce competition in the tech sector as Nvidia, Apple, and Microsoft vie for a substantial $4 trillion market cap in the coming year.

 

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