LIVEArtificial intelligence (AI)-oriented cryptocurrencies surged on Wednesday,
defying the subdued performance of the broader digital asset market. This rise comes ahead of Nvidia's highly anticipated quarterly earnings report.
Key Points:
- AI Token Gains: Major AI tokens like Fetch.ai's FET, Render's RNDR, Bittensor's TAO, and SingularityNET's AGIX witnessed a 4-5% increase within the last 24 hours (according to CoinGecko data).
- AIOZ Network Jumps: AIOZ, the token of the Decentralized Physical Infrastructure Network (DePin), soared by 7% following its listing on the Nvidia Accelerated Applications Catalog.
- Near Protocol Upward Trend: NEAR, the native token of layer-1 network Near Protocol, climbed 2%. NEAR gained attention earlier this year when its co-founder presented at an Nvidia conference. Notably, NEAR was the best performing asset in the CoinDesk 20 index, which dipped 0.6% overall.
- Broader Market Dip: The overall market decline follows a period of rapid growth fueled by positive regulatory developments in the US and receding inflation fears.
Investor Interest and Nvidia Focus:
This trend suggests potential investor interest in AI-focused crypto projects.
Additionally, the market appears to be waiting with bated breath for Nvidia's earnings report, scheduled for after the market close. Nvidia's stock price has seen a significant rise this year (up 90%) and even more so year-over-year (over 200%).
In essence, AI cryptocurrencies are experiencing a positive trend despite a softer market, highlighting investor interest in the sector. All eyes are now on Nvidia's earnings report for further market direction.
LIVE