Aspects of AI robots with particle shapes.
Yuichiro Chino | Moments | Getty Images
AI-themed cryptocurrencies rose Thursday on excitement at Nvidia and growing demand for chips that power artificial intelligence applications.
According to CoinMarketCap, SingularityNET (AGIX) surged 19% to 29 cents. Cortex (CTXC) rose 6% to 17 cents and Measurable Data Token (MDT) rose 6.5% to reach 4 cents per coin. All of these tokens have a market cap of less than $40 million.
Fetch.ai (FET), with a market cap of $195 million, rose nearly 5% and traded at 23 cents.
Meanwhile, most of the rest of the cryptocurrency markets, including Bitcoin and Ether, remained flat.
“AI cryptocurrency” refers to tokens that correspond to blockchain-based AI projects. Fetch.ai, for example, is dedicated to building infrastructure for “smart autonomous services” in its supply chain, finance, travel, and more. Cortext aims to become “the first decentralized world computer capable of running AI and AI-powered dApps on the blockchain”.
Sentiment rose on the rise of the S&P 500 and Nasdaq Composite after Nvidia announced a staggering sales outlook late Wednesday and cited demand for its AI capabilities. Sales forecasts for the second quarter of fiscal 2024 exceeded analyst expectations by more than 50%.
In some parts of the tech industry, some market participants have long believed that the wilderness of AI could benefit from blockchain technology and be a positive catalyst for the cryptocurrency market as a whole. Specifically, as AI becomes smarter and better at manipulating people’s identities on the internet, blockchain technology could help leverage its ability to deploy digital identity solutions at scale. There is a nature.
However, both technologies are still in their early stages, so that could be a long way off.
Bitcoin and Ether traded sideways on Thursday as investors remained focused on the ongoing debt ceiling negotiations heading into the holiday weekend. The latest Federal Reserve meeting minutes, released Wednesday, also revealed that officials were divided over what the central bank’s next move should be when it comes to raising rates.
