Between 19 and 20 June, three AI altcoins including Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) all experienced sharp gains. FET alone rose 35% and was trading at $1.71 at its peak with Fetch.ai’s trading volume nearly doubling in that period. AGIX and OCEAN went on similar runs, as Nvidia’s stock rose nearly 4% during the same period. Here’s why there’s certainly a link between these performances.
Nvidia’s Role in it All
Among specialized crypto markets to look out for, AI spaces are definitely in the mix if FET, AGIX, and OCEAN’s recent spikes are anything to go by. With all three altcoins linked now, there appears to be another inexorable link between their upticks and the positive performance of Nvidia. The tech giant has, of course, become synonymous with groundbreaking high-performance graphics chips that have been augmenting some of the most advanced AI systems around.
Given how closely Nvidia has become tied to the future of AI, it’s unsurprising that its own performance is now clearly capable of driving up the value of AI cryptocurrencies. The fact is cryptocurrency expansion continues to grow unabated. Whether it’s from the multitude of people around the world who now use it at their favorite casinos that pay fast (crypto casinos provide near-instant access to winnings), the ever-growing list of online retailers that now accept it as a payment method (including Microsoft and Google), or even the car dealerships that now mean you can even buy a car with crypto, widespread adoption marches on.
Another Bull in the Making?
Many crypto analysts believe that a new crypto surge is already underway. This may be a difficult opinion to square with since a fair few token prices are currently well below those set by the last spike. However, as investors everywhere search for the best crypto to buy now, many analysts think that those who take good positions now could come out smiling by the end of the year.
Aside from FET’s fantastic run lately, AGIX gained 29% itself. At its peak, it was trading at $0.68. As a decentralized marketplace for AI services, SingularityNET aims to democratize how AI is accessed as a marketplace for AI services. It does this by enabling developers to create and monetize their algorithms at scale. As the native utility token of the company, AGIX has proven to be as dynamic as the platform itself. By the end of Its spike, AGIX’s market cap was close to a billion dollars, with its daily trading volume reaching $176 million.
At the same time, the native token of the famed OCEAN protocol, a decentralized data exchange protocol that was designed to unlock data for usage by anyone, rose sharply too. As the third token of the Superintelligence Alliance (ASI), OCEAN also recorded a massive surge of 27% in this period. Closing its trading at $0.68, its market cap was around $390 million at the time as it recorded an increase of 180% in trading volume. The three coins all announced a $7.5 billion merger recently, which certainly contributed to their joint gains. However, Nvidia’s own surge should not be discounted either as the tech giant’s close ties to AI give it power of seismic proportions over the market.
The Intersection of AI and Crypto
It’s also no secret that AI is also very publicly sustaining its own relentless growth across virtually every major sector and industry. Nvidia’s meteoric growth is directly related to its role in advancing computing capabilities and deep learning software across the AI ecosystem. At the intersection of this dynamic future-shaping field and the potential cryptocurrencies have already shown as a true disruptor of global financial markets, is an even more dynamic emerging field that encompasses them both.
There are a plethora of ways that AI is currently being used to augment the crypto world. These include some truly exciting avenues like the increasing use of AI algorithms in crypto trading software, the manner AI is enhancing blockchain analytics and detecting fraudulent activity, and the use of blockchain technology to create decentralized AI networks. What this all equates to is a new world where AI permeates every facet of our lives while cryptocurrency could very well be the chief means by which we pay for it all.
The recent correlations between Nvidia’s stock price increase and the surges in the value of three major AI cryptos show at least a strong indirect bond between them. For the market as a whole, this clearly signals that companies like Nvidia are capable of creating, or at least bolstering market trends, as their performance can signal either robust growth or a slowdown across entire sectors. It’s certainly a brave new world out there as new-age financial markets may possibly become dominated by cryptocurrencies, showing us just how vital a role technology will likely play in the story of the winners of tomorrow.
