Markets
AI Coins Trigger Cryptocurrency Market Recovery, What’s Happening?
In an unprecedented turn of events, AI coins saw a notable price rebound today, sparking investor interest globally. This follows recent attention-grabbing developments seen in the AI industry, which include advances by Apple, Binance, Tether, AMD and other giants. Interestingly, following the notable positive momentum gained by AI coins today, some of the major cryptocurrency prices have gained in tandem. This has sparked a flurry of inferences among cryptocurrency market participants about the role of artificial intelligence in the cryptocurrency price rebound.
AI Coins Rebound in a Slow Market
It is worth mentioning that the widest cryptocurrency market
has seen a rather bearish trend over the past few days, with Bitcoin (BTC) and Altcoins witnessing a significant drop in prices. however, the TO THE The remarkable progress of the sector and the growing speculation on the convergence of these two sectors have led to a substantial rebound in the value of AI coins.
This is followed by a 3.21% increase in the global cryptocurrency market capitalization today, after a bearish move engulfed most cryptocurrency prices over the past 24 hours. Bitcoin, Ethereum and BNB have gained positive momentum along with AI coins.
According to data from CoinMarketCap, major AI coins NEAR Protocol (NEAR), Render (RNDR), and Injective (INJ) have noticed significant bullish momentum as of this writing. RNDR leads the pack with a notable gain of 11.32% to $9.17, while NEAR and INJ posted gains of nearly 6%-10%.
At the same time, Bitcoin gained over 3% to $69,7322, ETH jumped 2.82% to $3,639, and BNB rose 2.96% to $626 at the time of writing.
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What’s the scoop?
Juan Leon, senior cryptocurrency research analyst at Bitwise, highlighted that “The intersection of artificial intelligence (AI) and cryptocurrency will be even bigger than people imagine. The two industries could collectively add $20 trillion to global GDP by 2030.”
In line with this, the surge in prices of AI coins and altcoins comes against a backdrop of attention-grabbing developments. These include:
- Apple appears to have recently unveiled its AI, preparing for the next phase of development that draws on this emerging technology.
- Binance Labs recently announced that it is investing in a AI-enabled rollup zkRing (L2).
- Bind has unveiled plans to invest more than $1 billion in artificial intelligence over the next year.
- AI chip makers Nvidia and AMD are pioneers of the realm, at the same time.
- BTC miners examine the diversification of initiatives in artificial intelligence, according to recent reports.
These factors, taken together, highlight a strong relationship between the rise of AI coins and cryptocurrency prices. The intersection of the two sectors, as seen from the initiatives mentioned above, opens an optimistic path for both sectors.
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