[As Nvidia becomes the world’s most valuable company, AI tokens led by FET and AGIX surge]
Artificial intelligence (AI)-themed tokens have surged as much as 35% in price over the past 24 hours, significantly outperforming the performance of the overall crypto market, which has remained largely unchanged during the period. The growth in AI token prices mirrors a rise in Nvidia stock prices, which has made Nvidia the world's most valuable company, underscoring the market's growing interest in AI-related technologies.
Fetch.ai’s FET, SingularityNET’s AGIX and Ocean Protocol’s OCEAN led the AI token sector, which gained an average of 15%, according to CoinGecko data. Coins with market caps above $100 million are up at least 4%, far outpacing the 0.22% gain in the CoinDesk 20 (CD20) index.
The growth mirrors a surge in shares of chipmaker Nvidia (NVIDIA), which has risen 5% since Monday to become the world's most valuable company, surpassing Microsoft. Although Nvidia is not directly affiliated with any crypto company, growth in its stock price tends to lead to higher prices for AI-related tokens.
Edward Wilson, an analyst at Nansen.ai, told CoinDesk in a Telegram message on Thursday: “AI as a sector is very hot in both traditional markets and crypto markets. After Nvidia became the most valuable company in the world, the rise of AI tokens did not Not surprising." He added: "Tokens like NEAR and RNDR are up about 300% in the past year, compared to Ethereum (ETH) which is only up 100% in the same period. It shows the market’s high interest in this sector.”
However, some researchers still express concerns about the true usefulness of sophisticated AI technology in blockchain projects.
