As an analyst with a background in technology and finance, I strongly believe that Nvidia’s recent achievements as the most valuable company in the world by market capitalization have significantly impacted the cryptocurrency market, particularly those associated with Artificial Intelligence (AI). The renewed buying interest in these coins is a clear indication of investors’ growing enthusiasm for AI-driven technologies.
In the second half of June, the cryptocurrency market underwent an extended correction. Bitcoin reached a monthly low of $64,000 on Tuesday, causing many major altcoins to follow suit. However, coins related to Artificial Intelligence (AI) saw a sudden surge in demand. This renewed buying interest might be connected to Nvidia, the leading AI chip maker, recently surpassing other companies to become the most valuable firm in the world by market capitalization.
Nvidia’s stock price is presently at $135.58, boasting a market value of an impressive $3.335 trillion. This represents a noteworthy increase of 3.51% compared to yesterday’s figure. The company has demonstrated a stunning annual growth rate of 209.47%, making it the most valuable tech firm as it recently surpassed Microsoft.
AI Altcoins- Fetch.ai (FET)
As a crypto investor, I would describe Fetch.ai (FET) as follows: I’m part of an innovative blockchain community where we build a decentralized network. This network is unique because it’s powered by artificial intelligence (AI) and machine learning (ML). Instead of relying on central servers or individual computers, we have autonomous software agents that learn and make decisions collectively. These agents work together to create intelligent solutions for various tasks, making Fetch.ai a groundbreaking project in the world of decentralized technologies.
For the past 11 weeks, the FET price has been decreasing and encountering resistance from a downward-sloping trendline, indicating a correction. This downturn resulted in a significant drop in altcoin value from $3.48 to a low of $1.1, equating to a loss of approximately 68.3%.
The price of the coin increased by 20% and returned to $1.43, indicating its resilience above the 50-week moving average on the chart. As of now, Fetch.ai’s market capitalization amounts to $1.208 billion, while its trading volume has surged to $247 million within the last 24 hours.
As an analyst, I believe that this bullish reversal has the potential to propel the FET price by approximately 45% more, allowing it to challenge the resistance trendline once again. A breakout above this level would be a strong indication that the current correction has come to an end and could boost the altcoin for even greater gains.
2) SingularityNET (AGIX)
SingularityNET is a decentralized marketplace for artificial intelligence (AI) services, allowing global access and enabling users to explore, trial, and acquire different AI offerings by utilizing the AGIX token as currency.
As a researcher studying the cryptocurrency market, I’ve noticed that following the latest correction, the AGIX price experienced a significant decline from its peak of $1.13 on May 22nd, down to $0.46. This represented a substantial loss of approximately 58.7%. However, despite this downturn, the coin’s price found support at the established uptrend line which has been in place since October 2023.
As a researcher observing the AGIX market, I’ve noticed that the price has formed a new higher low, which is a bullish sign indicating continued buying interest from investors during market dips. Today, SingularityNET’s coin price surged by 20% to reach $0.60, and its market capitalization grew to an impressive $777.5 million.
As a researcher studying market trends, I propose that if the current supportive factors remain in place, the next stage of recovery for the asset could potentially surpass the resistance level at $0.72. Subsequently, we may witness further gains toward $1.13 and eventually reach $1.46.
3) Bittensor (TAO)
As a crypto investor, I’d describe Bittorus this way: Bittorus is my go-to decentralized machine learning network that harnesses the power of blockchain technology to establish a peer-to-peer marketplace for AI models. Recently, there have been some corrections in TAO coin value, which can be observed through two descending trendlines on its daily chart.
The TAO‘s price experienced a significant drop from its peak of $756 to a low of $243, resulting in a loss of over 67%. However, it has since bounced back, rising by approximately 22% within two days to reach $296. Meanwhile, the market capitalization has grown to around $2.11 billion.
Based on the historical behavior of this pattern, a reversal inside the channel could encourage investors to buy and aim for the upper limits, potentially leading to a 32% price increase.
After the coin price of Bittensor broke through its upper trendline, there was a noticeable shift in the market direction, resulting in a more stable price movement.
Key Takeaway
The rapid expansion of Nvidia’s AI technology is fueling a surge in interest and investment in AI-related cryptocurrencies. As more businesses seek AI solutions due to Nvidia’s advancements, these cryptocurrencies linked to related projects gain value and popularity. This trend reflects the growing excitement for technologies that utilize artificial intelligence.
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2024-06-19 23:25