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Surge in Nvidia stock triggers bullish momentum for AI tokens

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Surge in Nvidia stock triggers bullish momentum for AI tokens

Artificial Intelligence-related crypto assets recorded impressive gains following a surge in the Nvidia stock price.

Nvidia Corp stock rose by 8.15% on Sept. 11, closing the day at $116.91. The company’s market cap reached $2.86 trillion, according to data provided by MarketWatch. Nvidia has recorded a 142.7% rally this year so far.

Following Nvidia’s bullish momentum, AI-focused cryptocurrencies witnessed a 0.3% rise over the past day. According to data from CoinGecko, the total market cap for AI tokens is currently hovering at $23.46 billion with a daily trading volume of $1.5 billion.

Top 3 AI tokens – Sept. 12 | Source: CoinGecko

The leading token, NEAR Protocol (NEAR), gained 5.3% in the past 24 hours and is trading at $4.15 at the time of writing. Moreover, the Artificial Superintelligence Alliance (FET) surged 8.4% and is currently changing hands at $1.42.

Internet Computer (ICP), on the other hand, declined by 4.3% and is currency trading at $8.39.

The movements of the Nvidia stock and AI-related tokens have been quite similar lately. Per a crypto.news report on Sept. 4, some of the leading tokens in the category, including FET and Render (RNDR), recorded double-digit declines as the Nvidia stock price plunged 9.5% — the company lost $280 billion that day.

Another bullish catalyst for AI cryptocurrencies was the announcement of Apple Intelligence at the iPhone 16 event on Monday, Sept. 9. Apple hinted at publicly releasing its generative AI in October with a set of improvements to Siri, its popular voice assistant, according to The Verge.

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Pantera Capital praises Solana as Ethereum’s dominance shifts to ‘multi-polar model’

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The crypto venture firm Pantera Capital says Ethereum’s losing steam as Solana has become a “major contender for the future of blockchain development.”

Pantera Capital, a crypto venture capital firm managing billions in assets, reportedly eyeing a purchase of millions worth of SOL from the bankrupt FTX exchange, appears to be increasingly highlighting Solana’s potential over Ethereum to investors.

Tokens rolled out on decentralized exchanges by chain | Source: Pantera Capital

In a Jun. 18 newsletter, the Menlo Park-headquartered venture capital firm said Ethereum’s dominance “appears to be yielding to the multi-polar model,” pointing to Solana as a new prominent product that gained “significant share over the past year.”

“The shift is reminiscent of Microsoft’s dominance of the early desktop computer market, until Apple broke through with its vertically integrated approach. Solana is now a major contender for the future of blockchain development.”

Pantera Capital

Drawing parallels to Apple‘s breakthrough in the early days of personal computing, Pantera likened Solana’s integrated approach to Apple’s vertically integrated strategy with macOS, saying the network’s monolithic architecture has a product roadmap “focused on optimizing every component of its own blockchain.”

Trading volumes compared between Ethereum and Solana | Source: Pantera Capital

The venture capital firm says Solana’s “architectural advantages” enable a range of use cases and user experiences that “may be more challenging to implement on modular blockchains like Ethereum and Cosmos,” citing Solana’s “fast, low-cost transactions.”

“Solana’s architectural advantages are enabling it to capture an outsized share of the new demand coming into the blockchain space, accelerating its ascent as a rival to Ethereum.”

Pantera Capital

The firm’s endorsement of Solana follows reports saying that Pantera Capital was among the bidders for SOL tokens auctioned by FTX during its bankruptcy proceedings earlier this year, buying a significant stake in the tokens. Reports indicate that Pantera Capital was interested in buying auctioned SOL tokens amounting to as much as 0 million, although the precise amount acquired hasn’t been disclosed.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News