Markets
AI Tokens See Big Gains After Crypto Market Rebounds
- NEAR, GRT, TAO and PRIME, among others, recorded double-digit gains.
- The AI and Big Data category grew by more than 11%.
- AI tokens are gearing up for a possible positive earnings report from NVIDIA.
Following the crypto market rally following the release of US CPI data, AI tokens recorded huge gains on Wednesday. Several factors could be the reason for investors’ renewed interest in these tokens.
Read too: Top AI tokens bleed despite reports Apple inked deal to use OpenAI capabilities
AI Tokens See Double-Digit Gains
Several altcoins have recorded gains in the last 24 hours, reacting positively to Bitcoin’s rally after the US released its April CPI data. AI tokens are among the biggest gainers as the AI and Big Data category rose more than 11% on Wednesday, according to data from CoinMarketCap.
The recent huge gains have seen these tokens erase losses recorded earlier in the week, making them more attractive to investors. This is also seen in the overall trading volume, which increased by more than 34%.
These AI tokens have seen notable increases in the last 24 hours:
- Near Protocol (NEAR) rose around 16% from $6.9 to $8.05 – its highest price in almost two months. NEAR’s current price movement indicates that it may be aiming to surpass the March 15 high of $8.8.
- The chart (GRT) rose more than 14% from $0.26 to $0.30. According to data from IntoTheBlock, only 56% of holders are in-the-money and 62% are long-term holders. Hence, GRT may not see any sharp decline in the coming weeks.
See more information: AI Cryptocurrencies Rebound Before ChatGPT Creator OpenAI Plans to Announce Google Search Competitor on Monday
- Another rising AI and Big Data token is Bittensor (TAO), which recorded a 14.1% gain. Echelon Prime (PRIME) is also one of the biggest gainers in the AI sector, rising 17% from $13.89 to around $16.29.
- Other AI tokens have also increased in the last 24 hours.
Category AI and Big Data
Some of the reasons for the increase in earnings above coins in other categories include:
- Expectations of a positive earnings report from NVIDIA.
- Open AI parts ways with former chief scientist Ilya Suskever, who was reportedly instrumental in the firing of CEO Sam Altman in November.
- Open AI giving users access to GPT-4o.
Read too: OpenAI parts ways with co-founder and chief scientist Ilya Sutskever
It’s crucial to pay attention to NVIDIA’s upcoming earnings report as it could trigger volatility across the AI and Big Data category.