News & Analyses

AI tokens could rally following growth in NVIDIA’s stock

  • AI tokens could lead the new bull cycle, posting higher gains than several top cryptocurrencies. 
  • Gains in NVIDIA’s stock price show a positive correlation with AI tokens.
  • Continued interest in Artificial Intelligence may cause AI tokens to experience more gains.

Artificial Intelligence tokens are gaining momentum again after impressive gains in March. Recent price gains in NVIDIA have coincided with gains in Near Protocol (NEAR), Render (RNDR), and Worldcoin (WLD), among several other AI tokens.

Also read: Crypto AI tokens post near double-digit gains amidst launches from NVIDIA, OpenAI and Amazon

AI tokens could be set for a rally

While some predicted the Bitcoin halving would be the breaking point for a new bull cycle, a recent rally in AI tokens could see them lead the altcoin season.

The continuous integration of AI-backed tokens has increased awareness of the possibilities that await the general blockchain ecosystem with them on board.

Artificial Intelligence tokens such as NEAR, RNDR, and WLD rallied amid instability in the price of top cryptocurrencies like Bitcoin and Ethereum.

Growth in chip manufacturer NVIDIA’s (NVDA) stock price seems to show a positive correlation with some of these AI tokens. In the past week, NVDA rallied nearly 11% to $921 before settling at $904 on Wednesday. AI tokens have also seen similar price growth in the last seven days.

RNDR, the native token for The Render Network, a decentralized GPU-based AI solutions provider, rallied by 26% over the past week. Apple recently presented Octane X, the rendering software powered by RNDR, as the pro rendering app on the new iPad. Users can see the RNDR logo in the video on the iPad. 

Near Protocol (NEAR) and Worldcoin (WLD) have both risen by nearly 13% and 16%, respectively, over the last seven days. In comparison, Bitcoin, Ethereum, and BNB saw price growth of only 7.2%, 0.1% and 4.8%, respectively.

Also read: AI safety group proposes criminal liability on developers, tokens suffer steep declines in prices

Continued interest surrounding AI tokens integration into blockchain projects could likely lead to a continuous price rise. For example, Worldcoin began its World ID verifications in Peru on Wednesday and plans to expand operations to Mexico.

Tokens like FETCH, OCEAN, and AGIX, which recently formed the Artificial Super Intelligence (ASI) alliance, have paved the way for a broader wave of AI solutions in the crypto ecosystem. The Fetch Foundation recently minted 1.4 billion FET tokens, valued at $2.96 billion, in a series of deposits on Binance. This action aimed to stir support for its ASI Token Exchange Mechanism, which occurred five days ago.

Source link

News & Analyses Analyses