Altcoins
Top AI-powered altcoins pile up as Nvidia stock hits new market highs
In the second half of June the cryptocurrency market underwent a prolonged correction Bitcoin It fell to a monthly low of $64,000 on Tuesday. Most major altcoins were following the same momentum, but coins associated with AI artificial intelligence saw a sudden surge. The renewed buying interest may be linked to the fact that AI chip maker Nvidia recently became the world’s most valuable company by market capitalization.
Nvidia’s stock price currently stands at $135.58, boasting a market capitalization of $3.335 trillion, reflecting a significant jump of 3.51% from yesterday. The company has seen a remarkable annual growth rate of 209.47%, recently surpassing Microsoft to become the most valuable technology company.
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Altcoin AI – Fetch.ai (FET)
Recover.ai (FET) is a blockchain-based project that integrates artificial intelligence (AI) and machine learning (ML) to create a decentralized network of autonomous software agents.
Fetch.ai (FET) trading view.
FET price has been in a correction phase for the past 11 weeks, witnessing dynamic resistance from a descending trend line. The bearish reversal caused the value of the altcoin to collapse from $3.48 to $1.1, recording a loss of 68.3%.
With a 20% jump, the price of the coin returned to $1.43, projecting its sustainability above 50 EMA of the weekly chart. At the time of writing, Fetch.ai coin has a market capitalization of $1,208, while the 24-hour trading volume rises to $247 million.
This bullish reversal could push FET price another 45% to challenge the overall trend line again. A potential breakout will signal the end of the current correction and support the altcoin for a higher rally.
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2) SingularityNET (AGIX)
SingularityNET is a decentralized artificial intelligence platform that aims to democratize access to artificial intelligence (AI) services by providing a globally accessible marketplace where users can browse, test and purchase various artificial intelligence services using the AGIX token.
SingularityNET (AGIX)| Tradingview
In the context of the recent market correction, AGIX price recorded an aggressive decline from the May 22 high of $1.13 to $0.46, recording a loss of 58.7%. However, the coin price registered adequate support on the ascending trend line intact since October 2023.
Dynamic support reinforces a new formation of higher lows in AGIX price, indicating that buyers continue to accumulate this asset during market dips. Today, the SingularityNET coin jumped 20% to reach $0.60, while the markcap boasted $777.5 million.
If the support holds, the potential reversal will lead to the next recovery above the $0.72 resistance, followed by $1.13 and $1.46.
3) Bitensor (TAO)
Bittensor is a decentralized machine learning network that leverages blockchain technology to create a peer-to-peer marketplace for AI models. The ongoing correction in TAO coin can be followed by two descending trend lines in the daily chart.
Bitensor (TAO)| Tradingview
Dynamic resistance and support caused TAO price to plummet from a high of $756 to a low of $243, registering a loss of 67.8%. However, the coin’s price recently rebounded from the lower trend line at $243 to rise 22% in two days to reach $296, while the market capitalization rose to $2.11 billion.
According to the pattern’s historical precedents, the reversal within the channel should encourage buyers to target the upper limits, indicating a potential 32% upside ahead.
However, the Bittensor coin price has undergone a sustainable change in the market trend after breaking the general trend line.
Key takeaway
Nvidia’s rapid growth is having a significant impact on AI-related cryptocurrencies. As Nvidia’s advancements in AI technology drive increased demand for AI solutions, associated cryptocurrencies benefit from increased interest and investment in the sector. These cryptocurrencies, often tied to projects leveraging Nvidia’s AI innovations, experience a surge in value and adoption, reflecting broader market enthusiasm for AI-based technologies.
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