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Our analysis of the situation
In the midst of a market downtrend, there’s one trend that’s soaring to new heights—crypto assets based on artificial intelligence. The AI frenzy has fully permeated the traditional finance and crypto markets, ushering in a surge of gains that has left others in the dust.
Nvidia, the tech titan that has recently claimed the title of the world’s most valuable company, has been a major catalyst for this momentum. With its skyrocketing share price reaching an all-time high, now valued at a whopping $3.34 trillion, it has outpaced the likes of tech giants Microsoft and Apple.
At the heart of Nvidia's success is its dominance in providing the essential chips for artificial intelligence, aptly dubbed the "new gold or oil in the tech sector" by industry analysts. And it's not just Nvidia that’s basking in this success—AI-based crypto tokens, including Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), are emerging as the superstars, outshining major cryptocurrencies.
So, what’s driving this AI crypto fever? Well, according to CoinGecko, within the past 24 hours alone, Fetch.ai (FET) has seen a 24% gain, Singularity Net (AGIX) has surged by 23.5%, and Ocean Protocol (OCEAN) has experienced a 22% increase. These numbers speak volumes, indicating that the thrill of AI is not just a passing trend.
Take Fetch.ai, for instance. It’s already made a notable recovery, busting through its downtrend after a price correction that brought it down to $1.10. Despite being down over 58% from its all-time high, this blockchain gem has some major real-world potential. FET’s autonomous agents are poised to revolutionize logistics, with their knack for analyzing and predicting optimal routes. This spells cost reduction and improved delivery times, and it’s got the market buzzing. As of now, FET is trading at $1.44 with a market capitalization of $3.6 billion.
And it’s not just FET that’s causing a stir. Singularity Net’s native token AGIX and Ocean Protocol’s OCEAN have also charted similar paths. AGIX may currently be trading 58% lower at $0.6018 from its high of $1.46 in March, but its focus on creating and monetizing AI services through its AI marketplace sets the stage for thrilling gains in the long run. Meanwhile, OCEAN, trading at $0.6094, has seen its trading volume spike by over 20% in the last 24 hours. Its open-source model is racing ahead, aiming to facilitate the exchange and monetization of data and data-based services.
Chris Penrose, the global head of business development for telco at Nvidia, stands firm in his belief that the AI sector holds untold potential for future price gains, creating a ripple effect for crypto AI-based tokens. According to Penrose, we’ve just begun to scratch the surface of the transformative power of generative AI, and its impact on businesses worldwide is set to make waves.
Echoing this sentiment, Wedbush Securities, a renowned financial firm, has predicted an intense race in the tech sector, with Nvidia, Apple, and Microsoft making a dash for a remarkable $4 trillion market cap in the upcoming year.
The AI revolution is in full swing, and as Nvidia continues to soar, the crypto assets tethered to AI are riding the wave of success. It’s clear that the future holds boundless potential for these AI-based tokens, and the market is eager to see how this trend unfolds.
[Featured image credit: DALL-E | Chart source: TradingView.com]
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!