Trader Matthew Hyland noted in a May 28 X post, “NVDA is surging; AI coins are quiet now, but don’t expect that to last.”

Nvidia’s Influence on AI Crypto Tokens

Artificial intelligence companies are running their AI models on Nvidia-made computer processors. With NVDA’s performance as a barometer of the market’s AI attitude, crypto traders view the stock price as a prediction of how AI tokens may move.

According to Google Finance, Nvidia has gained 22% over the previous five trading days to end May 28 at a record high of $1,140; the stock has had a year-to-date rise of around 137%.

With an 18% increase from Q4 2023 and a 262% increase from the year-ago quarter, Nvidia’s first-quarter revenue exceeded expert projections by around 5.6%.

Several of the biggest AI cryptocurrencies by market capitalization, meanwhile, have dropped during the past week instead of following Nvidia.

Based on CoinMarketCap, Render (RNDR), fetch.ai (FET), and SingularityNet (AGIX) lost 8.14%, 11.39%, and 11.19% over the previous seven days, respectively.

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Though AI crypto tokens are not following the increase, some traders think this may change amid the declining stock price of Nvidia.

“The moment NVDA starts to sell off, it will take all the other mega-cap tech names with it, at least for a couple of days,” anonymous crypto trader Triplexx said in a May 28 post. “Then whatever the attitude of crypto is, it will draw crypto with it no matter what. Get ready.”

Investment guru Lyn Alden pointed out on May 25 that among the few equities that have outperformed Bitcoin over the previous ten years is Nvidia.

According to trading site The Kobeissi Letter, a $10,000 investment in Nvidia in 1999 was “worth $25.3 million” as of May 24, one day earlier.

Over the next decade, the larger crypto community feels Nvidia won’t produce the same profits as Bitcoin.

Swan Bitcoin CEO Cory Klippsten said, “There is a near-zero chance of Nvidia outperforming Bitcoin over the next 10 years.”

The post Nvidia Surges While AI Crypto Tokens Fall, But Traders Predict Rebound appeared first on Coin Engineer.

Market Insights and Trader Sentiments

The mention of Millet on pro rendering apps like Octane and the fact that the software will flat-out fly on Apple’s latest iPad attracted the traders. Pseudonymous crypto trader D0c Crypto observed the evident presence of the RNDR logo in the video, adding to the market enthusiasm.

RNDR’s Impressive Performance Amidst Market Trends

The 11% price spike after an announcement accounted for RNDR’s incredible 40% gain during the last week, outperforming Bitcoin’s modest 5.5% gain. Simultaneously, other AI tokens such as Fetch experienced notable gains. Other major tokens that saw significant gains include ai (FET), The Graph (GRT), and SingularityNET (AGIX), which are examples of the general “greed mode“ among investors, reflected by the Fear and Greed Index.

Traders Eye Nvidia’s Upcoming Earnings Report

Nvidia’s Q1 2024 earnings report is due on May 22, and traders are watching the AI tokens. According to crypto trader CryptoGodJohn’s analysis, the previous correlation between past AI token prices and Nvidia shares gives hints about future market movement before and after earnings releases.

Market Outlook and Investor Strategy

After the April drop in AI token prices, traders pounced on the opportunity, expecting a surge before the Nvidia earnings report. Add a 33% rise during that period, and Fetch.’s 6.5% increase underlines the market’s expectations. A 30-day high in Nvidia’s stock strengthens the confidence of investors.

With RNDR benefiting from an Apple bump and Nvidia’s earnings report due soon, the next few weeks will be important to AI tokens and the cryptocurrency market in general.

After a little drop in AI token prices in April, traders took the chance, expecting a huge surge before Nvidia’s report on earnings. Nvidia’s stock reaching a 30-day high adds more confidence among investors.

With RNDR continuing to enjoy Apple’s blessing and Nvidia’s earnings report looming, we are about to find out whether the next few weeks will be pivotal for AI tokens and the cryptocurrency market.

The post Render Token (RNDR) Surges 11% After Apple’s Brief Mention of Octane Software appeared first on Coin Engineer.

The main issue, obviously, is that the signal may be tough to distinguish from the noise. The excitement and intrigue around AI make selecting winners difficult. With that in mind, here are 3 AI crypto currencies that are now outperforming the competition.

Render

Render (CRYPTO: RNDR) is at the top of the list with a $3.6 billion value, making it one of just a few AI crypto tokens with a market capitalization greater than $1 billion. Render is up nearly 100% year to date.

Render is all about “GPU Compute,” or the capacity to supply massive quantities of computational power using graphics processing units (GPUs). Previously, this meant providing computational power to artists, developers, gamers, and web studios, all of which required them to “render” visuals for games, videos, or other entertainment projects. But currently, it refers to computer power for AI research. If you’re starting a new machine learning project, for example, you’ll require a lot of computational resources to train it on a large dataset.

So, the theory here is that Render will grow increasingly valuable as long as it can continue to provide computational resources to power the AI economy. The “GPU Compute” business model is fairly easy to reproduce. And, certainly, Render has an extensive list of prospective crypto competitors.

Fetch.ai

Fetch.ai (CRYPTO: FET) is up a whopping 240% year to date, with a market capitalization of approximately $2 billion. Fetch.ai takes an alternative approach to AI, describing itself as “an open platform for the new AI economy.” In layman’s terms, Fetch.ai is where you go to buy or trade data sets or to hire an AI agent to accomplish a very specialized online activity. It’s essentially a massive marketplace for anything AI-related.

Having access to large amounts of data in a single marketplace will make it simpler to create advanced machine learning models, and the ability to engage AI agents on a per-task basis will boost productivity in our daily lives. According to Fetch.ai, the most popular applications will be in data-intensive industries such as transportation, banking, energy, and tourism.

SingularityNET

In the end, SingularityNET (CRYPTO: AGIX) is up 182% year to date and right now has a market capitalization of $1.2 billion. Parallel to Fetch.ai, SingularityNET has the goal of selling AI goods and services. But SingularityNET is less focused on generative AI and primarily focuses on artificial general intelligence (AGI). And, as a result, SingularityNET aspires to become “the knowledge layer of the internet.”

That seems like a lot of Silicon Valley investment hype, but SingularityNET actually has a professional AI research team that could make it possible. The token’s name refers to the “technological singularity”—the imagined point in time when a single computer becomes smarter than all of humanity together. As the crew behind SingularityNET sees it, all of this vast processing capacity will need to be shared with humanity. And this is where the idea of “the knowledge layer of the internet” begins to make a lot of sense.

The only issue is that this upside potential may take many years to manifest. According to Ray Kurzweil, the AI genius at Alphabet’s Google, who coined the term “technological singularity” almost twenty years ago, this may not occur until 2029.

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SingularityNET (AGIX)

Fetch.AI (FET) and SingularityNET (AGIX) are leading the charge, with price increases of nearly 18% to 20%, positioning them as potential top gainers for the day.

Breaking Bullish: AGIX has broken above a bullish flag pattern after a period of consolidation.

MACD Crossover: This breakout is accompanied by a bullish MACD crossover, indicating increasing buying pressure.

Potential for New Highs: The token is expected to surpass $1 and potentially reach a new all-time high (ATH).

Strong Momentum: Continued bullish momentum could see AGIX reach above $2 in the long term.

What is AGIX? How does it work?

SingularityNET is an artificial intelligence marketplace. It’s a platform that allows users to generate revenue. With SingularityNET, developers can develop artificial intelligence programs and offer them for sale. Users who require artificial intelligence services can also purchase the programs on offer.

On the SingularityNET platform, it is possible to use and trial artificial intelligence services before having to commit to paying for them. Users who need are seeking specific artificial intelligence services can contact SingularityNET’s expert community. Users can contact experts through a portal called Request for AI (RFAI).

SingularityNET was founded in the Netherlands in 2017. The developers of SingularityNET include Dr. Ben Goertzel, Simone Giacomelli and Dr. David Hanson. The project’s development team also pioneered AI development with a bot named Sophia — they say Sophia is the bot most comparable to a human.

SingularityNET’s native token is AGIX. AGIX is an Ethereum blockchain based, ERC-20 token. Users can review, test and purchase artificial intelligence services on the platform using the AGIX token. AGIX token holders are able to shape SingularityNET’s governance decisions. AGIX token holders can also stake their tokens on the network.

The supply of AGIX is capped at 2,000,000,000.

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The post AI Tokens Rise: SingularityNET (AGIX) Surge appeared first on Coin Engineer.

Blockchain + AI: A Match Made in Tech Heaven?

Blockchain technology, despite its hype, is essentially a tool for data storage and distribution. While its potential remains vast, understanding its intricacies can be daunting. Enter SingularityNET, aiming to bridge the gap with a platform that leverages blockchain to make AI more accessible.

Think of it as a hub where developers can create, share, and monetize AI protocols. This, they believe, will unlock AI’s potential beyond the clutches of specific companies. Their website boldly declares: “SingularityNET is a full-stack AI solution powered by a decentralised protocol, and the first and only decentralised platform allowing AIs to cooperate and coordinate at scale.”

AGIX Price Prediction

SingularityNET’s long term Price Prediction below is a look at AGIX’s future prospect with regards to price. SingularityNET was last seen at $0.51, with a market cap of $643.737.029 and trading volumes of $220.874.116. AGIX’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.

The post AGIX Price Prediction 2024: What is SingularityNET(AGIX)? appeared first on Coin Engineer.

The Graph GRT (AI Tokens)

• GRT price has been on a bullish trend for the past five days, reaching its highest point since May 2022.
• The surge represents a more than 163% increase from the lowest point in 2023.
• The Graph’s growing popularity and demand for its network are driving the price increase.

Fetch.ai (FET)

• FET price has also been on a tear, reaching a new high of $0.8232, its highest level since November 2021.
• The token has surged by a staggering 820% since its all-time low.
• Increased demand for AI assets, as evidenced by the success of companies like Nvidia and Super Micro Computer, is contributing to FET’s rally.

Ocean Protocol (OCEAN)

• OCEAN price continued its impressive recovery over the weekend, reaching a high of $0.728, its highest level since January 2022.
• The token’s resurgence is being driven by the growing adoption of Ocean Protocol’s data-sharing solutions.

Common Factors

• All three tokens – GRT, FET, and OCEAN – are part of the booming AI industry.
• The Graph provides a platform for developers to easily access and process data, which is essential for AI applications.
• Fetch.ai enables the creation and deployment of AI-powered applications and services.
• Ocean Protocol facilitates the secure sharing and monetization of data, which is a critical component of AI development.

Other AI Tokens

• Measurable Data Token (MDT) and SingularityNET (AGIX) also saw significant gains over the weekend, further highlighting the strength of the AI sector.

Conclusion

The recent surge in AI-related cryptocurrencies is a clear indication of the growing interest and investment in this rapidly evolving field. As AI continues to transform various industries, these tokens are poised for further growth in the long term.

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The post AI Tokens Surge: Graph (GRT), Fetch (FET), and Ocean Prices Skyrocket appeared first on Coin Engineer.