In the throes of an overall market downturn, one sector glimmers defiantly as crypto assets anchored in artificial intelligence (AI) deliver impressive gains. This surge seems to be riding the wave of excitement surrounding AI’s rise in both traditional finance and crypto market territory.
The leap in AI-based cryptocurrency is also being propped up by the seemingly unstoppable ascent of technology behemoth, Nvidia. The acclaimed tech company recently clinched the prestigious title of the “Most Valuable Company,” as its formidable share prices rocket to unprecedented heights.
Nvidia stocks, currently standing at an astronomical $3.34 trillion, have nearly doubled since ringing in the New Year. This extraordinary climb has not only seen Nvidia leapfrog past tech luminaries Microsoft and Apple but also put its stamp on the global financial landscape.
The ascent of this famed tech titan can be attributed to its unrivalled position as a leading provider of integral chips integral to artificial intelligence’s functioning. Analysts have equated these essential chips to the “new gold or oil in the tech sector,” underlining their tremendous importance and value.
As Nvidia continues to soar, AI-based crypto tokens are emerging as standout performers in the financial arena. They belittle major cryptocurrencies, such as Bitcoin (BTC), whose prices have recently been subjected to harsh correction.
Data from CoinGecko reveals Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN) are blazing the trail among AI tokens. They are clocking gains of 24%, 23.5%, and 22%, respectively, in just the past 24 hours.
The FET token, in particular, has made a dramatic recovery. Following a severe price correction that saw it plunge to $1.10, it now stands at $1.44. Though it remains significantly lower than its all-time high of $3.45 from March, blockchain research firm House of Chimera has highlighted potential real-world applications for Fetch.ai which could increase its value in the future.
As more industry and finance sectors begin to harness AI applications, FET’s autonomous agents with the ability to optimize logistics and AI algorithms that analyze large datasets could drive up price increases in the near future.
The story is the same for Singularity Net’s native token AGIX and Ocean Protocol’s token OCEAN. They too have seen similar price trajectories, entrenched in the AI-crypto phenomenon. While the value of these tokens remain lower than their peak in March, the transformative uses of their protocols indicate possibility for significant gains in the long term.
Chris Penrose, Nvidia’s global head of business development for telco, is deeply optimistic about the future price appreciation for the entire AI sector. He believes these substantial price gains will accelerate the adoption of AI-based crypto tokens.
Penrose extols the transformative power of generative AI, insisting that investors have barely begun to understand its far-reaching impact on businesses globally.
Echoing this sentiment, the respected financial firm Wedbush Securities has projected an intensely competitive race in the tech sector with Nvidia, Apple and Microsoft all gunning for a significant $4 trillion market cap in the next year.
