Artificial Intelligence cryptocurrencies have experienced a surge over the last day, overshadowing the performance of mainstream cryptocurrencies like Bitcoin and Ethereum. The market cap for AI tokens has expanded to an impressive $29.9 billion, as tracked by Coingecko.
This increase comes alongside Nvidia, a leading AI chip manufacturer, achieving the status of the world's highest-valued company. Investors are rushing to AI chip stocks, propelling Nvidia to this prestigious position.
Among the AI cryptocurrency tokens enjoying a rally, Fetch.ai has jumped by more than 30%, while Bittensor has appreciated by over 5%. Render and both NEAR Protocol and Internet Computer have also seen noteworthy gains, climbing by over 4%, 5%, and 6%, respectively. SingularityNET and Ocean Protocol, two other AI tokens, also rose considerably, by 26% and 23% respectively.
While AI tokens are on the rise, trading activities for major cryptocurrencies like Bitcoin, Ether, and Solana have been stagnant or declining. For instance, Bitcoin has retreated to prices not observed since the previous year, only managing a slight uptick recently.
Nvidia, primarily recognized for its powerful graphics chips used in AI workload processing, has doubled its value since the start of 2024. Recently, Nvidia's shares closed at $135.58, marking a 3% rise for the day and subsequently exceeding the market capitalization of major tech giants like Microsoft, Apple, and Amazon.
AI tokens, central to platforms that integrate AI capabilities, are gaining traction for their potential to improve efficiency and decision-making. These tokens are integral to a number of emerging AI projects, ranging from machine learning applications to decentralized AI marketplaces, and continue to draw interest from savvy investors and innovators in the cryptocurrency space.
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For further information, you may explore updates on AI tokens and market data at Coingecko, or understand Nvidia's corporate developments at Nvidia. These links are main domains and are provided with the assurance of their validity at the time of writing.
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