The sides of the AI robot are made of particle form.
Yuichiro Chino | Moments | Getty Images
Artificial intelligence-themed cryptocurrencies got a boost from the excitement around them on Thursday Nvidia And the growing demand for chips for artificial intelligence applications.
SingularityNET (AGIX) was up 19 percent at 29 cents, according to CoinMarketCap. Cortex (CTXC) rose 6% to 17 cents and Measurable Data Token (MDT) rose 6.5% to 4 cents per coin. All of these tokens have a market cap of less than $40 million.
Fetch.ai (FET), with a market cap of $195 million, rose nearly 5 percent to close at 23 cents.
Meanwhile, most of the cryptocurrency market, including bitcoin and ethereum, was flat.
“AI cryptocurrency” refers to tokens corresponding to blockchain-based artificial intelligence projects. For example, Fetch.ai is working on building infrastructure for “smart, autonomous services” in supply chains, finance, travel, and more. Cortext aims to be “the first decentralized world computer capable of running AI and AI-powered dApps on the blockchain”.
Crypto traders get sentiment boost from Bitcoin’s rally S&P 500 Index and Nasdaq Composite Index, boosted by Nvidia, which issued surprising sales guidance late Wednesday and cited demand for AI capabilities. Its projected sales for the second quarter of fiscal 2024 beat analysts’ expectations by more than 50%.
Somewhere in the tech world, some market players have long argued that the wild west of artificial intelligence could benefit from blockchain technology and potentially be a positive catalyst for the overall crypto market. Specifically, as artificial intelligence gets smarter at manipulating people’s identities on the internet, blockchain technology could help leverage its ability to deploy digital identity solutions at scale.
However, this may still be a long way off, as both technologies are still in their early stages.
bitcoin and ether They hovered near the flat line on Thursday as investors remained focused on ongoing debt-ceiling talks heading into an extended holiday weekend. Minutes of the most recent Fed meeting, released on Wednesday, also showed officials were divided on the central bank’s next move in raising interest rates.