The recent recovery of Bitcoin heralds good prospects for the entire cryptocurrency market, and altcoins are not left out. Artificial intelligence (AI) cryptocurrencies are also showing impressive performance. FET, RNDR and AGIX stand out, returning to highs that delight traders and crypto enthusiasts.
AI cryptocurrencies are taking over the market!
“ We are currently in an AI super cycle », Enthuses a crypto analyst. This assertion is supported by recent statistics showing the rise of Bitcoin and other cryptocurrencies. So why complain? Bitcoin, posting a modest $56,500 last week, is currently adding more than $7,000 to its value.
It’s the digital gold rush for cryptocurrencies dedicated to artificial intelligence (AI)! There recovery of the cryptocurrency market is led by these digital currencies, native to AI-driven blockchain projectsreports CoinDesk.
Recently, shares of chip giant Nvidia (NVDA) have also regained momentum. This company is considered the gold standard in AI, and when its shares rise, the AI market is often in turmoil.
THE RNDR tokenused for decentralized GPU-based rendering solutions by The Render Network, has seen a meteoric rise, climbing nearly 40% in seven days to reach 10,432 dollars.
Other AI-driven cryptocurrencies, like AGIX from SingularityNET, TAO from Bittensor and FET from Fetch.ai, also posted spectacular gains, significantly outperforming the broader market. Meanwhile, Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose 1.7%, while the CoinDesk 20 index gained 0.6%.
Nvidia’s helping hand
According to DYOR, a cryptocurrency analysis platform, decentralized AI coins and DePIN tokens perform best of the week.
Hitesh Malviya, founder of DYOR, explains: “ There is a lot of buzz around Nvidia's impending earnings. AI coins will continue to ride cycles [plus élevés] because they are directly correlated to all the AI development happening around us. »
The chipmaker is expected to announce its results for the first quarter on May 22. Zacks Investment Research forecast earnings per share of $5.49, an increase of 403% from the prior year.
NVDA shares, having wreaked havoc last February, hit $922 on Monday, their highest level since April 1, regaining more than 20% since April 19. NVDA and the cryptocurrency market have recently rebounded from a downtrend, marking the start of a new bull cycle.
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