Altcoin investors are still trying to understand what exactly is happening mid-week. As Germany moves more BTC, FUD grows. Moreover, MSTR’s BTC purchase news triggered one of the classic drops. For now, the bottom is at $64,559. So why did AI tokens rise?
FET and AGIX
FET and AGIX have now merged as ASI Coin along with Ocean. Exchanges will soon complete the conversions and update pairs accordingly. The ASI Coin price is equal to the FET Coin price, considering a 1:1 ratio in the FET conversion. FET Coin price increased by 37%, while AGIX rose by 33%.
In the last three months, FET dropped by over 31%, while AGIX token’s price decreased by 36%. Vlad Balaban, co-founder of the blockchain-based AI protocol GT Protocol, commented on the recent rise, citing the merger as the reason:
“The over 30% increase is fueled by the merger aiming to create the largest decentralized artificial intelligence ecosystem. This strategic move has ignited excitement among investors expecting significant advancements and market leadership in AI technology.”
Rise in AI Altcoins
We constantly mention that news related to AI will greatly benefit cryptocurrencies in this field. NVIDIA conferences or other major developments have always had significant impacts on prices. Naturally, NVIDIA’s transformation into the world’s largest company would also be a catalyst for the rise. As the company became the most valuable publicly traded company at $3.34 trillion, AI altcoins priced in this news.
Nansen analyst Edward Wilson stated:
“As a sector, artificial intelligence is in demand in both traditional markets and crypto. Following Nvidia’s rise to become the world’s most valuable company, it’s no surprise that AI tokens like NEAR and RNDR have surged. Both tokens increased by about 300% in the past year, compared to ETH’s just over 100%, showing high market interest in this sector.”
Balaban added:
“Companies are entering the AI race, and those who reach the top will not only gain the largest market share but also lead the world. This competition significantly increases the interest of investors and venture capitalists, as the AI race promises substantial profits for those making the right investment decisions for their portfolios.”
