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AI Coins Triggers Crypto Market Recovery, What’s Happening?
In an unprecedented turn of events, AI coins experienced a remarkable price rally today, sparking interest from investors across the world. This follows recent developments witnessed across the AI sector, encompassing advancements from Apple, Binance, Tether, AMD and other giants. Interestingly, following considerable positive momentum gained by AI coins today, some of the top cryptocurrency prices gained in tandem. This has sparked a flood of inferences among cryptocurrency market participants about the role of AI in recovering cryptocurrency prices.
AI Coins Recovers Amid Sluggish Market
It is worth noting that the wider crypto market
has been experiencing a downtrend over the past few days, with Bitcoin (BTC) and Altcoins witnessing a significant drop in prices. However, the AI The sector’s remarkable progress and growing speculation about the convergence of these two industries have led to a substantial recovery in the value of AI currencies.
This is followed by a 3.21% increase in global crypto market capitalization today after a bearish move engulfed most crypto prices over the past 24 hours. Bitcoin, Ethereum, and BNB have gained positive momentum in conjunction with AI currencies.
According to data from CoinMarketCap, top AI coins NEAR Protocol (NEAR), Render (RNDR), and Injective (INJ) have noticed significant positive momentum at the time of writing. RNDR leads the pack with a notable increase of 11.32% to $9.17, while NEAR and INJ have seen gains of nearly 6%-10%.
Simultaneously, Bitcoin it gained over 3% to $69.7322, ETH jumped 2.82% to $3,639 and BNB rose 2.96% to $626 at press time.
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What’s the hole?
Bitwise senior crypto research analyst Juan Leon highlighted that “The intersection of artificial intelligence (AI) and cryptography will be even bigger than people imagine. The two industries could collectively add $20 trillion to global GDP by 2030.”
In line with this, the rise in prices of AI coins and altcoins is set against the backdrop of attention-grabbing developments. These include:
- Apple appears to have recently revealed its AI, preparing for the next phase of development that explores this emerging technology.
- Binance Labs recently announced that it will invest in a AI-enabled zk rollupZircuit (L2).
- Lashing revealed plans to invest more than $1 billion in AI next year.
- AI chipmakers Nvidia and AMD are pioneering the realm simultaneously.
- BTC Miners Analyze the diversification of AI ventures, according to recent reports.
These factors collectively highlight a strong relationship between the rise of AI coins and cryptocurrency prices. The intersection of the two sectors, as seen by the aforementioned ventures, opens an optimistic path forward for both sectors.
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