Nvidia is believed to have a significant influence on the way the AI crypto market functions. This stems from the assumption that every development in artificial intelligence that comes from the company is integrated into the crypto segment. The AI crypto community has expressed a firm belief in correlated price movements and enhancing investor confidence.
For starters, every time the leader in the AI hardware space demonstrates positive performance, it indicates that there is an upswing on the horizon in the AI crypto market, boosting investors’ interest and confidence. Also, any advancement in AI technology triggers a high demand for AI tokens. This includes the likes of FET, ICP, and RNDR, among others.
It further affects the hype around AI-based cryptocurrencies. Every time Nvidia releases a strong earnings report, the market gets excited about crypto projects, inflating token prices for a while. Finally, the performance of AI cryptocurrencies takes a strong hint from the kind of role the research & development department plays within Nvidia. Nvidia views anything that can directly or indirectly benefit the token as positive.
Fetch.ai is currently dominating the market with a token value of $2.53. This is after a jump of 2% in the last 24 hours and 24.7% in the last 7 days. In a week, there have been mostly green trades. Other AI tokens, such as ICP and RNDR, are also included.
Internet Computer (ICP) has been up by 9.65% in the last 7 days but has fallen by 2.1% in the last 24 hours. Nevertheless, at press time, the token’s value stands at $13.20, indicating a likely end of the year above the $15 mark. Alternatively, it could go as high as $20 if all the factors align or if conditions are more bullish than expected.
Render aims to achieve the same milestones. RNDR is listed at $11.12, up 1.5% in the last 24 hours and 10% in the last 7 days. Their green traders are evident, with bullish sentiments prevailing throughout the last 24-hour time window. The Graph (GRT) and Bittensor (TAO) demonstrate similar sentiments.
Nvidia may not have a huge role to play, but the community creates market speculation based on what the company is up to. The impact is also evident in the stock price. Every time Nvidia’s stock prices soared, it went on to trigger a surge in the trading valuation of AI tokens.
The top five AI cryptocurrencies are currently listed with an optimistic tone. Others are following the trend: AGIX, AKT, and OCEAN, to name a few. Sentiments across the crypto market are bullish amid high volatility and uncertainty. BTC and ETH—two flagship cryptocurrencies—were considerably up at the time of articulating this piece.
