According to Cointelegraph: Consistent with Nvidia's lucrative earnings report, AI-based crypto tokens have been positively trending over the last month, excelling within both the crypto and traditional stock markets on February 21. Bitcoin popular AI-based crypto tokens registered double-figure growth as the overall market capitalization of these tokens amplified over twofold in just a month.
Render (RNDR), an Ethereum-based network that allows decentralized GPU rendering, spiked over 17% in the last 24 hours. Furthermore, The Graph (GRT), a protocol for efficiently querying blockchain data, soared by 18% within the same period. Fetch.ai (FET) exhibited an 11% increment, while SingularityNet (AGIX) shot up by 33%. Since Nvidia's remarkable quarterly earning report, the total market cap of AI-based tokens has surged over 9% to $17.8 billion, escalating from $7 billion earlier in February.
The AI tokens achieved their maximum weekly trading volume following OpenAI’s announcement of its text-to-video tool, Sora, on February 15. The strong performance of AI tokens is largely credited to Nvidia's overwhelming Q4 earnings report, which surpassed market expectations. The chipset maker declared a revenue of $22.1 billion, outdoing Wall Street’s anticipated $20.4 billion, with its AI data center revenue quintupling since 2023.
Nvidia's success in AI-related businesses influenced the AI crypto market, leading to new highs in numerous AI-centric stocks. Taiwan Semiconductor Manufacturing Company (TSMC), a leading supplier to Nvidia, leaped 2.05% during early trading on February 21. The developing trend also affected the stock performance of suppliers like Super Micro Computer and Dutch chip equipment manufacturer ASML.
