Altcoins
Top AI Altcoins to Stack Up as Nvidia Stock Hits New Market Highs
The cryptocurrency market experienced a prolonged correction during the second half of June. Bitcoin plunged to a monthly low of $64,000 on Tuesday. The majority of major altcoins were following the same momentum, but coins associated with AI – Artificial Intelligence saw a sudden rise. The renewed buying interest could be linked to the fact that AI chip maker Nvidia recently became the world’s most valuable company by market capitalization and capitalization.
Nvidia’s stock price currently stands at $135.58, with a market cap of $3.335 billion, 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.
Read also: AI cryptos are experiencing the greatest recovery today; Discover the best performers
AI Altcoins – 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 Business View (FET)
FET price has been in a correction trend over the past 11 weeks, witnessing dynamic resistance from a descending trendline. The bearish reversal caused the altcoin’s value to plummet from $3.48 to $1.1, recording a loss of 68.3%.
With a 20% jump, the coin’s price returned to $1.43, projecting its sustainability above 50. EMA of the weekly chart. At press time, the Fetch.ai coin holds a market cap of $1,208 while the 24-hour trading volume increases to $247 million.
This bullish reversal could propel FET price another 45% to challenge the overhead trendline. A potential breakout will signal the end of the current correction and strengthen the altcoin for a higher rally.
Read also: Dell to build AI factory with Nvidia, aims to power Elon Musk’s xAI Grok
2) SingularitéNET (AGIX)
SingularityNET is a decentralized AI 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 AI services online. AGIX token help.
SingularityNET (AGIX)| Commercial view
Amid the recent market correction, AGIX price saw an aggressive decline from the May 22 high of $1.13 to $0.46, registering a loss of 58.7%. However, the coin price has seen proper support at the ascending trendline intact since October 2023.
Dynamic support reinforces a new lower formation in AGIX price, indicating that buyers continue to accumulate this asset during market declines. Today, SingularityNET coin surged 20% to $0.60, while the markcap stood at $777.5 million.
If support holds, the potential reversal will bring the next rally above resistance at $0.72, followed by $1.13 and $1.46.
Read also: Crypto Price Today, June 19: Bitcoin Regains Above $65,000, LDO and ENS Lead Market Rally
3) Bittensor (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 of TAO coin can be followed by two descending trendlines in the daily chart.
Bite Tensor (TAO)| Commercial view
Dynamic resistance and support caused TAO price to plunge 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 trendline of $243 to jump 22% in two days to $296, while the market cap soared to $2.11 billion.
Based on trend history, a reversal within the channel should prompt buyers to target the upper boundaries, indicating a potential 32% rally ahead.
However, Bittensor coin price saw a lasting change in market trend after the overhead trendline breakout.
Key to remember
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, related cryptocurrencies are benefiting from increased interest and investment in the sector. These cryptocurrencies, often linked to projects leveraging Nvidia’s AI innovations, are seeing increased value and adoption, reflecting the broader market enthusiasm for AI-based technologies.
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