Render

The Graph

Many 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 (<a href="https://cointelegraph.com/the-graph-grt-price-index">GRT</a>), 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/99dacf61-7b2e-457c-a533-02a449e9879f.jfif" alt="" title="">
 <figcaption style="text-align: center;">
 AI crypto token price momentum. Source: CoinGecko
 </figcaption>
</figure>
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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/a2077753-b442-40c3-8a73-bd31c76077e3.jfif" alt="" title="">
 <figcaption style="text-align: center;">
 AI tokens weekly volume. Source: Kaiko
 </figcaption>
</figure>
Many attributed the favorable market growth of AI tokens to <a href="https://cointelegraph.com/news/nvidia-q4-results-earnings-revenue-up-265-ai-boom-tesla"></a><a href="https://cointelegraph.com/news/nvidia-q4-results-earnings-revenue-up-265-ai-boom-tesla">Nvidia’s latest fourth-quarter earnings report</a>&nbsp;surpassing&nbsp;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.&nbsp;
Related: <a href="https://cointelegraph.com/news/chat-gpt-artificial-intelligence-public-meltdown-open-ai">ChatGPT had a public meltdown but OpenAI says it’s fine now</a>
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.

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

Cointelegraph

2024년 2월 22일에 게재된 다른 기사

Polkadot (DOT) Secures Spot on Coinbase Futures, Alongside XRP and DOGE

Coinbase Urges SEC: 5 Reasons For A Spot Ethereum ETF Green Light

Valkyrie Expands with Launch of Bitcoin Futures ETF BTFX

Finland’s Rise in the Crypto Mining Arena

Market Fluctuations and Cryptocurrency Price Movements

The Famous Company, Predicting $148 Thousand for Bitcoin, Says "Strong Bull Rally in BTC and Altc...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!