Fetch.ai (FET) soars 30% as Nvidia’s stock gains propel AI cryptos

While the altcoin market stays on edge with Bitcoin (BTC) hovering below $66,000, AI-based digital assets have shown noteworthy gains over the past day.

This trend shows the growing interest and potential resilience of AI cryptocurrencies in an otherwise uncertain market.

The overall market capitalization of top AI cryptocurrencies surged nearly 5% within the last 24 hours, reaching $30.33 billion.

This increase indicates a robust confidence among investors in AI-driven digital assets, even as the broader cryptocurrency market experiences turbulence.

Fetch.ai leads the gainers

Fetch.ai (FET) emerged as the top gainer, with a substantial 29.90% increase in its 24-hour price chart.

This impressive performance stands out against the backdrop of a volatile market, reflecting solid trader confidence in the altcoin.

Fetch.ai’s positive performance as the broad market endured turbulence reflects solid confidence by traders.

The alt’s trading volume saw a 125% hike in the past day to exceed $445 million, whereas a $1.41 billion market cap ranks FET as the 61st-largest token by value.

AI cryptocurrencies flourish

AI-based digital assets continued to show optimism, recording notable upticks within the last 24 hours.

Leading the charge were Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), which plan to merge into a single token, Artificial Superintelligence Alliance (ASI).

Meanwhile, FET, AGIX, and OCEAN attracted attention as they plan to merge into a single ASI token.

The Artificial Superintelligence Alliance confirmed that FET, OCEAN, and AGIX would become one token. Further, SingularityNET revealed conversion rates of the new ASI coin:

• AGIX conversion rate to ASI would be 1:0.433350.
• OCEAN conversion would be 1:0.433226.
• FET will join the merge at a 1:1 conversion rate.

Meanwhile, the trio presented solid gains within the past 24 hours. SingularityNET (AGIX) jumped over 25% to a press time value of $0.6831.

Its market cap hovered above $880 million while surging activity more than doubled AGIX’s daily trading volume to $196 million.

The third Superintelligence Alliance (ASI) partner, OCEAN, also recorded a similar performance. The alt gained 24% on its 24-hour price chart to trade at $0.6771.

OCEAN’s 24-hour trading volume jumped nearly 200% to $86.76 million, whereas its market cap is $384.85 million.

Nvidia performance catalyze AI crypto gains

Notable, the impressive surges in AI digital assets comes as artificial intelligence firm Nvidia emerged as the most valuable company this week.

Nvidia outshined Microsoft as its stock gained over 3.5% on Tuesday to $135.58, pushing its market cap to $3.335 trillion.  

Nvidia’s performance revitalized the AI market, leading to notable price ticks in related cryptocurrencies.

Tokens tied to AI have displayed significant growth despite ongoing broad market uncertainty.

While trends indicate a promising future for some AI tokens, caution remains paramount when interacting with cryptocurrency assets.

As Bitcoin struggles to overcome the $66,000 mark, AI-based digital assets like Fetch.ai, SingularityNET, and Ocean Protocol have demonstrated significant gains, reflecting robust investor confidence and market resilience.

The influence of major tech companies like Nvidia further underscores the potential for growth in this sector.

However, caution is essential as market dynamics continue to evolve.