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The AI tokens within the cryptocurrency market have increased incredibly over the last 24 hours. Tokens leading the charge include NEAR Protocol ($NEAR), Render Token ($RNDR), Fetch AI ($FET), Sleepless AI ($AI), and SingularityNET ($AGIX), with gains of 30% or more. This trend aligns with the rising interest and investment in the AI sector and the overwhelmingly bullish general market sentiment on the future of AI technologies in the blockchain space.
Substantial Gains Across the Board
NEAR Protocol, a blockchain platform that provides scalability, dApp, and smart contract development user-friendly features, has witnessed a remarkable price surge, reaching $6.09. At the time of writing, NEAR changed hands at $5.66, an increase of 26.89% from the intra-day low. At the same time, NEAR’s market capitalization and trading volume increased by 26% and 190.77%, to $5,912,887,922 and $1,799,491,774, respectively.
Render Token (RNDR), which facilitates decentralized GPU rendering by connecting artists and GPU owners, reported an increase of over 50%, reaching an all-time high of $10.27 before facing resistance. At press time, RNDR was trading at $9.70, a 33.50% surge from the intra-day low of $4.36.
During the rally, RNDR’s market capitalization and 24-hour trading volume surged by 33% and 189.46%, respectively, to $3,679,277,305 and $1,128,076,113.
Fetch AI, known for its autonomous agents aimed at automating the digital economy, jumped over 50% to an all-time high price of $2.85. At press time, FET was trading at $2.73, a 37% increase from the support level. This rally has ignited optimism in the FET market, as reflected by the surge in market cap and trading volume by 30% and 81.39%, respectively, to $2,302,313,028 and $1,323,879,633.
SingularityNET (AGIX), a decentralized AI service marketplace, rose by 38.81%, achieving an intra-day high of $1.19 before facing resistance. However, bullish momentum was still in play at press time, with AGIX priced at $1.13, a 25.50% surge from the intra-day low.
Although quite new in the market, Sleepless AI (AI) has not been left behind. It marked a 40% increase to an all-time high of $2.21 in the last 24 hours. During the rally, its market capitalization and 24-hour trading volume surged 32.22% and 125.28%, respectively to $297,087,515 and $261,341,764.
This spike is not an isolated case but is instead a part of a more significant market tendency that stresses the increasing role of AI in different industries, including blockchain and cryptocurrencies. The need for AI technologies, derived from their capability to transform all industries into more efficient ones and create new opportunities, is the primary driver of investments and valuations of tokens focusing on AI.
As the digital world embraces AI, the intersection of AI and blockchain technology promises to unlock innovative applications and solutions, further fueling the market’s growth.
Factors Contributing to the AI Tokens Surge
The notable increase in the value of AI cryptocurrencies is attributed to several factors. Firstly, the general market’s Fear of Missing Out (FOMO) has played a significant role. Moreover, with BTC getting close to the $70,000 mark, and ETH’s price spiking in expectation of a spot ETF approval, the attention of the investors is shifting towards AI tokens as the potential upcoming big thing.
The halving event of Bitcoin and the positive market sentiment concerning Ethereum have also played a part in the bullish outlook of AI tokens.
In addition, the growth of AI technology and its integration into the blockchain have been crucial. Companies such as Nvidia, whose market cap has ballooned because of their relevance in AI, represent the sector’s potential.
With Nvidia conference coming soon
— Cyril – DeFi (@cyrilXBT) March 7, 2024
I expect AI to do a madness considering $TOTAL isn't even near its ATH
Coins like:
– $FET
– $AGIX
– #0x0
– $PAAL
– $NOIA
– $SMRT
– $VMINT
Will run it up pic.twitter.com/N0EkoAXSjv
The applications of AI in several industries, such as cybersecurity, distributed computing, and autonomous digital agent creation, reflect the flexibility and prospects of this technology. These advancements and significant investments and endorsements by big companies indicate the viable and growing market for AI tokens.
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