Markets
AI Tokens FET, AGIX and OCEAN Defy Market Trends, Recover During Nvidia Drop
AI-related crypto tokens FET, AGIX and OCEAN performed well over the past day despite a 6.6% drop in Nvidia stock, an AI leader often watched by the crypto community for such token trends.
At the time of writing, FET, Fetch.ai’s native token, was up 22%, trading at $1.66 in the past 24 hours, according to data from CoinMarketCap. Over the same period, the cryptoasset’s trading volume increased by more than 170% to $311.6 million. Meanwhile, the token’s market capitalization has also increased and now stands at $1.41 billion, making it the 60th largest cryptocurrency.
24 Hour FET Price Chart | Source: CoinMarketCap
SingularityNET (AGIX) has seen a similar trend. The AI token is up 20.5% in the last 24 hours and is trading at $0.68 at the time of publication. Its market capitalization is around $890 million, with a daily trading volume of $148 million.
24 hour AGIX price chart | Source: CoinMarketCap
Ocean Protocol (OCEAN), the third partner of the Superintelligence Alliance (ASI) token, is also up 21% over the past day, trading at $0.69. Its market capitalization is $394 million. Trading volume for OCEAN jumped 120% in the last 24 hours, reaching $89 million.
24 Hour OCEAN Price Chart | Source: CoinMarketCap
Meanwhile, other popular AI tokens, such as Render (RNDR) and The Graph (GRT), have seen gains ranging from 12% to 10%, respectively.
The surge in AI tokens comes despite Nvidia stock dropping 6.68% on Monday, closing the day at $118.11.
The leading supplier of computer chips to AI companies also saw an 11.08% drop in its stock price over the past five trading days, according to data from Google Finance.
It is worth noting that MarketWatch named the California-based graphics processor company as one of the “Three Horsemen of Artificial Intelligence.” Notably, Nvidia is developing an enterprise-grade AI platform.
The rally in AI tokens also coincides with a market correction early on June 24 following the collapse of cryptocurrency exchange Mt. Gox plans announced repay its creditors $9 billion in July.
In the past, news about Mt. Gox caused a market sell-off. For example, last month, the price of Bitcoin fell from $70,000 to $68,500 after Arkham data revealed that a wallet associated with Mt. Gox began transferring over 140,000 BTC, worth around $9 billion. dollars, on a new wallet. The move was seen as a preliminary step towards repaying creditors.
Bitcoin price fell below $59,000 following the new statement. As of this writing, BTC is back above $61,000, but is still down 2% in the last 24 hours. The pioneering cryptocurrency is down 11% over the past month.