In the past 24 hours, AI coins have experienced double-digit gains in response to an increase in the price of Nvidia. Will the gains be maintained?
The growth of Nvidia (NVDA), a manufacturer of artificial intelligence (AI) chips, has caused a positive increase in the value of AI coins. The stock price of the company has experienced a significant increase in the past 24 hours, surpassing rumors of a Department of Justice (DOJ) investigation. A comparable momentum is typically initiated by a positive rally in Nvidia’s price.
Spike in AI Coins Value
In the past 24 hours, AI coins have experienced substantial gains due to a positive trend in the price of Nvidia. The company’s influence on these currencies results from controlling approximately 80% of the AI chip market. Today, the total market capitalization experienced a 10.3% increase, with ApeScreener being the most significant gainer, with a 38.2% increase in trading at $0.017. DecideAI and AIT Protocol followed with gains of 26.1% and 30.4%, respectively.
Investors capitalized on the AI sentiments, resulting in a $1.23 billion increase in daily trading volumes within the ecosystem. This year, the broader frenzy with top firms entering the space has increased investments in AI coins. The iPhone 16’s release is anticipated to stimulate the markets due to Apple’s AI capabilities.
Near Protocol, among the top currencies by market capitalization, experienced an 8.3% increase today, while the Internet Computer and Artificial SuperIntelligence Alliance increased by 11%. This occurred due to a recent decline generated by Nvidia’s downward trajectory.
Nvidia Price increases
Nvidia’s market performance may be associated with the recent surge in AI coins. The weekly losses have been reduced to under 8%, as the asset has increased by 3.54% to trade at $106.47.
The price of Nvidia has increased significantly this year due to the significant increase in sentiment regarding artificial intelligence. Nevertheless, the company’s recent headwinds sent negative signals to the traditional markets, which resulted in significant outflows.
The company is reportedly under investigation by United States regulators regarding its contracts and partnerships. The company denied obtaining subpoenas from authorities; however, the Department of Justice’s purported investigations caused a decline in the cryptocurrency market.
Due to the iPhone’s release, its features, and macroeconomic factors such as the anticipated CPI data and prospective interest rate cuts by the Federal Reserve, it is anticipated that the recent increase in AI chip manufacturers will be sustained.
