AI-focused cryptocurrencies like FET, TAO, RENDER, and NEAR have experienced significant gains, following Nvidia’s recent triumph of surpassing Apple in market capitalization. The chip giant, known for its pivotal role in the AI sector, saw its market value climb to $3.43 trillion, edging out Apple’s $3.38 trillion and Microsoft’s $3.06 trillion.
Nvidia’s stock soared by 2.84%, marking a 190% increase this year alone. The company’s stock price has surged nearly 9.5% in the past month, with shares trading at $139.91, according to Google Finance. Nvidia’s dominance in the AI space is largely attributed to its high-performance GPUs, such as the H100 and upcoming H200 series, which are integral to the development of machine learning and generative AI technologies.
The company’s success has sent ripples through the AI-crypto market, with tokens tied to AI innovations rallying in parallel. FET, the token of the Artificial Superintelligence Alliance, jumped by 21.8% in the last 24 hours, recovering from a week-long downturn. This boost increased its market capitalization to $3.65 billion. Bittensor (TAO), a decentralized AI platform, also saw a surge, climbing 19.4%, with its market cap hitting $3.76 billion.
Other AI-related tokens such as Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) followed suit, posting impressive gains of 12.13%, 10.93%, 10.1%, and 5.05%, respectively.
The recent surge has driven the total market cap of AI tokens to $28.5 billion, reflecting a 16.8% increase from the previous day, as reported by CoinGecko.
With Nvidia set to replace Intel in the Dow Jones Industrial Average on November 8, marking the end of Intel’s 25-year tenure, the AI crypto sector is poised for further growth. Additionally, Bitcoin’s recent price surge to an all-time high of $75,358 has further fueled the upward momentum in the broader crypto market, potentially contributing to additional gains for AI-related cryptocurrencies.
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