Benzinga - AI-themed cryptocurrencies have taken center stage following Nvidia's earnings outperformance.
What Happened: According to CoinGecko data, AI-related cryptocurrencies are worth $17.2 billion, a 5.4% increase over the past 24 hours.
Bittensor (CRYPTO: TAO), Render (CRYPTO: RNDR) and Fetch.ai (CRYPTO: FET) are the top three coins with single-day gains of 5.1%, 19.3%, and 16.2%, respectively.
Crypto analytics firm Santiment highlighted data of other recent outperformers: “Among top price risers over the past week, $AGI (+182%), $ALI(+138%), and $AGIX (+122%) have stood out.”
Crypto Tony, a heavily-followed crypto trader, tweeted AI will be "in the multi-billions" in the anticipated bull run.
Also Read: Is TAO The 'Dogecoin Killer'? Grayscale Tweets 'Signs Of Adoption' While One Trader Says He's 'Not Selling' Until TAO Flips 'The Dog Coin'
Why It Matters: The recent surge in AI-themed cryptocurrencies tied into the record results posted by Nvidia.
Moreover, Ethereum co-founder Vitalik Buterin recently expressed excitement about an AI application, which focuses on AI-assisted formal verification of code and bug finding. It also addressed Ethereum’s current biggest technical risk.
A crypto trader, Crypto Curb, compared the current AI craze to the Metaverse craze in the 2021 bull market.
He saw the current AI run as "turbo-charged" and expects "tradfi fuel as boomer AI stocks also take off.”
What’s Next: Social media analysts saw further upside for AI coins.
One trader expected Render to go higher on "bullish momentum:"
I remember saying no one should take their eyes of $RNDR, well if you did, the coin finally broke through two resistance levels and has appreciated by 50% in the last 7 days.Another investor commented on Fetch.ai, stating that it was nearing its all-time high levels and added "you should go all in" once an asset breaks its last all-time high. His price target was "$4-$5" for this parabolic move.It was always a matter of when and not if the breakout on @rendernetwork would come and and it finally… pic.twitter.com/pStFqDMesb
— Bitcoin Ape (@bitcoinape_) February 22, 2024
Price Action: At the time of writing, Bitcoin was trading at $51,550, up 1.3% over the past 24 hours, according Benzinga Pro.
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