.jpg)
Amid the overall market downtrend, artificial intelligence (AI)-based cryptocurrency assets have shown significant gains, fueled by the AI craze that is permeating traditional finance and cryptocurrency markets.
This boom was further enhanced by Continuous assembly Technology company Nvidia, which was recently named the world’s most valuable company, with its stock price rising to an all-time high.
Fetch.ai rides Nvidia’s success
Nvidia’s stock price, now worth $3.34 trillion, has nearly doubled since the start of the year, outpacing the likes of tech giants Microsoft and Apple.
This rise is attributed to Nvidia’s dominance in providing the core chips needed for artificial intelligence, which analysts often call “the new gold or oil in the technology sector.”
Amidst these developments, AI-based cryptocurrencies emerged as the best performers, overshadowing major cryptocurrencies that witnessed a sharp rise. Price correction Led by Bitcoin (BTC).
according to Data From CoinGecko, notable gainers among AI tokens include Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), with gains of 24%, 23.5%, and 22%, respectively, in the past 24 hours. Alone. .
On the one hand, FET saw a significant recovery and broke its downtrend after a major price correction that brought it down to $1.10. Despite falling more than 58% from its all-time high of $3.45 in March, blockchain research firm House of Chimera Highlights Potential real-world use cases for Fetch.ai.
For example, independent FET agents can optimize logistics services by analyzing and predicting optimal routes, thus reducing costs and improving delivery times.
With growing interest in AI applications in industry and traditional finance, FET’s AI algorithms analyzing large data sets may lead to more Price increases In the coming months. Currently, FET is trading at $1.44 with a market cap of $3.6 billion.
Long-term potential for AI-based crypto tokens
Likewise, Singularity Net’s native token AGIX followed a similar path to FET, reaching a high of $1.46 in March but currently trading 58% lower at $0.6018.
The protocol’s primary uses, however, are around creating and monetizing AI services Artificial intelligence marketindicating the potential for significant gains and long-term investor interest.
Ocean Protocol’s native token, OCEAN, also displays price actions similar to those of AGIX and FET. OCEAN is currently trading at $0.6094 and has seen a trading volume increase of over 20% over the past 24 hours.
The open source protocol model aims to facilitate the exchange and monetization of data and data-driven services, with notable applications such as running AI-powered forecasting bots or trading bots on cryptocurrency price feeds.
Ultimately, Chris Penrose, Nvidia’s global head of business development for communications, asserted firmly Believes In the future price gains of the entire AI sector, which will increase the adoption of AI-based tokens.
Penrose expressed his utmost confidence in the transformative power of generative AI, stressing that investors have only scratched the surface of its impact on companies around the world.
Wedbush Securities, a popular financial firm, echoed this sentiment by predicting an intense race in the technology sector. Nvidia, Apple, and Microsoft competed to obtain a large market value of $4 trillion next year.
Featured image of DALL-E, chart from TradingView.com
