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The crypto market is experiencing a recovery following the release of CPI data in the US. As of Wednesday, AI tokens have shown significant gains. Some events might have caused the increased interest in these tokens among investors.
AI Tokens Rise
The US April CPI data was released. Following the announcement, many altcoins, including Bitcoin, showed positive reactions and noticeable gains within the last 24 hours. According to data provided by Coinmarketcap, the AI and big data category saw an increase of over 11% on Wednesday, with AI tokens once again ranking among the market’s top gainers.
The recent significant gains in the market have erased the losses seen earlier in the week, making these tokens more attractive to investors. This situation is also reflected in the overall trading volumes, which saw an increase of over 34%.
AI tokens have garnered investor interest with their remarkable gains over the past 24 hours.
First, Near Protocol (NEAR) rose from $6.9 to $8.05 after a 16% increase. This price level marked the highest point seen in the last two months. The price movement in NEAR might indicate a target to surpass the peak level of $8.8 seen on March 15.
Secondly, The Graph (GRT) rose from $0.26 to $0.30 with an increase of over 14%. According to data provided by IntoTheBlock, 56% of investors are breaking even, while the long-term investor outlook of 62% is noteworthy. Consequently, a significant drop in GRT might not be seen in the coming days.
AI Tokens and Market Events
One of the most significant events affecting AI tokens recently was NVIDIA’s initiatives. During this period, AI tokens managed to dominate the market even amid the meme coin frenzy. Recent events might also have an impact on the market.
Some of these events include:
- Expectations of a positive earnings report from NVIDIA.
- The departure of former chief scientist Ilya Suskever, who was reportedly instrumental in the dismissal of Open AI CEO Sam Altman in November.
- Open AI providing access to GPT-4 for users.
Due to its potential to cause fluctuations in the entire AI and big data category, the upcoming NVIDIA earnings report might hold more significance compared to other reasons.
