Fetch.ai has led the surge seen by AI-related crypto tokens over the past 24 hours, with the recovery coming after Nvidia became the world’s most valuable company.
Fetch.ai (FET) saw the biggest gains of over 25%, Bittensor (TAO) jumped 19%, Render (RNDR) climbed 13%, while NEAR Protocol (NEAR) and Internet Computer (ICP) saw Expect a recovery of nearly 10%.
FET price chart – 1 day | Source: TradingView
According to Nansen.ai analyst Edward Wilson, artificial intelligence is currently the hottest field in both traditional and cryptocurrency markets. Wilson emphasized that the rally in AI-related tokens comes after US computer chipmaker Nvidia became the world’s most valuable company, as its stock price hit highs. ATH above $136 at the end of Tuesday’s trading session.
“It’s no surprise that as Nvidia becomes the most valuable company in the world that AI tokens like NEAR, RNDR and other projects are increasing in price. Both of these tokens are up around 300% over the past year, compared to Ether which is up just over 100% over the same time period, showing huge market interest in this sector,” Wilson said.
However, YouHodler Chief Risk Officer Sergei Gorev urged caution on the latest AI-related rally, suggesting that more clarity is needed as there may now be more valuation hype is a real growth spurt.
“As for the NVIDIA stock quote, we consider the recent fluctuations in the stock to be the result of an overreaction from the market to prospects that are not yet completely clear. The story of ‘creating something new’ always causes hype in the market, whether it is 3D printers or electric vehicles, etc. and now the hype around AI”, Gorev commented.
You can see FET prices here.
Viet Cuong
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