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AI tokens record double-digit gains as market cap doubles in a month

News Feed - 2024-02-22 06:02:55

Prashant Jha14 hours agoAI tokens record double-digit gains as market cap doubles in a monthWhile many attributed the recent surge in AI tokens to Nvidia’s massive earning reports, data indicates AI tokens have been on a positive trajectory over the past month.1891 Total views22 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMany artificial intelligence (AI)-based crypto tokens and traditional stocks recorded positive growth on Feb. 21 despite a broader market correction. Popular AI-based crypto tokens posted double-digit gains after the market cap of the tokens more than doubled in a month.


Render (RNDR), an Ethereum-based network that facilitates decentralized graphics processing unit rendering, has surged over 17% in the past 24 hours. Similarly, The Graph (GRT), an indexing protocol for efficiently querying blockchain data, has increased by 18% in the past 24 hours. Fetch.ai (FET) is up 11%, while SingularityNet (AGIX) recorded a 33% surge.AI crypto token price momentum. Source: CoinGecko


The total market cap of AI-based tokens swelled by over 9% to $17.8 billion since Nvidia’s quarterly earnings report and has risen from $7 billion earlier in February.


The AI tokens hit their highest weekly trade volume in a year after OpenAI announced its text-to-video tool, Sora, on Feb. 15.AI tokens weekly volume. Source: Kaiko


Many attributed the favorable market growth of AI tokens to Nvidia’s latest fourth-quarter earnings report surpassing market estimation. The chipmaker posted revenues of $22.1 billion — higher than Wall Street’s projected $20.4 billion. Nvidia’s AI data center revenue quintupled in January versus 2023. 


Related:ChatGPT had a public meltdown but OpenAI says it’s fine now


Nvidia CEO Jensen Huang also credited the boost in sales and revenue to the surge in the global demand for generative AI. The chipmaker boasts a market capitalization of $1.67 trillion, overtaking Tesla as the world’s most traded stock.


The boost in Nvidia’s AI businesses was reflected in the AI crypto market and helped several AI-focused stocks record new highs. Nvidia supplier and the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), jumped by 2.05% during morning hour trading on Feb. 21.


Similarly, the stock price of server component supplier Super Micro Computer rose 11.42% during after-hours trading on Feb. 20. Dutch chip equipment manufacturer ASML rose 2.7% during after-hours trading.# Cryptocurrencies# NVidia# Business# AI# TaiwanAdd reactionAdd reactionRead moreWeb3 game Pixels now valued at $2.7B after migration to RoninKuCoin responds to claims of user funds being lockedGroq AI"s LPU: The breakthrough answer to ChatGPT"s GPU woes?