This resurgence is directly linked to exceptional performance of top AI stockswith special attention to Nvidia (NVDA), that has been established as the epicenter of stock market optimism regarding AI.
This growth in stocks focused on artificial intelligence is leaving its mark in the cryptocurrency spacewhere numerous tokens AI are on the verge of reaching all-time highs long-term.
Cryptocurrencies linked to AI are reaping significant gainsreflecting a feeling overwhelmingly positive in the cryptocurrency sectoras highlighted by recent research by CoinGecko identifying AI as the narrative most prominent crypto in 2023, an optimism that persists in 2024 and is manifested in the price movements of the main tokens related to AI.
The fastest growing AI tokens
In the last week, many of these AI tokens have seen increases of over 25%, and some, like Arkham’s ARKM tokenhave doubled their value in the same period. The Graph (GRT), currently ranked 42nd by market cap, has registered an increase close to 60% this week, briefly reaching the $0.27 level before retreating slightly.
Despite these notable gains, GRT is still about 90% below its all-time high of $2.50recorded during the cryptocurrency boom in 2021.
Another token that has caught attention is Render (RNDR), which entered the top 50 of the cryptocurrency market at the end of 2023, after registering an impressive increase of 1,100% in the year. Although RNDR is currently trading at $6.20, about 15% of its historical maximum, which it reached in November 2021.
This push in TradFi (traditional finance) markets led by AI giants like Nvidia (NVDA) and Super Micro Computer Inc (SMCI) has triggered a cascade of AI tokens. Nvidia shares have seen growth of more than 46% since the beginning of the yearoutperforming not only its peers but also significantly contributing to the rise of the S&P 500.
Nvidia’s next earnings report scheduled for February 21or, generates expectations, since Wall Street anticipates substantial growth in profits and revenues, further consolidating the influence of AI in financial markets.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
