There has been a recovery across the cryptocurrency market in recent weeks. At this point, native tokens of the artificial intelligence (AI) field came to the fore. This increase is in line with the rise in the shares of chipmaker Nvidia (NVDA), which is listed on the Nasdaq stock exchange and is known for its close relationship with AI technology. With these developments, FET coin and other cryptocurrencies experienced a leap.
Impressive increases in artificial intelligence coins such as FET coin, AGIX
Today, the rise in Nvidia’s shares attracted attention. However, investors are waiting for Nvidia’s May 22 earnings report. If the stock rallies on earnings, a breakout in heavy volume could be a buy signal. On April 24, Nvidia signed an agreement to acquire Run.ai. According to TechCrunch, the price tag is $700 million. Run.ai helps developers use AI tools more efficiently. It also reveals Nvidia’s road map and priorities. Run.ai works with Nvidia’s Cloud AI product, which helps businesses “instantly access an AI supercomputer from the browser.”
Before last week’s rebound, Nvidia shares had given back gains from March’s GTC conference for AI developers. The stock is up a whopping 239% in 2023. Because it has increased by 75% so far this year. Following the March conference, UBS analyst Timothy Arcuri maintained his buy rating. On the other hand, he increased Nvidia’s target price from 800 to 1,100.
These developments in the market also affected cryptocurrencies. According to market data, Render Network’s token RNDR attracted attention during the seven-day period. The coin rose more than 40% to $10,432. Notably, it has made the biggest gains among the top 100 cryptocurrencies in terms of market cap. Other AI-focused coins such as SingularityNET (AGIX), Bittensor (TAO), and Fetch.ai (FET coin) also jumped. It gained value at rates ranging from 17% to 23%, respectively. It subsequently outperformed the overall market. In addition, the highest risers in the CMC list, which includes artificial intelligence coins in the last 24 hours, are as follows:
Watch out for AI coins
Nvidia’s strong performance is supported by the impressive recent financial results of other companies in the AI sector. This increases investors’ belief in the future of AI technology and their interest in projects in this field. Experts remind that investors should do careful research before investing in AI tokens and that such investments carry high risks. AI cryptos are integrating AI technologies into their operations, leveraging machine learning algorithms for improved decision-making and security in the web3 ecosystem.
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