NewsletterAI Coins Rally As Nvidia Stock Soars, Will The Rally Sustain?
Highlights
- AI coins have rebounded to double-digit gains in the last 24 hours.
- Nvidia's price moved past the reported DOJ investigation.
- Crypto users expect the rally to sustain pointing to positive macro factors.
The growth of Artificial Intelligence (AI) chip maker Nvidia (NVDA) has sparked a positive upswing in AI coins. The company stock price soared in the last 24 hours moving past speculations of a Department of Justice (DOJ) probe. Traditionally, a positive rally in Nvidia’s price ignites a similar momentum.
AI Coins Spike
AI coins have notched sharp gains in the last 24 hours on the heels of a positive movement in Nvidia price. The company controls about 80% of the AI chip market leading to its influence on these coins. The total market cap notched a 10.3% inflow today with the biggest gainers being ApeScreener with 38.2% inflows trading at $0.017. AIT Protocol and DecideAI came in next with 30.4% and 26.1% gains respectively.
Daily trading volumes in the ecosystem spiked to $1.23 billion as investors leaned into the AI sentiments. This year, AI coins have marked increased investments due to the wider frenzy with top firms coming into the space. The launch of the iPhone 16 is tipped to rally the markets because of Apple’s AI features.
Among the top coins by market capitalization is Near Protocol which saw an 8.3% growth today while Internet Computer and Artificial SuperIntelligence Alliance ticked 11%. This comes amid a recent plunge caused by Nvidia’s downward movement.
Nvidia Price Gains Traction
The recent boom in AI coins can be linked to Nvidia’s market performance. The asset is up 3.54% to trade at $106.47 reducing weekly losses under 8%. This year, Nvidia’s price has soared as sentiment around Artificial Intelligence skyrocketed. However, the company’s recent headwinds led to massive outflows sending negative signals to the traditional markets.
United States regulators are reportedly probing the company over its contracts and partnerships. The company denied receiving subpoenas from authorities but crypto markets fell due to the DOJ’s alleged investigations. The recent uptick in AI chip manufacturers is expected to be sustained due to the iPhone release alongside its features and macroeconomic factors like the anticipated CPI data and potential interest rate cuts by the Federal Reserve.
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