Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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AI Coins Rally With Nvidia Stock
Artificial intelligence (AI) related crypto coins have rallied alongside Nvidia’s NVDA stock. The top AI coins, Near Protocol (NEAR) and Bittensor (TAO) are up over 7% and 8%, respectively, in the last 24 hours.
The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours. Injective (INJ) is also among the AI coins that have soared with a price gain of over 3% during this period.
These coins have rallied with the Nvidia stock, which hit a six-week high today. Nasdaq data shows that NVDA rose to as high as $130 today, its best daily performance in the last six weeks. The stock is up following recent bullish developments for the tech giant.
Nvidia’s CEO Jensen Huang mentioned that the company is witnessing an “instance” demand for its Blackwell AI chip. Meanwhile, the company partnered with IT consulting giant Accenture to boost AI adoption among enterprises.
Will The Rally Continue For These Coins?
With Nvidia’s ongoing AI summit, AI coins are expected to keep rallying, at least in the short term. The company is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock. Given their strong positive price correlation with the NVDA stock, these AI tokens will also enjoy significant price gains as the stock rallies.
The AI narrative is also hot at the moment, with companies like Meta and Open AI making great strides in the industry. Meta recently launched a new AI model to compete with tools from rivals like Sam Altman’s Open AI. Meanwhile, Open AI also recently secured funding of $6.6 billion, with the company’s valuation at $157 billion.
Therefore, AI coins will continue to become more valuable as the AI industry grows, with companies like Nvidia, Open AI, and Meta leading the way.
Moreover, these tokens, especially Bittensor, boast bullish fundamentals, which will continue to trigger price rallies. The AI search platform Kaito AI revealed that TAO now represents 29.55% of Grayscale’s AI fund.
Conclusion
In conclusion, the rally of AI coins alongside Nvidia’s stock is a significant development in the crypto market. With the company’s AI summit ongoing and expected to make game-changing announcements, AI coins are likely to continue their upward trend. The AI narrative is also hot, with companies like Meta and Open AI making great strides in the industry. As the AI industry grows, AI coins will become more valuable, making them an attractive investment opportunity for crypto enthusiasts.
FAQs
Q: What is the relationship between AI coins and Nvidia stock?
A: AI coins have a positive price correlation with Nvidia stock, meaning that they tend to rally when Nvidia’s stock price increases.
Q: Why is Nvidia’s AI summit important for AI coins?
A: Nvidia’s AI summit is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock, which in turn will drive the price of AI coins higher.
Q: Which AI coins are benefiting from the rally?
A: The top AI coins, Near Protocol (NEAR) and Bittensor (TAO), are up over 7% and 8%, respectively, in the last 24 hours. The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours.
Q: What is the significance of the AI narrative in the industry?
A: The AI narrative is hot, with companies like Meta and Open AI making great strides in the industry. As the AI industry grows, AI coins will become more valuable, making them an attractive investment opportunity for crypto enthusiasts.
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