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The hype around Nvidia and the increasing demand for AI chips have triggered an increase in quotes of cryptocurrencies associated with artificial intelligence.
At the time of writing, the SingularityNET (AGIX) token is up 19% to $0.29, according to CoinMarketCap. Cortex (CTXC) rose 6% to $0.17, while Measurable Data Token (MDT) gained 6.5% to hit $0.04.
All listed assets have a capitalization of less than $40 million.
Fetch.ai (FET), which has a total value of $195 million, grew by almost 5% and reached $0.24 at the moment. The price has now corrected to $0.23.
Hourly FET/USDT chart of the Binance exchange. Data: Trading View.
Most of the rest of the cryptocurrency market, including Bitcoin and Ethereum, did not show significant dynamics.
Data: Coin Market Cap.
The above tokens refer to the respective blockchain-based AI projects. For example, Fetch.ai is building infrastructure for “smart, autonomous services” in supply chain, finance, travel, and more.
Cortex aims to be “the world’s first decentralized computer capable of running AI and decentralized applications.”
How has Nvidia influenced?
On May 24, Nvidia released its Q1 Fiscal Year 2024 report. The company’s earnings exceeded analysts’ forecasts, due to which the chipmaker’s shares soared by almost 25%.
Nvidia stock price on 05/25/2023. Data: Nasdaq.
In one day, Nvidia’s market capitalization rose by $185 billion, bringing it closer to the “trillionaire club”.
During the presentation of the report, CEO Jensen Huang focused on the importance of AI for business development. Most of the revenue came from the Data Center Products division, whose main customers are cloud service providers and AI algorithm developers.
Nvidia’s optimistic forecasts for the current quarter have probably provoked a buzz around AI, including among blockchain projects.
Recall that in January, the prices of artificial intelligence-related tokens soared against the backdrop of the popularity of ChatGPT.
In February, chatbot announcements by announcement companies Google and Microsoft had a similar effect.
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