Crypto Market News: Riding on the artificial intelligence (AI) mania, graphics chipmaker NVIDIA’s stock is currently trading at its all time high level. While the rise in demand for chips is fueled by companies rushing to maximize on the AI wave, a new category of coins in the cryptocurrency market in AI tokens also saw significant demand in the recent times. Meanwhile, whether the AI crypto token craze is organic remains to be seen. Overall, the popularity and relevance of products around AI technology could remain high for the foreseeable future.
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As a result of the AI wave in recent times, two crypto tokens stood out in terms of value addition, Render (RNDR) and SingularityNET (AGIX). Both the AI tokens have since January 2023 grew value manifold as the ChatGPT craze spread to the mainstream.
NVIDIA Impact On AI Tokens
While the NVIDIA stock is seeing unprecedented growth, experts are weighing in the spillover effects of it. This week, the company’s market cap exceeded the $1 trillion mark. Meanwhile, Steven Ehrlich, director of research, Digital Assets, said the rise in value of Render and SingularityNET reflects the excitement around the AI space currently. However, he does not think the AI technology craze may not translate into full blown demand for the AI crypto tokens.
“AI is computationally intensive, while crypto is very inefficient when it comes to computing power and computation. So I am not quite sure where that fit is.”
Whenever new developments have been in the news about the AI space, the AI tokens picked up considerable demand.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
