Altcoins
AI-powered altcoins rally as Nvidia stock gains bullish momentum
Recover.ai (FET), SingularityNET (AGIX) and the ocean protocol (OCEAN) have posted impressive gains as Nvidia’s stock price has risen.
FET is up 35% in the last 24 hours and is trading at $1.71 as of this writing. The asset’s market capitalization currently stands at $1.43 billion, making it the 61st largest cryptocurrency. Fetch.ai’s daily trading volume doubled over the past day, reaching nearly $400 million.
FET, AGIX and OCEAN prices – June 20 | Source: Santimento
AGIX recorded a fairly similar trend. The AI token has gained 29% in the last 24 hours and is trading at $0.68 at the time of reporting. Its market capitalization is around $900 million with a daily trading volume of $176 million.
The third token partner of the Superintelligence Alliance (ASI), OCEAN, has also seen a 27% increase in the past day and is currently trading at $0.68. The asset’s market capitalization stands at $390 million at the time of writing. OCEAN’s 24-hour trading volume increased by 180% to $80 million.
The Artificial Superintelligence Alliance announced this in April FET, AGIX and OCEAN would be merged into a single token. June 3 SingularityNET shared the following token conversion rates to ASI:
- FET will be converted to ASI at a conversion rate of 1:1.
- AGIX will be converted to ASI with a conversion rate of 1:0.433350.
- OCEAN will be converted to ASI with a conversion rate of 1:0.433226.
The surge in AI tokens comes as Nvidia stock registered up 3.51% on Wednesday, ending the day at a price of $135.58.
It is important to note that the Californian manufacturer of graphics processors is defined by MarketWatch as one of the “three horsemen of artificial intelligence”. Notably, Nvidia has developed an enterprise-grade AI platform.