Cryptocurrencies linked to the artificial intelligence sector rose over the past 24 hours after Nvidia reported better-than-expected fourth-quarter results on Wednesday.
The market capitalization of artificial intelligence (AI) tokens is now $17.4 billion (£13.73 billion), up 6.6% in the past 24 hours, according to data from Coingecko. This sector of the crypto ecosystem outperformed the general crypto market, which rose only 1.3% in the past 24 hours.
AI tokens related to artificial intelligence projects such as Fetch.ai, Singularity.net, and Render all recorded increases in the past 24 hours. During the same period, Singularity.net's AGIX token rose more than 38%, Fetch.ai's FET token rose almost 14%, and Render's RNDR token rose more than 20%.
Artificial Intelligence (AI) Token is a cryptocurrency that powers AI-related projects such as AI-powered portfolio management, image generation, and path finding. AI tokens may grant their holders governance rights on certain platforms or may be required to pay for transactions on those platforms.
The surge in the value of AI-related cryptocurrencies came after Nvidia (NVDA) reported fourth-quarter results on Wednesday that beat analysts' expectations.
Nvidia Q4 Results
On Wednesday, NVIDIA reported adjusted earnings per share of $5.16 on revenue of $22.1 billion. That beat analysts' expectations, who had expected earnings of $4.60 per share on sales of $20.4 billion. Nvidia stock rose more than 5% on the news, but closed 2.5% lower at $674.72 on Wednesday.
“Accelerated computing and generative AI are reaching a tipping point. Demand is surging across companies, industries, and nations around the world,” NVIDIA CEO Jensen Huang said in a statement after the report. Ta.
Bitcoin price volatility increases
Bitcoin price has remained above $51,000 for over a week, driven by increased allocations to multiple exchange-traded funds (ETFs) by fund managers such as BlackRock (BLK) and Franklin Templeton (BEN) It continues to be .
In January, the U.S. Securities and Exchange Commission (SEC) approved the first U.S.-listed ETF tracking Bitcoin (BTC-USD). The Spot Bitcoin ETF is a financial product that investors hope could open the door for mainstream capital to flow into the cryptocurrency market.
At the time of writing, Bitcoin (BTC-USD) was worth $51,806 (£40,808). More than $38 million of his Bitcoin positions have been liquidated due to price movements over the past 24 hours, with the majority of that amount, more than $21 million of his long positions.
Across the crypto market, over $122 million of long positions were liquidated in the past 24 hours, according to data from CoinGlass. This resulted in over $189 million in total liquidations across major crypto exchanges.
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