Tech
Here are the top 3 winners – TradingView News
Amid an overall bearish market trend, artificial intelligence (AI)-based crypto assets have shown substantial gains, fueled by the AI frenzy permeating traditional financial and crypto markets.
This surge has been further boosted by the continued rise of technology company Nvidia, which recently claimed the world’s most valuable corporate stock, with its share price skyrocketing to an all-time high.
Fetch.ai rides on Nvidia’s success
Nvidia’s stock price, now valued at $3.34 trillion, has nearly doubled since the start of the year, outpacing giants such as Microsoft and Apple.
This increase has been attributed to Nvidia’s dominance in supplying the essential chips needed for artificial intelligence, often called the “new gold or oil in the tech sector” by analysts.
Amid these developments, AI-powered crypto tokens have emerged as outperformers, overshadowing major cryptocurrencies that have undergone a sharp price correction led by Bitcoin (BTC).
According to data from CoinGecko, among the AI tokens that have gained the most are Fetch.ai (FET), Singularity Net (AGIX) and Ocean Protocol (OCEAN), with gains of 24%, 23.5% and 22% respectively in the past. 24 hours alone.
On the one hand, FET made a significant recovery and broke its downtrend following a substantial price correction that brought it to $1.10. Despite falling more than 58% from an all-time high of $3.45 seen in March, blockchain research firm House of Chimera highlights potential real-world use cases for Fetch.ai.
For example, FET’s autonomous agents can optimize logistics by analyzing and predicting optimal routes, thereby reducing costs and improving delivery times.
With growing interest in AI applications in industry and traditional finance, FET’s AI algorithms analyzing large data sets could lead to further price increases in the coming months. Currently, FET is trading at $1.44 with a market capitalization of $3.6 billion.
Long-term potential for AI-powered crypto tokens
Likewise, Singularity Net’s native AGIX token has followed a similar trajectory to FET, reaching a high of $1.46 in March but currently trading down 58% at $0.6018.
However, the underlying uses of the protocol, centered on the creation and monetization of AI services through its AI Marketplace, suggest the potential for significant gains and long-term investor interest.
Ocean Protocol’s native token, OCEAN, also displays price action comparable to that of AGIX and FET. Currently trading at $0.6094, OCEAN has seen an increase in trading volume of more than 20% in the last 24 hours.
The protocol’s open-source model aims to facilitate the exchange and monetization of data and data-driven services, with notable applications such as running AI-based prediction bots or trading bots on crypto price feeds .
Ultimately, Chris Penrose, global head of business development for telecommunications at Nvidia, firmly believes in future price increases for the entire AI industry, which will drive the adoption of AI-powered crypto tokens.
Penrose expressed the utmost confidence in the transformative power of generative AI, noting that investors have only just scratched the surface of its impact on businesses around the world.
Wedbush Securities, a renowned financial firm, echoed this sentiment by predicting an intense run in the technology sector. Nvidia, Apple and Microsoft were vying for a significant market capitalization of $4 trillion in the next year.
Featured image from DALL-E, chart from TradingView.com