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AI Cryptos Are Booming as Nvidia Chips Demand Explode

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By Jessy Sloan - - 5 Mins Read
A person holding up a sign written "A.I"
Photo by Hitesh Choudhar |
A person holding up a sign written "A.I"
Photo by Hitesh Choudhar


After the tech giant Nvidia Corporation witnessed an AI chip boom, many AI-related cryptocurrencies have significantly surged within the past 24 hours. The scenario within the past day further shows the synergy between AI tokens and the AI industry. The increased demand for AI chips from Nvidia saw many AI-based crypto tokens enter massive bullish trends.


The new Nvidia AI chips (in high demand) were created to help respond to user requests for text and image creation. Not only did the demand for these AI chips increase the price of cryptocurrencies, but the tech giant's stock price also increased. Nvidia stocks increased to a massive 28%, which is quite huge considering the bad stock market situation. 


Even in the crypto market, the price soar for AI-themed cryptocurrencies is quite different from what is happening in the market. Even the apex cryptocurrency, Bitcoin, has been down to $26k, despite calls of getting to $28k. According to Rachel Lin, chief executive officer of Synfutures, the market outlook for Bitcoin isn't looking good considering its two-week range.


"This week, Bitcoin briefly dipped below its two-week range between US$26,500 and US$27,000, now challenging the critical 200-weekly moving average at $26,275. A close below this weekly range could negatively impact Bitcoin and the broader crypto market, but a bounce from this level could signify a possible recovery," Rachel Lin said. 

AI Tokens Benefiting From the Nvidia Chips Demand

Nvidia 3D logo cube
Nvidia Logo (Boliviainteligente)

On Thursday, Nvidia's Nasdaq stock closed at about 28%. At these numbers, Nvidia recorded a stock price rise that complements its strong first-quarter earnings. The success of Nvidia AI Chips also extended to the crypto market, as many AI-related tokens went up in price. Among the tokens that went up in price is FET, the native currency of the AI-powered blockchain platform Fetch.ai. saw its price increase by more than 4%. The crypto token has a market capitalization of US$193 million and surged up to 4.13% in the past 24 hours. 


SingularityNET token (AGIX) increased the most among the AI-themed tokens. It saw its price increase to more than 9% after Nvidia's success in the stock market. AGIX is the native coin of the decentralized AI marketplace SingularityNET. Another reference to the AI token price surge is the Render Token. It is the native token of a GPU-based rendering platform. During the price surge, it increased by more than 3% in the past 24 hours. 

New Crypto Outlook 

The apex cryptocurrency and some other top cryptocurrencies like Ethereum and Litecoin experienced some slight increase within the last 24 hours.


According to some experts like Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the new slight rise in prices should be attributed to the recent positive unemployment data from the US. "Crypto markets have traded sideways in the last 24 hours. The slight increase could be attributed to positive weekly unemployment data in the US," he said. 


"Bitcoin traded around $26.5K as investors overlooked unexpected positive jobs and productivity figures. As we navigate this constantly changing landscape, Bitcoin remains at the vanguard, influencing the future of finance. Until we see a resolution to this debt limit situation," another expert added.