AI Crypto Market Surges Above $32.5B, Led by FET, NEAR, and RENDER

Key Takeaways:

• The global AI crypto market has surged to $32.74 billion, led by NEAR, FET, and RENDER tokens.
• Market observers closely watch Nvidia's upcoming Q2 earnings report, which is expected to drive potential surges or falls in artificial intelligence coins.
• The Artificial Superintelligence Alliance (FET) recorded the highest gains among AI cryptos, spiking over 52%.

The global cryptocurrency artificial intelligence space has experienced renewed interest among investors. Several leading AI tokens, including NEAR Protocol (NEAR), Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RENDER), and others, have been topping the charts in the past seven days.

These impressive gains, ranging from weekly gains of around 7% to as high as 52% among these AI tokens, have sent the market capitalization of artificial intelligence and big data category from $18.2 billion in early August to a high of $32.74 billion on August 25, representing an overall increase of approximately 79.91% in less than 30 days.

While the 2.8% increase in Bitcoin price over the last seven days may have contributed to the rise, the upsurge in the crypto AI sector was driven by factors beyond just Bitcoin's price spike.

Why FET, NEAR, RENDER, and Other AI Tokens Are Rising

Artificial intelligence-driven digital currencies are attracting considerable attention. Market observers are closely watching Nvidia's upcoming Q2 earnings report, which is expected to be released on Wednesday. Depending on the results, these AI cryptocurrencies could surge or fall.

According to recent reports, Nvidia is expected to announce adjusted earnings per share (EPS) of $0.65 on revenue of $28.7 billion for the quarter. This would represent a 139% increase in EPS and a 113% rise in revenue compared to last year when Nvidia reported EPS of $0.27 and revenue of $13.5 billion.

Furthermore, experts believe beating or missing Wall Street expectations could drive or disrupt an AI rally on Thursday, following Nvidia's earnings report for May to July.

NEAR Protocol, the largest AI token by market cap and the 19th largest coin by market capitalization globally, has increased by 15.49% over the last seven days and is currently trading at $4.75. However, it has dropped by 3.64% in the previous 24 hours, following the overall bearish trend in the global crypto market.

Related: Bitcoin Miners Eye $13.9 Billion Potential Revenue Boost from AI and HPC Shift

Internet Protocol is another AI token, currently the second-largest in this category, and has also increased by 8.89% over the past seven days. In addition to the spike that Nvidia's upcoming Q2 earnings report might have caused, the direct reason for the increase in ICP price is the recent launch of ckBTC, a multi-chain bitcoin twin, trustlessly created by chain-key cryptography and Internet Computer smart contracts that directly hold raw bitcoin.

With Chain Fusion, bridging assets and managing multiple wallets will become a thing of the past.

ckBTC lets you hold, send, and receive native Bitcoin for just 10 sats.

Go down the 🐇 hole and explore for yourself 👇https://t.co/bGx5SF4AiH

— DFINITY (@dfinity) August 27, 2024

FET Leads Gainers

Interestingly, the Artificial Superintelligence Alliance recorded the highest gains among all the AI-powered cryptocurrencies over the week, spiking over 52%. Formerly known as Fetch.ai, FET democratizes access to AI technology with a permissionless network that enables anyone to connect and access secure datasets.

The following AI tokens have made significant gains recently: Injective (INJ) surged by 12%, Theta Network (THETA) spiked by 14.89%, Akash Network (AKT) increased by 17.80%, Echelon Prime (PRIME) spiked by 29.23%, Arkham (ARKM) surged by 20.64%, OriginTrail (TRAC) spiked by 21.86%, and Bittensor (TAO) recorded a 16.81% increase over the past seven days.