See More

AI Tokens Skyrocket Amidst Nvidia’s Market Momentum

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • AI tokens see over 15% rise, driven by Nvidia's market momentum ahead of GTC 2024.
  • Market cap of AI sector hits $37.4 billion; Render, Fetch.ai, SingularityNET lead gains.
  • Smart money wallet turns $11,000 into $3.12 million with NetMind Token (NMT).
  • promo

As the Nvidia GTC 2024 conference looms on the horizon, the buzz surrounding Artificial Intelligence (AI) tokens is palpable. There has been a remarkable uptick in their value.

This surge underscores the rising interest in the AI and blockchain amalgamation.

AI Tokens Surge Double Digit Amidst Nvidia Hype

A recent Santiment study exemplifies the AI trend in the crypto market. The project shared that a portfolio of 100 AI tokens showed a notable 30.7% increase in the value.

Consequently, this ascent in value demonstrates the growing investor confidence in AI tokens to generate substantial returns, even amid fluctuating markets.

Moreover, CoinMarketCap’s latest figures add weight to this trend. They reveal a nearly 15% increase in the AI sector over just one day, pushing its total market capitalization to a robust $37.4 billion. Notably, Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) lead this rally with impressive gains. Such achievements spotlight the frontrunners within this emerging niche.

Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

AI Tokens Market Capitalization
AI Tokens Market Capitalization. Source: CoinMarketCap

Insights from blockchain analytical platform Lookonchain further illustrate how smart money has leveraged this AI token surge. Highlighted transactions include significant profits from Fetch.ai investments and extraordinary returns from NetMind Token (NMT) holdings.

“Smart money wallet – 0xEE68″ turned $11,000 into $3.12 million with NMT, a gain of 280x!” Lookonchain stated.

The Nvidia Hype

The heightened excitement for AI cryptocurrencies can be traced back to the anticipation surrounding Nvidia’s upcoming GTC 2024 conference. News that the blockchain project Ankr would announce its future price at the event sparked a 40% spike in its native token.

Moreover, Nvidia’s recent financial triumph, boasting a 769% year-over-year surge in net income, reinforces the company’s leading role in the AI ecosystem. With the company’s GPUs at the forefront of large AI model development, Nvidia’s positive outlook on sustained product demand bodes well for the AI industry.

Amidst these developments, Nishant Bhardwaj, a crypto trader, believes that AI tokens are solely pumping due to Nvidia’s stock performance.

Read more: 13 Best AI Crypto Trading Bots To Maximize Your Profits

Nvidia Price Performance
Nvidia Price Performance. Source: TradingView

“The reason AI tokens pumped is due to NVDA skyrocketing and creating ATH. The same AI tokens everyone was blindly long would have broken the support and dumped if NVDA corrected even a little yesterday. This is a gamble,” Bhardwaj stated.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored