Today, March 7, 2024, three cryptocurrencies from projects that offer services based on artificial intelligence (AI), stood out in the market for reaching new all-time high prices. These are Fetch.ai (FET), which reached $2.8; SingularityNET (AGIX), at $1.2; and render (RNDR), at $10.
These tokens have maintained an upward trend for five months, driven in part by the rise of the main digital currency, bitcoin (BTC). Although, unlike other cryptocurrencies that were also motivated upwards, they particularly accelerated their increase in the last month due to interest in AI.
Over the last month, FET recorded an increase of 400%, AGIX of 300% and RNDR of 110%, while in the last week alone they experienced an increase of around 100%, 65% and 25% respectively.
FET is distinguished by not only being the one that registered the most increase of the three in such periods, but also the 100 cryptocurrencies with the highest market capitalization, not counting some memecoins that surpassed it.
Part of the acceleration of the rise came after Fetch.ai announced two days ago a $100 million investment in its infrastructure. “We have secured the future of our growing ecosystem,” the platform said in response to the initiative. In addition, he then announced that those who stake FET will receive credits to use Fetch Compute starting March 7.
Fetch Compute is an investment-driven project that will deploy NVIDIA H200, H100 and A100 GPUs (graphics processing unit) in creating a platform. This is so that developers and users can use it to obtain computing power.
Additionally, on-chain data research company Lookonchain noted that the FET price increased driven by NVIDIA's upcoming GPU Technology Conference (GTC) . This event, which will run virtually from March 18 to 21, will bring together developers, researchers and entrepreneurs from the world of AI and computing.
Lookonchain detected that a whale (millionaire investor) withdrew 13.4 million FET, equivalent to $36.8 million, from the Binance, Gate.io and KuCoin exchanges. This move usually indicates that you have no intention of selling the coins, even though you have an unrealized profit of over $12 million by holding such coins.
In tune, blockchain ecosystem researcher Colin Wu considered today that, perhaps impacted by NVIDIA's upcoming GTC conference, AI-related cryptocurrencies in general have been on the rise.
Likewise, this sector has been boosted by bitcoin, which two days ago reached a new all-time high price of $69,200. Although it should be noted that interest in AI is shown to be a key factor, since the main altcoins on the market are still far from reaching this milestone.
