Bittime - AI token prices go berserk as NVIDIA breaks record. AI token holders are definitely cheering for joy right now.
Because the price of AI tokens rose rapidly when NVIDIA became the most valuable company in the world. Apart from that, the entry of Wall Street investors into NVIDIA also had a tremendous influence.
AI Token Prices Go Rampage
In the last 24 hours, cryptocurrency tokens related to artificial intelligence experienced a significant surge, surpassing the performance of major digital assets such as bitcoin (BTC-USD) and ether (ETH-USD).
The market capitalization of artificial intelligence tokens rose more than 14%, reaching $29.9 billion (£23.55 billion), according to data from Coingecko.
Source: https://uk.finance.yahoo.com/
The increase comes after NVIDIA (NVDA) was named the world's most valuable company, prompting investors on Wall Street to invest in artificial intelligence chip stocks.
This phenomenon reflects the increasing interest and trust in artificial intelligence technology in the cryptocurrency ecosystem.
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Top 5 AI Tokens Right Now
According to Coingecko, the top five AI crypto tokens by market capitalization saw gains in the last 24 hours.
Fetch.ai (FET-USD) posted the biggest gain of more than 30%, Bittensor (TAO) rose more than 5%, render (RNDR-USD) rose more than 4%, while Near Protocol (NEAR-USD) and Internet Computer ( ICP-USD) rose 5% and 6% respectively.
Also Read: AI Tokens: Will They Rule the Crypto Market or Is It Just Hype?
Other AI crypto tokens, such as SingularityNet (AGIX-USD) and Ocean Protocol (OCEAN-USD), which are close to being in the top five by market capitalization, also saw gains of more than 26% and 23%, respectively.
In contrast to the rise in AI-related tokens, major cryptocurrencies such as Bitcoin, Ether, and Solana have experienced a decline or stagnation.
Bitcoin fell to its lowest level since mid-May, trading around $65,800 in the last 24 hours.
Ether rose 1.7%, but Solana (SOL-USD) fell 2.7% in the same period, according to Coingecko data.
NVIDIA Transforms into the Most Valuable Company
Chipmaker Nvidia became the world's most valuable company after its share price hit a record high on Tuesday.
This incredible growth is due to graphics chips (GPUs) designed to process artificial intelligence workloads in data centers.
With a market capitalization now exceeding $3.3 trillion, Nvidia shares have nearly doubled since the start of 2024.
Shares of Nvidia closed at $135.58 on Wednesday, up 3% in daily trading.
Nvidia's market cap is now larger than Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
Also Read How To Buy Crypto:
Understanding AI-Linked Tokens
AI-linked tokens are a type of cryptocurrency designed to use artificial intelligence technology in its ecosystem.
AI tokens are typically used to support platforms and applications that integrate AI to enhance functionality, improve decision-making processes, and automate various tasks.
AI tokens are often connected to projects focused on machine learning, data analysis, and decentralized AI networks, offering unique use cases that differentiate them from traditional cryptocurrencies such as Bitcoin and Ether.
Also Read: This AI Token is a Merger, Understanding the Merger of Artificial Superintelligence (ASI) Tokens
For example, Fetch.ai uses AI to create decentralized autonomous agents for various industries, while SingularityNet aims to build a decentralized AI marketplace where algorithms can be bought and sold.
These tokens not only facilitate transactions within their respective platforms, but also provide their holders with governance rights and access to AI-based services.
With the increasingly widespread integration of AI technology, AI-related tokens are becoming a promising area in the cryptocurrency market, attracting the attention of more and more investors and developers.
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Final Note
AI token prices went berserk right after NVIDIA broke the highest stock price record, and pushed competing companies such as Apple, Microsoft, and Amazon to the brink.
NVIDIA's success in topping the highest ranking as the most valuable company in the world has had a positive impact on the price of AI tokens.
In a relatively short period of time, AI token prices went berserk. Considering that NVIDIA focuses on AI development, it is a representation of AI tokens.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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