- In the last 24 hours, Fetch.ai has led several notable increases in key AI-related cryptocurrency tokens, rising by more than 25%.
- The surge follows Nvidia’s ascent to the top of the global corporate value rankings.
Major AI-related cryptocurrency tokens have seen huge gains over the last day, led by Fetch.ai FET +22.42%. The rally coincides with Nvidia being the most valuable corporation in the world.
According to CoinGecko data, the biggest increases were recorded by Fetch.ai (FET), which increased by over 25%; Bittensor (TAO) increased by over 19%; Render (RNDR) increased by over 13%; and NEAR Protocol (NEAR) and Internet Computer (ICP) witnessed gains of less than 10% apiece.
Edward Wilson, an analyst at Nansen.ai, claims that the artificial intelligence space is currently the trendiest area in both the traditional and cryptocurrency sectors.
Wilson emphasized that the spike in value of tokens related to artificial intelligence occurs after Nvidia, a US-based firm that makes computer chips, became the most valuable corporation in the world by closing trade on Tuesday with a share price that had reached an all-time high of over $136.
It is hardly surprising that AI tokens like NEAR, RNDR, and others are rising in value after Nvidia emerged as the most valuable corporation in the world. There is a lot of interest in this industry because both of these tokens have increased in value by about 300% over the last year, while ether has increased by slightly over 100% in the same time frame.
Sergei Gorev, the risk manager at YouHodler, cautioned against making snap decisions in response to the most recent AI-related surge, pointing out that further clarification is necessary because valuations may currently be more hype than substance.
Regarding the NVIDIA share quotations, we take into account the recent dynamics of the stock as a result of the market’s overreaction to uncertain prospects. Whether it’s about EVs or 3D printers, the story of “creating something new” has always created enthusiasm in the industry. Gorev said that the buzz around AI is now the main concern.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
