Altcoin
AI Coins Soar As Nvidia Stock Hits Six-Week High, Rally To Continue?
AI coins have witnessed significant price gains alongside the Nvidia stock, which hit a six-week high with recent bullish developments for the company. These coins have a positive price correlation with the NVDA stock and could continue to rally with the tech company expected to make some bullish announcements at its summit which began today.
AI Coins Rally With Nvidia Stock
Artificial intelligence (AI) related crypto coins have rallied alongside Nvidia’s NVDA stock. The top AI coins, Near Protocol (NEAR) and Bittensor (TAO) are up over 7% and 8%, respectively, in the last 24 hours.
The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours. Injective (INJ) is also among the AI coins that have soared with a price gain of over 3% during this period.
These coins have rallied with the Nvidia stock, which hit a six-week high today. Nasdaq data shows that NVDA rose to as high as $130 today, its best daily performance in the last six weeks. The stock is up following recent bullish developments for the tech giant.
Nvidia’s CEO Jensen Huang mentioned that the company is witnessing an “instance” demand for its Blackwell AI chip. Meanwhile, the company partnered with IT consulting giant Accenture to boost AI adoption among enterprises.
Will The Rally Continue For These Coins?
With Nvidia’s ongoing AI summit, AI coins are expected to keep rallying, at least in the short term. The company is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock. Given their strong positive price correlation with the NVDA stock, these AI tokens will also enjoy significant price gains as the stock rallies.
The AI narrative is also hot at the moment, with companies like Meta and Open AI making great strides in the industry. Meta recently launched a new AI model to compete with tools from rivals like Sam Altman’s Open AI. Meanwhile, Open AI also recently secured funding of $6.6 billion, with the company’s valuation at $157 billion.
Therefore, AI coins will continue to become more valuable as the AI industry grows, with companies like Nvidia, Open AI, and Meta leading the way.
Moreover, these tokens, especially Bittensor, boast bullish fundamentals, which will continue to trigger price rallies. The AI search platform Kaito AI revealed that TAO now represents 29.55% of Grayscale’s AI fund.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: