Booming AI demand spurs AI-based crypto growth amid the current US SEC onslaught
The rising demand for artificial intelligence (AI) chips, cited in Nvidia’s report towards the end of May, has spurred the growth of AI-based cryptocurrencies. The overall rally in the S&P 500 and Nasdaq Composite driven by Nvidia Corporation (NASDAQ: NVDA) over the past two weeks has provided a sentiment boost to AI and big data cryptocurrencies.
While the older projects like SingularityNET (AGIX), The Graph (GRT), Fetch.ai (FET), Injective (INJ), and Artificial Liquid Intelligence (ALI) have suffered from the ongoing US SEC onslaught on cryptocurrencies, new AI-based crypto projects have remained largely unbowed. The entire crypto market is currently reeling from the impact of the SEC’s suits against Binance and Coinbase.
Correlation between AI crypto boom and chip demandCopy link to section
The corresponding tokens for blockchain-based AI projects are referred to as AI cryptocurrencies. For instance, Fetch.ai is committed to developing the framework for “smart, autonomous services” in transportation, finance, and other areas. The “first decentralized world computer capable of running AI and AI-powered dApps on the blockchain” is what Cortex aspires to be.
The rally in the S&P 500 and Nasdaq Composite spearheaded by Nvidia, which released astounding sales guidance late on May 24 and cited demand for AI capabilities, gave cryptocurrency traders more confidence. Analyst expectations for its projected sales for the second quarter of its fiscal 2024 were outperformed by more than 50%.
Some market participants in a particular sector of the technology industry have long believed that blockchain technology can help the wild west of artificial intelligence and possibly act as a positive catalyst for the cryptocurrency market as a whole. In particular, using its capacity to scale the deployment of digital identity solutions, blockchain technology may be able to assist as artificial intelligence becomes more intelligent and better at manipulating people’s identities on the internet.
And while many believe that both technologies are still in their infancy, the last few months have seen a surge in the number of AI-based cryptocurrency projects with the most recent one being the AltSignals.io, whose native token ASI is currently in the presale stage.
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What is AltSignals.io?Copy link to section
Since 2017, AltSignals has assisted traders in the financial markets in making money from price changes by developing algorithm-based technical indicators and offering trading signals. Prior to adding trading signals for CFDs, shares, and forex, it started by sending signals for cryptocurrency trading.
AltSignals currently offers fundamental and technical analysis, coaching, and assistance for clients in placing trades and making money from them. To produce trading signals, it makes use of a technical indicator called the AltAlgo Indicator.
The AltAlgo indicator currently identifies trading opportunities using a variety of trading strategies and technical indicators and notifies AltSignals users when a promising trading opportunity emerges.
AltSignals is currently developing an artificial intelligence-based algorithm as part of its effort to use artificial intelligence technology to increase the effectiveness of its services. The AI algorithm will use the AltAlgo indicator, the best-performing algorithm, to build a suite of AI products, one of which is ActualizeAI powered by the ASI cryptocurrency.
The main objective of the ASI cryptocurrency is to act as a membership key for the AltSignals AI Ecosystem. ASI holders will have access to the ecosystem and experience the new AI Algorithm, “ActualizeAI,” which is being developed in-house by the AltSignals team.
The price of the ASI token is projected to rise to $0.02274 by the time the presale will be coming to an end from the current price of $0.01200 which is a good proposition for early investors.