As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the recent rally in AI-related coins is nothing short of exhilarating. I remember when these tokens were mere blips on the radar, and now they’re leading the charge alongside tech giants like Nvidia.
Artificial intelligence tokens have experienced substantial price increases in tandem with Nvidia’s stock, reaching a six-week peak due to recent favorable news about the company. These tokens are positively linked to the value of Nvidia’s stock and may continue to surge as the tech firm is set to make potentially bullish announcements at its ongoing event.
AI Coins Rally With Nvidia Stock
Cryptocurrencies linked to Artificial Intelligence (AI) have seen a surge, mirroring the rise of Nvidia’s NVDA stock. Among the leading AI-focused coins, Near Protocol (NEAR) and Bittensor (TAO), have experienced growth of more than 7% and 8%, respectively, in the past day.
1) Over the past day, the Artificial Superintelligence Federation Token (FET) has seen a nearly 4% increase. Similarly, Injective Coin (INJ), another AI-related currency, has experienced a rise of more than 3%.
Today, these coins have surged alongside Nvidia’s stock, which reached a six-week peak. According to Nasdaq data, NVDA climbed as high as $130 today, marking its best single-day growth in the past six weeks. The stock has risen due to positive developments in the tech sector recently.
Jensen Huang, Nvidia’s CEO, highlighted a growing need for their Blackwell AI chip, which they refer to as “instance” demand. Additionally, Nvidia teamed up with Accenture, a leading IT consultancy firm, to help increase the use of artificial intelligence within businesses.
Will The Rally Continue For These Coins?
As an analyst, I’m excited about Nvidia’s ongoing AI summit and believe AI coins are poised for continued growth in the short term. With game-changing announcements from Nvidia on the horizon, there’s a strong potential for bullish momentum in their stock, which will likely boost the prices of associated AI tokens as well. The positive price correlation between NVDA stock and these AI coins means they could see significant gains alongside the stock rally.
Currently, AI is a trending topic, as companies such as Meta and Open AI are advancing rapidly in this field. For instance, Meta has introduced a new AI model to keep pace with similar tools developed by competitors like Sam Altman’s Open AI. Notably, Open AI has also recently received $6.6 billion in funding, giving the company a whopping valuation of $157 billion.
Consequently, the value of AI-based digital currencies is expected to increase alongside the expansion of the AI sector. Companies such as Nvidia, Open AI, and Meta are likely to play significant roles in driving this growth.
Furthermore, it’s worth noting that these tokens, particularly Bittensor, have strong underlying factors (bullish fundamentals) that are expected to cause further price increases. Interestingly, the artificial intelligence search platform Kaito AI has disclosed that TAO now makes up 29.55% of Grayscale’s AI investment fund.
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2024-10-08 00:58