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These AI crypto tokens are outperforming darling Nvidia’s 130% surge – DL News
- Nvidia hit a new all-time high on Tuesday.
- The AI token sector’s trading volume has grown by 2,500% in the last five months.
- At the same time, Binance lost its dominance in AI tokens.
Nvidia is in shambles.
The chipmaking company hit a new all-time high on Tuesday. Worth nearly $3 trillion, Nvidia has seen its shares rise an impressive 130% since January 1st.
But this is nothing compared to some crypto projects that involve artificial intelligence.
Outperforming Nvidia
Nvidia has risen almost twice as much as Bitcoin since the beginning of the year, but some cryptographic tokens associated with AI technology have matched – or even surpassed – the company’s performance over the same period.
Fetch.AI soared over 200% and SingularityNET 190%.
Meanwhile, Akash Network and Render Network are up around 120%. And Near Protocol, the industry laggard, still delivered an impressive 100% performance.
Even so, the price correlation between AI tokens and Nvidia has remained relatively low after hitting multi-month highs in February, research firm Kaiko said.
Put another way, while both are risky plays in the market, AI tokens have not necessarily been influenced by Nvidia’s price action recently.
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In fact, Worldcoin’s token, WLD, has been more closely correlated with Nvidia than the AI-adjacent tokens mentioned above.
This despite the fact that World Currency markets itself as an identity protocol, not specifically as an AI project, despite being co-founded by OpenAI CEO Sam Altman.
Meanwhile, the industry’s weekly trading volume has soared 2,500%, from an all-time low of $300 million in 2023 to $8 billion on average, according to Kaiko.
Binance market share
Binance – which used to be the leading exchange for trading AI tokens – has seen much of its market share decline.
The crypto exchange, which processed more than 70% of the industry’s trading volume in early 2023, now commands just 39% of the market, Kaiko said.
The platforms that benefited from the sector’s growth, Kaiko said, were exchanges based in the US – mainly Coinbase – and South Korea.
Crypto Market Movers
- Bitcoin fell about 1% in the last 24 hours to $67,849.
- Ethereum fell around 2% over the same period to around $3,815.
What are we reading
Tom Carreras is markets correspondent for DL News. Do you have any tips on Bitcoin ETFs? Get in touch at tcarreras@dlnews.com