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FET Jumps 26% Following Nvidia’s Surge, Yet Investors Remain in Red

Published June 20, 2024 2:00 PM
Eddie Mitchell
Published June 20, 2024 2:00 PM
Key Takeaways
  • AI-themed cryptos were the biggest gainers today and have outperformed the overall crypto market.
  • The FET token market cap has increased by around $300 million with over $500 million in 24 hour trading volumes.
  • Nvidia (NVDA) stock continues to test all-time highs, rallying an average of 3% a day.

Artificial Intelligence (AI) themed cryptos have have witnessed market-leading gains in the last 24-hour period amid Nvidia’s ongoing price rally.

With demand for AI solutions up, so to is demand for Nvidia’s hardware, which has now made it the most valuable company in the world. Seemingly, this trend could allow AI cryptos to continue outperforming Bitcoin (BTC) and the overall crypto market.

Fetch.ai (FET) Price

Fetch.ai (FET) and other AI-themed tokens have recorded significant gains amid bearish market conditions. At its peak, FET jumped  approximately 33% from $1.3 to $1.73, making it the biggest gainer of the day. This has since decreased to $1.64 at time of writing.

Fetch.ai (FET) token price.
(Source: CoinMarketCap)

It also added $300 million to its market cap, which now stands at a solid $1.4 billion. Impressively, 24-hour trading volumes have exceeded $500 million, ranking it 15th amongst the likes of Notcoin (NOT), Dogecoin (DOGE), and Dai (DAI).

Other AI and Big Data  cryptos such as Synesis One (SNS ), Delysium (AGI ), and SingularityNET (AGIX ) also relished gains upwards of 20%. According to data from CoinGecko , the AI crypto market cap now stands at over $30 billion, up some 14% in the past 24 hours.

Despite a solid performance in March, which saw FET  reach all-time highs of over $3, the token has since shed half of those gains. This has left those who invested between the start of March and the beginning of June largely in the red.

Nvidia Boosts AI Crypto

The price action followed another solid performance in NVIDIA Corp. (NVDA) stock which closed yesterday at an ATH of over $138 and continues  to climb today.

The need for powerful computer chips and GPUs has risen exponentially as the world clamors to implement AI technologies in any way they can. Global demand for AI increases demand for Nvidia hardware, and Nvidia’s growth appears to be mimicked by AI cryptos.

Towards the end of May 2024, anticipation of Nvidia’s latest earnings report pushed large-cap AI cryptos upwards by a few percentage points.

Market confidence has further galvanized as Nvidia surpasses Apple and Microsoft to become the most valuable company in the world.

AI Cryptos Outperform the Market

Crypto markets, which are well-known for being fueled by narratives, may continue to benefit from the AI industry. Analysts believe this will allow AI cryptos to continue outperforming Bitcoin (BTC), Ethereum (ETH), and other categories, especially in bearish conditions.

However, this may not sit well with investors who may be disappointed to see FET down from its ATH, although some analysts think FET is poised to have a huge rebound during the next bull market.

While some may argue that the AI market is in a bit of a bubble, others see it rising until 2026  before finally bursting. Other analysts are hopeful that FET can surpass the $10 mark, and perhaps even peak at over $20 under optimal market conditions.

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