Riding the AI Wave: Bitcoin and Ethereum Retreat as AI Cryptos Soar

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Bitcoin and Ethereum, two of the most popular cryptocurrencies in the market, have experienced a pullback as traders are turning their attention to tokens linked to Artificial Intelligence (AI). This shift in focus comes after the surprising results from Nvidia, a company known for its innovation in AI technology.

SingularityNET (AGIX), a token that powers an “AI as-a-service” platform for sharing AI models, has seen a 2% increase in value to $0.071 today. Over the past week, the digital asset has delivered impressive gains of almost 80%, indicating the growing interest in AI-related crypto assets.

Another token gaining momentum is Render (RNDR), which fuels a computing power marketplace for AI projects. Today, RNDR has surged by 7.10% to reach $7.75. In the last seven days, the token has seen a nearly 40% increase in value, reflecting the bullish sentiment surrounding AI-focused cryptocurrencies.

Filecoin (FIL), the native token of the decentralized Filecoin protocol for file storage, has experienced a 9.10% jump to $8.15. This increase demonstrates the potential of AI and blockchain technology to revolutionize various industries, including data storage and sharing.

Worldcoin (WLD), a controversial cryptocurrency created by Sam Altman, has seen a minor decline today but has surged by an impressive 115.6% over the week. This significant gain highlights the growing interest in AI-related projects and their potential to disrupt traditional industries.

While Bitcoin has recently been in the spotlight due to the approval of spot BTC ETFs in the United States, the outperformance of AI-related crypto assets serves as a reminder of the expanding applications of AI in the public blockchain space. According to digital asset manager Grayscale, the growth of AI use cases on the blockchain goes beyond being just a form of payment, indicating the increasing relevance of these technologies in the crypto market.

Bitcoin, currently trading at $51,008 with a 1.60% decline, continues to be a favored asset among traders. The approval of US crypto spot ETFs and the upcoming halving event scheduled for April, which will cut the issuance of new BTC units in half, are factors contributing to the optimism surrounding Bitcoin.

Ethereum (ETH), which recently reached its highest price in almost two years, is also experiencing a pullback today. However, traders remain bullish on Ether’s price outlook in the near term, especially with the upcoming launch of US ETFs offering direct exposure to the cryptocurrency.

In the traditional markets, US futures indexes are trading lower today after Nvidia’s rally pushed American stock markets to new records. Dow Jones Futures is down by 0.06%, S&P 500 Futures by 0.09%, and Nasdaq Futures by 0.22%. This profit-taking day reflects the market’s reaction to the recent events and indicates the ongoing volatility across different asset classes.

In conclusion, the pullback in Bitcoin and Ethereum prices has coincided with the rising interest in AI-related crypto assets following Nvidia’s surprising results. As traders continue to explore new opportunities in the crypto market, the intersection of AI and blockchain technologies presents exciting possibilities for innovation and growth in the industry.