Cryptocurrencies related to artificial intelligence (AI) have recorded substantial price increases alongside Nvidia’s six-week high stock prices. These coins, which exhibit a positive price correlation with NVDA shares, may continue to rise depending on the technology company’s future performance. Since the launch of ChatGPT in November 2022, AI altcoins have consistently demonstrated stable upward trends.
Rise in AI Altcoins
Among the leading AI coins, Near Protocol and Bittensor saw increases of 7% and 8% respectively in the last 24 hours. Additionally, the Artificial Superintelligence Alliance (ASI) Coin showed an approximate 4% increase. Injective (INJ) also attracted attention with a price increase of over 3%.
Nvidia stocks reached a six-week high today, climbing up to $130 during the day according to Nasdaq data. This marked the best daily performance for the stock in the past six weeks. The increase in stock value is attributed to the positive developments the company has recently experienced.
Nvidia CEO’s Insights
Nvidia’s CEO Jensen Huang noted that the company’s Blackwell AI chip has witnessed “exemplary” demand regarding future sales performance. He also emphasized that partnerships among IT consulting giants would boost AI adoption. In line with Nvidia’s ongoing AI summit, AI altcoins are expected to continue rising, at least in the short term. Significant announcements from the company are likely to propel NVIDIA (NVDA) shares and subsequently support the price increases of AI tokens.
Companies like Meta and OpenAI are intensifying competition in the AI sector. While Meta aims to surpass its competitors with a new AI model, OpenAI has reached a valuation of $157 billion with $6.6 billion in funding.
Tokens such as Bittensor are triggering price increases thanks to their strong fundamentals. According to Kaito AI’s announcement, TAO now represents 29.55% of Grayscale’s AI fund. While no one expects AI-focused crypto protocols to change the world, those tokens making bold moves to capitalize on this trend are likely to see increased demand and rising prices.
The growth of the AI industry may continue to drive the value of AI altcoins, driven by the leadership of companies operating in this sector. These developments further clarify the potential opportunities for AI coins for investors and provide positive signals regarding the sector’s prospects.
