Bitcoin ($BTC ) and Ethereum ($ETH ), the two largest cryptocurrencies on the market, registered drops this Friday (23), while investors turned to digital currencies related to artificial intelligence (AI), which saw strong appreciation following the impressive results from Nvidia, a leading company in AI chips.
BTC fell 1.60% to $51,008 and ETH fell 0.90% to $1,861, according to data from Binance, the world's largest crypto exchange. The other altcoins (alternative cryptocurrencies to BTC) also followed the downward movement, with the exception of AI tokens, which stood out during the week.
SingularityNET ($AGIX ), which provides an "AI as a Service" platform for sharing AI models, rose another 2% today to $0.071. During the week, the digital asset accumulates gains of almost 80%. Render (RNDR), a crypto that offers a computing power market for AI projects, advanced 7.10% this Friday, to US$7.75. In the last seven days, the increase was almost 40%.
Filecoin (FIL), the native token of Filecoin, a decentralized peer-to-peer (P2P) protocol for file storage, jumped 9.10% to $8.15. Worldcoin (WLD), a controversial cryptocurrency created by Sam Altman, the main name behind OpenAI and ChatGPT, showed a slight drop today, but accumulated an appreciation of 115.6% in the week.
"Bitcoin recently took center stage with the approval of spot BTC ETFs (index funds) in the United States, but the outperformance of AI-related crypto assets is a reminder of the growing applicability and relevance of AI use cases. public blockchain beyond a form of payment," digital asset manager Grayscale said in a recent report.
BTC and ETH ETFs are seen as positive factors for the crypto market, as they facilitate institutional and retail investors' access to cryptocurrencies, increasing demand and liquidity. However, traders are also aware of regulatory risks and price volatility, which can affect the performance of digital currencies.
On Wall Street, US futures indexes are trading lower today, on a profit-taking day after Nvidia's rally took American stock markets to new records. The technology company reported net income of $2.37 billion in the fourth quarter of fiscal 2024, a 123% increase from the same period a year ago. Revenue was US$7.1 billion, a growth of 50%. Nvidia also announced a 4-for-1 stock split.
Nvidia is the leading supplier of graphics chips for computers, video game consoles and data centers, which are used to process AI data. The company has also invested in AI solutions for sectors such as healthcare, automotive and robotics. Nvidia is one of the main partners of SingularityNET and Render, which use its chips to run their AI models.
Analysts expect demand for AI chips to continue growing in the coming years, boosting the AI crypto market. According to consultancy IDC, the global AI market is expected to be worth US$554.3 billion in 2024, an increase of 17.5% compared to 2020.
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